Press release
Global Composite LPG Cylinders Market – Set to reach US$ 189.7 million in 2022
The report on Composite LPG Cylinders Market, published on July,2017 by Stratview Research, will showcase the market trend of 2012-2017 and forecast period of 2018-2023.
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The global composite LPG cylinders market is expected to grow at an impressive CAGR of 9.7% over the next five years to reach US$ 189.7 million in 2022. 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 the developing economies further elevate the demand for composite LPG cylinders over the next five years.
The supply chain of this market comprises raw material suppliers, composite LPG cylinder manufacturers, distributors, oil & gas companies, and end users. The key composite LPG cylinders manufacturers are Hexagon Composites ASA, Aburi Composites, Amtrol-Alfa, Time Technoplast Ltd., and 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
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The report on Composite LPG Cylinders Market is explained segment-wise for a better understanding of the market trend.
The global composite LPG cylinders market is segmented based on cylinder type as type III and type IV. 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. All the major composite LPG cylinder manufacturers have a presence in type IV tanks only. Type IV cylinder offers the maximum weight reduction and higher burst pressure as compared to type I and type III cylinders.
Based on the application type, the global composite LPG cylinders market is segmented as kitchen & domestic use, transportation, recreational use, and others. 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. Additionally, piped natural gas in households is being replaced with composite LPG cylinders, owing to its limited reserves and high cost.
Salient Features of the Report
The Stratview Report will offer you a detailed view the growth of the global composite LPG cylinders market and the future prospects of the market. Here are the key features of the report:
• Strategic Segmentation
• Competitive Analysis
• Strategic Growth Opportunities
• Swot Analysis
• Key Players
• Forecast Analysis & Future Growth
What we offer?
The global market research company, Stratview Research has been dealing with different market research reports in different sectors such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. The team consists of the best experts who are known to offer the best assessments and screenings so that the interested companies can afford to rely upon and take corrective decisions ahead.
For inquiries, Contact:
Ritesh Gandecha
Stratview Research
E-mail: sales@stratviewresearch.com
Direct: +1-313-307-4176
400 Renaissance Center, Suite 2600, Detroit, Michigan, MI 48243 United States of America
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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