LPG Cylinder Market Size, Growth, Industry & Revenue | 2031

Report Description

LPG Cylinder Market Outlook

The Global LPG Cylinder Market was valued at USD 15,654.12 Million in 2022 and is expected to reach USD 29,358.58 Million in 2031, expanding at a CAGR of 7.2% during the forecast period. The overall incremental opportunity is estimated to be USD 12,574.4 Million from 2023 to 2031.

Liquefied petroleum gas (LPG) cylinder, commonly known as an LPG gas cylinder, is a container used to store and transport liquefied petroleum gas for domestic, commercial, and industrial purposes. LPG is a mixture of hydrocarbon gases, mainly propane and butane, which are compressed and stored in liquid form under moderate pressure.

Get Free Sample Report

LPG cylinders are widely used as a clean and efficient source of energy for cooking, heating, and various other applications. They are commonly used in households, restaurants, hotels, and small business that do not have access to a natural gas supply. The cylinders are typically made of steel and have various safety features, including pressure relief valves and protective caps.

The capacity of an LPG cylinder can vary depending on size. The LPG cylinder market is an essential segment of the global energy industry, providing a clean and efficient energy solution to millions of people across the globe. It is influenced by factors such as population growth, urbanization, economic development, and government policies promoting the use of clean energy sources.

LPG is considered cleaner than traditional fossil fuels, emitting low levels of harmful pollutants and greenhouse gases. As environmental concerns rise, consumers and industries are increasingly adopting LPG cylinders as a sustainable energy alternative. The combustion of LPG produces fewer particulate matter and sulfur dioxide, contributing to improved air quality.

The demand for LPG cylinders grows steadily, as the global population increases and increasing number of people migrate to urban areas. In densely populated urban centers, access to piped natural gas is limited, making LPG cylinders an essential energy solution for cooking and heating. LPG-powered vehicles are gaining popularity globally, with a rising focus on eco-friendly transportation solutions.

LPG autogas offers several advantages, including low emissions, cost-effectiveness, and widespread availability. The demand for LPG cylinders as fuel for automobiles is expected to surge in the coming years, as government and consumers increasingly prioritize environmental sustainability.

LPG Cylinder Market Dynamics

Driver: Clean and Efficient Energy Source

LPG is considered cleaner than traditional fossil fuels, emitting low levels of harmful pollutants and greenhouse gases. As environmental concerns rise, consumers and industries are increasingly adopting LPG cylinders as a sustainable energy alternative. The combustion of LPG produces fewer particulate matter and sulfur dioxide, contributing to improved air quality.

Driver: Rising Population and Urbanization

The demand for LPG cylinders grows steadily, as the global population increases and increasing number of people migrate to urban areas. In densely populated urban centers, access to piped natural gas is limited, making LPG cylinders an essential energy solution for cooking and heating. The convenience and cleanliness of LPG as a fuel source make it an attractive option for urban households and business.

Driver:  Government Subsidies and Incentives

Many governments across the globe recognize the importance of promoting clean and efficient energy sources and thus, offer financial support to encourage the adoption of LPG cylinders. These subsidies can come in the form of direct financial assistance, reduced taxes, or price caps on LPG cylinders, making them affordable for consumers and businesses.

Driver: Energy Security and Diversification

Countries and regions often prioritize reducing their dependence on a single energy source to enhance energy security. LPG provides a viable alternative to traditional fuels, and its widespread availability contributes to energy diversification efforts. Countries can ensure a stable and reliable energy supply by incorporating LPG cylinders into their energy mix.

Restraint: Safety Concerns

Accidents related to gas leaks, explosions, and fire caused by improper handling, storage, or manufacturing of LPG cylinders have raised public alarm. Governments and regulatory bodies respond by imposing strict safety standards, making it challenging for small manufacturers to comply and compete. Consumer confidence in LPG usage also declines, impacting the demand.

Restraint: Infrastructure Limitations

Inadequate distribution and storage facilitates hinder the seamless supply of LPG cylinders, particularly in remote and underdeveloped areas. The lack of an efficient distribution network restricts the market penetration and customer access, limiting the potential customer base for LPG usage.

Opportunity: Growth in LPG Autogas Market

LPG-powered vehicles are gaining popularity globally, with a rising focus on eco-friendly transportation solutions. LPG autogas offers several advantages, including low emissions, cost-effectiveness, and widespread availability. The demand for LPG cylinders as fuel for automobiles is expected to surge in the coming years, as government and consumers increasingly prioritize environmental sustainability.

Opportunity: LPG in Industrial Applications

Versatility and clean-burning properties of LPG make it a favored fuel for various industrial processes such as heating, metal cutting, drying, and power generations. The demand for LPG cylinders in industrial applications is expected to rise during the forecast period, as industries seek environmentally friendly and efficient energy sources.

Scope of LPG Cylinder Market Report

The report on the Global LPG Cylinder Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

LPG Cylinder Market Segmental Outlook

The Global LPG Cylinder Market is segmented on the basis of By Material, By Size, By Application, By Distribution Channel and By Region

By Material

On the basis of by material, the steel LPG cylinder held XX% value share of the market in 2022. The segment is projected to account for the largest share of the market during the forecast period.

In terms of revenue, the steel LPG cylinder and composite LPG cylinders were valued at Mn XX USD and Mn XX USD, respectively, in 2022. Furthermore, the composite LPG cylinder is anticipated to expand at a lucrative CAGR of XX% between 2023 and 2031.

Get Free Sample Report

By Size

On the basis of by size, the medium (9-20 kg) held XX% value share of the market in 2022. The segment is projected to account for the largest share of the market during the forecast period.

In terms of revenue, the medium (9-20 kg) and small (less than 9 kg) were valued at Mn XX USD and Mn XX USD, respectively, in 2022. Furthermore, the small (less than 9 kg) is anticipated to expand at a lucrative CAGR of XX% between 2023 and 2031.

Get Free Sample Report

By Application

On the basis of by application, the residential held XX% value share of the market in 2022. The segment is projected to account for the largest share of the market during the forecast period. In terms of revenue, the residential and industrials were valued at Mn XXUSD and Mn XX USD, respectively, in 2022. Furthermore, the industrial is anticipated to expand at a lucrative CAGR of XX% between 2023 and 2031.

Get Free Sample Report

By Distribution Channel

On the basis of by distribution channel, the direct sales held XX% value share of the market in 2022. The segment is projected to account for the largest share of the market during the forecast period. In terms of revenue, the direct sales and online sales were valued at Mn XX USD and Mn XX USD, respectively, in 2022. Furthermore, the online sales is anticipated to expand at a lucrative CAGR of XX% between 2023 and 2031.

Get Free Sample Report

By Region

On the basis of by regions, the Asia Pacific held XX% value share of the market in 2022. The region is projected to account for the largest share of the market during the forecast period. In terms of revenue, the Asia Pacific and Europe were valued at Mn XX USD and Mn XX USD, respectively, in 2022. Furthermore, Europe is anticipated to expand at a lucrative CAGR of XX% between 2023 and 2031.

Get Free Sample Report

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the LPG Cylinder Market

• Historical, Current, and Projected Market Size in terms of Value and Volume

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global LPG Cylinder Market