02-14-2019 11:40 AM CET - Advertising, Media Consulting, Marketing Research

Composite LPG Cylinders Market forecasted to grow at 9.7% CAGR in 2022

Press release from: Stratview Research

Stratview Research announces the launch of a new research report on Global Composite LPG Cylinders Market by Cylinder Type (Type III and Type IV), by Cylinder Size Type (0-5kg, 6-10kg, and 11kg & Above), by Application Type (Kitchen & Domestic Use, Transportation, Recreational Use, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2017–2022.

This 200+ pages market report, from Stratview Research, studies the composite LPG cylinders market over the period 2011 to 2022. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The Global Composite LPG Cylinders Market: Highlights
As per Stratview Research, the global composite LPG cylinders market offers an impressive CAGR of 9.7% during the forecast period of 2017 to 2022 and reach US$ 189.7 million in 2022, which offers an opportunity to the composites industry players to align themselves with the market growth.

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There are several factors bolstering the growth of composite LPG cylinders in the global consumer goods industry. The author of the report cited that increasing demand for lightweight, explosion proof and non-corrosive LPG cylinders and government push towards the usage of composite cylinders are some of the major drivers of the market. Increase in the consumption of LPG in developing economies would further elevate the demand for composite LPG cylinders over the next five years.

As per the research findings, type IV is the most widely preferred cylinder type in the composite LPG cylinders market. It is expected to remain larger and faster-growing cylinder type during the forecast period as it offers the maximum weight reduction and higher burst pressure as compared to type I and type III cylinders. The most popular size of composite LPG cylinders is 10kg, which is used in cooking application for domestic and commercial applications.

In terms of application, kitchen & domestic use is expected to remain the largest and fastest-growing application type in the global composite LPG cylinders market during the forecast period. There is an increasing replacement of type I cylinders with type IV cylinders, owing to their advantages of lightweight and an excellent burst pressure.

In terms of region, Europe is expected to remain the largest market for composite LPG over the next five years, driven by demand from recreational use. However, Asia-Pacific is likely to experience the highest growth during the same period.

As per the study, the global composite LPG cylinders market is highly consolidated with the presence of less than a dozen major global players. The key composite LPG cylinder manufacturers are Hexagon Composites ASA, Aburi Composites, Amtrol-Alfa, Time Technoplast Ltd., Metal Mate Co., Ltd., and AL Aman Gas Cylinders Manufacturing LLC. Development of lightweight cylinders, capacity expansion, and regional expansion are the key strategies adopted by the key players to gain a competitive edge in the market.

Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

This report studies the global composite LPG cylinders market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. The following are the four ways in which the market is segmented:

Global Composite LPG Cylinders Market by Cylinder Type:
• Type III Cylinder (Regional Analysis: NA, Europe, APAC, and RoW)
• Type IV Cylinder (Regional Analysis: NA, Europe, APAC, and RoW)

Global Composite LPG Cylinders Market by Size Type:
• 0-5kg (Regional Analysis: NA, Europe, APAC, and RoW)
• 6-10kg (Regional Analysis: NA, Europe, APAC, and RoW)
• 11kg & Above (Regional Analysis: NA, Europe, APAC, and RoW)

Global Composite LPG Cylinders Market by Application Type:
• Kitchen & Domestic Use (Regional Analysis: NA, Europe, APAC, and RoW)
• Transportation (Regional Analysis: NA, Europe, APAC, and RoW)
• Recreational Use (Regional Analysis: NA, Europe, APAC, and RoW)
• Others (Regional Analysis: NA, Europe, APAC, and RoW)

Global Composite LPG Cylinders Market by Region:
• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Norway, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Thailand, Bangladesh, South Korea, and Rest of Asia-Pacific)
• Rest of the world (Country Analysis: The Middle East, Latin America, and Others)

About Stratview Research
Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making.

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This release was published on openPR.
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