Press release
Global Propane Cylinders Market USD 4,600 Million and is Poised to Amplify at a CAGR of 11.6% over 2023-2033
Global Propane Cylinders Market
Market Overview
The Global Propane Cylinders market is presently worth USD 4,600 million and is poised to amplify at a CAGR of 11.6% over 2023-2033, thereby amassing a valuation of USD 9,800 million by end of the assessment timeline. Propane is a pressurised flammable hydrocarbon gas that is frequently used as a fuel for heating, cooking, hot water, and transportation. For this wide range of purposes, propane cylinders are available in a variety of sizes. Any of the six Parker Gas stores during regular business hours will allow users to refill their propane cylinder, regardless of its size.
High energy consumption due to rising energy demand in industrial and commercial end uses is a major development driver for the sector. A significant component of the expanding worldwide commercial end-use market is propane. The expanding hospitality sector in the MEA and APAC countries will provide this end-use significant worldwide traction. Demand is anticipated to rise in the following eight years due to this occurrence.
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Federal governments have increased their manufacturing spending to meet rising demand as a result of growing population and rapid industrialization in developing nations. However, this product is gaining popularity in industrialized nations and will present a sizable chance in developing nations before the decade is over. In addition to being used as energy, it serves as a raw material for the manufacturing of propylene and ethylene. Additionally, the product is gaining popularity in the business, agricultural, and residential sectors, which prompted various legislative initiatives and restrictions pertaining to safe use. Industrial dominated the worldwide propane market in 2022 and is predicted to do so again due to expanding industrial uses.
Market Segmentation:
The global propane cylinders market can be segmented based on various factors, including:
Type: The market can be segmented into two types based on the type of propane cylinder: refillable propane cylinders and disposable propane cylinders.
Material: Propane cylinders can be made from various materials such as steel, aluminum, and composite. The market can be segmented based on the material of the propane cylinders.
Application: The propane cylinders market can also be segmented based on the application, including residential, commercial, industrial, and transportation.
Size: Propane cylinders come in different sizes, ranging from small cylinders used for camping or outdoor cooking to larger cylinders used in industrial applications. The market can be segmented based on the size of the propane cylinders.
Region: The market can also be segmented based on the geographical region, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Player:
Sinoma Science & Technology, Worthington Industries, Rama Cylinders, Faber Industrie, Luxfer Group, Ningbo Meike Acetylene Cylinders, Bernzomatic, Coleman, Blue Rhino, Flame King, Beijing Tianhai Industry, and Hebei Baigong Industrial.
Regional Analysis:
The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, APAC is projected to capture a substantial revenue share over 2023-2033. The surge in demand from propane dehydrogenation, or PDH, plants is the main cause of the country's rising imports of propane.
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FAQs:
Q. What is the CAGR rate for Global HVAC System Market over 2022-2030?
A. The market is poised is amplify at a CAGR of 6.3% over 2022-2030.
Q. What are the major drivers which aid the Global HVAC System Market?
A. The rising use of CO2 and other natural refrigerants is anticipated to fuel market growth, as will the enhanced efforts being made by governments all over the world to promote energy-efficient products.
Q. What are the segments of the Global HVAC System Market?
A. The marketplace is bifurcated into component, deployment, organisation size, application.
Key Points:
Define, describe and forecast Potentiometers product market by type, application, end user and region.
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Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.
Reasons to Purchase this Report:
Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
Provision of market value (USD Billion) data for each segment and sub-segment
Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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