02-Sep-2019 | Zion Market Research
Zion Market Research has published a new report titled “Composite LPG Cylinder Market By Product (Type III and Type IV), By Size (0 to 5 Kg, 6 to 10 Kg, and 11 Kg & Above), and By Application (Kitchen & Domestic Use, Transportation, Recreational Use, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global composite LPG cylinder market was USD 131 million in 2018 and is expected to reach around USD 249 million by 2025, growing at a CAGR of 9.5% between 2019 and 2025.
Composite LPG cylinders are a remarkably better alternative to conventional steel cylinders. Composite LPG cylinders are manufactured by the standardly designed composition of helically woven fibers and resins. The characteristics that enable composite LPG cylinder to be a better alternative to standard LPG containers are 100% recyclability, superior UV resistance, translucence, lightweight, aesthetically pleasing, and most importantly explosion resistance. Furthermore, the characteristic of explosion prevention is the foremost factor for its consistently rising popularity and market growth.
Browse the full “Composite LPG Cylinder Market By Product (Type III and Type IV), By Size (0 to 5 Kg, 6 to 10 Kg, and 11 Kg & Above), and By Application (Kitchen & Domestic Use, Transportation, Recreational Use, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/composite-lpg-cylinder-market
The composite LPG cylinder market will witness significant growth in the years ahead, owing to these cylinders’ explosion aversion characteristic. The advanced fiberglass technology used for the manufacturing of composite LPG cylinders imparts the competitive advantage of explosion aversion. The lightweight and specially designed compact shape of these cylinders make their handling and transportation convenient and easy. Aesthetically attractive appearance is also a contributive factor to the composite LPG cylinder market, which leads to their preference over conventional heavy steel cylinders with inconvenient shape. Furthermore, the growing preference for LPG as a cooking fuel over conventional inefficient natural sources in developing economies is also projected to drive the composite LPG cylinder market globally. Moreover, governments across the globe are actively encouraging the production and use of composite LPG cylinders, due to their valuable advantages like low production cost, explosion aversion, and convenient transportation.
The composite LPG cylinder market is fragmented on the basis of product, size, and application. By product, the composite LPG cylinder market includes type III and type IV cylinders. Type IV cylinders are estimated to dominate the global market with a higher CAGR over the forecast time period, as most key global manufactures manufacture type IV cylinders. Furthermore, type IV cylinders are rapidly replacing conventional type I steel cylinders. In terms of size, the composite LPG cylinder market includes 0 to 5 kg, 6 to 10 kg, and 11 kg & above cylinders. By application, the market comprises kitchen and domestic use, recreational use, transportation, and others. The kitchen and domestic use segment held the largest share of the composite LPG cylinder market in 2018 globally. Moreover, this segment is projected to dominate the market in the future with the fastest CAGR, owing to the rapid shift of preference of domestic consumers from type I steel LPG cylinders to type IV composite LPG cylinders.
In 2018, Europe dominated the composite LPG cylinder market globally with the largest market share, due to the early regional adoption of composite LPG cylinders. Europe is also expected to sustain its dominance in the global composite LPG cylinder market due to the rising number of applications of composite LPG cylinders across the region. Moreover, many key manufacturers of the global market like Hexagon Composites, Aburi Composites, and Metal Mate are headquartered in Europe.
Some major players of the global composite LPG cylinder market are Hexagon Composites, Aburi Composites, Amtrol-Alfa, Time Technoplast, Metal Mate, and ALAMAN Gas Cylinders.
This report segments the global composite LPG cylinder market into:
Global Composite LPG Cylinder Market: Size Analysis
Global Composite LPG Cylinder Market: Product Analysis
Global Composite LPG Cylinder Market: Application Analysis
Global Composite LPG Cylinder Market: Regional Analysis
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