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Fueling Demand: Butane Gas Cartridges Market Expansion
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According to The Business Research Company's, The butane gas cartridges market size has grown strongly in recent years. It will grow from $0.5 billion in 2023 to $0.53 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased popularity of outdoor recreational activities, demand for portable and easy-to-use fuel sources for cooking and heating, increased urbanization and need for convenient portable energy solutions, emergence of small and compact gas-powered appliances, and increased number of foodservice businesses using portable stoves.
The butane gas cartridges market size is expected to see strong growth in the next few years. It will grow to $0.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to rising demand for eco-friendly and recyclable butane gas cartridge materials, growth in the global e-commerce market for online sales and distribution, adoption of butane gas cartridges for emergency preparedness and disaster relief, expanding applications in industrial and construction sectors, and increasing demand for convenient and energy-efficient solutions. Major trends in the forecast period include integration of butane gas cartridges into portable power generators, integration of safety features, such as pressure relief valves and leak protection, technological improvements in butane gas cartridge design and manufacturing, miniaturization and portability, portable power generators, and eco-friendly and recyclable materials.
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Market Drivers and Trends:
The increase in population density in urban areas across the globe is contributing to the growth of the butane gas cartridges market. Butane gas cartridges are used to store the butane gas or a mixture of butane and propane gas. Liquefied petroleum gas (LPG) is a mixture of butane and propane is used for cooking and higher population density is associated with the higher usage of LPG. For instance, countries in East Asia and the Pacific region saw the highest growth in their urban populations in the historic period. In 2019, China's urban population, reached 60.3% of the total population, while India's urban population accounted for 34.5%. According to the Ministry of Petroleum and Natural Gas of India estimates LPG consumption is expected to grow to 30.3 million tons by 2030 and 40.6 million tons by 2040. Therefore, an increase in urban population density is driving the usage of LPG or butane gas, which in turn, drives the growth of the butane gas cartridges market.
Strategic collaborations are a key trend gaining popularity in the butane gas cartridges market. Major companies operating in the butane gas cartridges sector are focused on strategic collaborations and partnerships to strengthen their position. For instance, in November 2021, Iwatani Corporation collaborated with Toyota, a Japan-based automotive manufacturer to bring seven new hydrogen refueling stations to Southern California.
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Major Key Players of the Market:
Taeyang Corporation, Ultracare Products, The Coleman Company Inc., Aspire Industries Inc., Marina Corporation, Kampa Limited, Zhejiang Jinyu Co. Ltd., Balkan Gasovi, Iwatani Corporation, Gasmate, Do-Well Aerosols, Kovea Co. Ltd., Seo Young Corporation, Praxair Inc., Maxsun Co. Ltd., Gabsan Development Co. Ltd., Junko Co. Ltd., Ozturk Ilac San. Ve Tic. A.S., CS Global Partners Limited, Den Hartogh Global BV, Airgas Inc., Middlesex Gases & Technologies Inc., Marathon Petroleum Corporation, Blazer Products Inc., Delek US Holdings Inc., Butler Gas Products Company, Linde LLC, Air Liquide America Specialty Gases LLC, Matheson Tri-Gas Inc., Messer Americas Inc., WestAir Gases & Equipment Inc., A-Gas Americas LLC, American Gas Products Inc., Bernzomatic Corporation, GasOne, Campingaz
Butane Gas Cartridges Market 2024 Key Insights:
• The butane gas cartridges market size is expected to see strong growth in the next few years. It will grow to $0.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Urban Population Density Growth Fuels Butane Gas Cartridges Market
• Strategic Collaborations To Boost Butane Gas Cartridges
• Asia-Pacific was the largest region in the butane gas cartridges market in 2023
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