Composite LPG Cylinder Market is Forecasted to Reach US$ 212 million in 2030, Says Stratview Research

The global composite LPG cylinder market is projected to witness a growth rate of 7.8% annually from 2024 to 2030, with an anticipated size of US$ 212 million by 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global composite LPG cylinder market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2030: US$ 212 million
Growth (CAGR): 7.8% during 2024-2030
Forecast Period: 2024-2030
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 4
Number of Tables & Graphs: 100+

Segment Insights on the Composite LPG Cylinder Market:
The global composite LPG cylinder market is segmented based on application type, type, size type, and region.

Based on application type - The Composite LPG Cylinder Market is segmented into Kitchen & Domestic Use, Transportation, Recreational Use, and Others. Kitchen & Domestic Use is estimated to be the fastest-growing application during the forecast period. Composite cylinders are manufactured with advanced mechanisms designed to be leak-proof and explosion-free, thus safe for domestic home cooking compared to traditional LPG cylinders; hence, the kitchen & domestic category will be the fastest growing. Their lightweight nature makes them easier to handle and transport, appealing to consumers who appreciate convenience in their daily operations of cooking.

Based on the size type - The market is segmented into 0-5 Kg, 6-10 Kg, and >11 Kg. The 6-10 Kg will hold the dominance in the market as they offer a balanced capacity for domestic and small commercial applications, designed to meet the needs of various customers. Due to their relatively small size, they can be transported more conveniently and stored, which would appeal to users wanting a convenient camp range for their off-hand picnics or small groups of people to cook outdoors.

Based on the type - The market is segmented into Type-III Cylinder and Type-IV Cylinder. Type IV is estimated to remain dominant as they have significantly less weight compared to those of Type III, and they are much easier to carry and maneuver. This lightweight nature is particularly sought after by domestic as well as commercial users who need convenience. The material in the Type-IV cylinder appears to have much longer resistance against corrosion and degradation over a longer period as compared to Type-III cylinders.

To know the most attractive segments, visit:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Europe holds the largest market share, while Asia-Pacific is expected to exhibit the highest growth. This growth outlook is majorly attributed to the following-
- The market for composite LPG cylinders is dominated by Europe due to the presence of many key players like Hexagon Ragasco, and Amtrol-Alfa.
- Europe has a well-developed infrastructure for LPG distribution and usage, leading to the widespread adoption of composite cylinders.
- The Asia-Pacific region is experiencing rapid urbanization and economic growth, leading to increased energy demand, particularly in emerging economies, therefore, driving the need for modern, efficient cooking solutions, including composite LPG cylinders.

Composite LPG Cylinder Market Drivers:

Some of the key drivers listed in the report are given below.
- The increasing demand for lightweight and safe alternatives to traditional steel cylinders.
- These composite materials have better pressure resistance along with a lower risk of explosion, which again elevates the adoption of the market as safety-related anxieties rise among consumers and industries.
- Rising urbanization and the expanding use of LPG for cooking, heating, and automotive applications in emerging economies contribute to market growth.
- Increasing awareness about environmental needs and promotion of alternative sources of energy brings to the market the advantage of corrosion resistance and longer lifetimes of composite cylinders.
- Improvements in manufacturing technologies have increased the quality and performance of the products, which have augmented the adoption of composite LPG cylinders across various applications.

Top Companies in the Composite LPG Cylinder Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Hexagon Ragasco (Worthington Enterprises)
• Time Technoplast
• Amtrol-Alfa (Worthington Enterprises)
• Supreme Industries
• Rubis Caribbean
• Gavenplast
• Aceccse
• Metal Mate

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Composite LPG Cylinder Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.