The global composite LPG cylinder market size was worth around USD 862.4 million in 2023 and is predicted to grow to around USD 1,214.50 million by 2032 with a compound annual growth rate (CAGR) of roughly 4.00% between 2024 and 2032.
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Overview of the Composite LPG Cylinder Market
Conventional steel cylinders are significantly inferior to composite LPG cylinders. The standard composition of helically woven fibers and polymers is used to manufacture composite LPG cylinders. The composite LPG cylinder is a superior alternative to standard LPG containers due to its 100% recyclability, superior UV resistance, high translucence, lightweight, aesthetically appealing, and most importantly, explosion resistance. Additionally, the primary factor contributing to its consistent market growth and increasing popularity is the detonation prevention feature. The glass level of the LPG cylinders can be effectively monitored through the use of semi-transparency or translucence. Composite LPG cylinders are impervious to erosion and corrosion.
The comprehensive study includes an analysis of the primary drivers and constraints of the global composite LPG cylinder market, as well as their influence on the market during the forecast period. The study also encompasses an analysis of the opportunities that are available in the global composite LPG cylinder market.
A detailed value chain analysis has been incorporated to provide the consumers of this report with a comprehensive understanding of the global composite LPG cylinder market. An analysis of Porter’s Five Forces model for the global composite LPG cylinder market has been incorporated to comprehend the competitive landscape within the market. The study comprises a market attractiveness analysis, which evaluates all segments according to their market size, growth rate, and overall appeal.
Growth Factors in the Composite LPG Cylinder Market
The composite LPG cylinder market is expected to experience substantial development in the years ahead as a result of the explosion aversion characteristic of these cylinders. The competitive advantage of detonation aversion is imparted by the advanced fiberglass technology used in the manufacturing of composite LPG cylinders. The cylinders’ handling and transportation are made convenient and simple by their specially designed compact shape and lightweight nature.
The composite LPG cylinder market is also influenced by its aesthetic appeal, which results in a preference for these cylinders over conventional heavy steel cylinders with an inconvenient shape. In addition, the composite LPG cylinder market is anticipated to be driven by the increasing use of LPG as a culinary fuel in developing economies, as opposed to conventional inefficient natural sources.
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The Global Composite LPG Cylinder Market is segmented based on product, application and region
Global Composite LPG Cylinder Market: Product Segment Analysis
● Type III
● Type IV
Global Composite LPG Cylinder Market: Application Segment Analysis
● Kitchen and Domestic Use
● Transportation
● Recreational Use
● Others
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The Global Composite LPG Cylinder market profiles key players such as:
● Hexagon Composites
● Aburi Composites
● Amtrol-Alfa
● Time Technoplast
● Metal Mate
● ALAMAN Gas Cylinders
Regional Analysis of the Composite LPG Cylinder Market
The regional segment is subdivided into the Middle East and Africa, Asia Pacific, Europe, Latin America, and North America.
The global composite LPG cylinder market was dominated by Europe in 2023, with the highest market share. The increasing number of composite LPG cylinder applications in the region is also anticipated to maintain Europe’s dominance in the global composite LPG cylinder market.
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