LPG Gas Cylinder Market: Snapshot
The LPG gas cylinder market will record good growth across the forecast period of 2024-2030 on the back of an increase in the consumption of LPG cylinders for domestic applications like cooking. The use of LPG gas cylinders across other applications like hot air balloons, agriculture, transportation, recreation, and calefaction may also bring good growth opportunities for the LPG gas cylinder market. Based on material, the LPG gas cylinder market can be classified into metal, composite, and others. LPG gas cylinder is available in 2 types: Metal LPG cylinder and Composite LPG cylinder.
This report on the LPG gas cylinder market conducts thorough research on various parameters for analyzing the ideal growth generating factors. This aspect proves to be of great help to the market stakeholder and helps them to design their business strategies accordingly. This report also covers the rapidly changing LPG gas cylinder market scenario. The report also sheds light on the effects of COVID-19 on the LPG gas cylinder market through the forecast period of 2024 – 2030.
LPG Gas Cylinder Market: Competitive Landscape
The LPG gas cylinder market has considerable players that try to be at the forefront through activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. The manufacturers in the LPG gas cylinder market also focus on research and development activities to develop sturdier and durable LPG gas cylinders. Nowadays, the properties of composite LPG gas cylinders are attracting many users. Therefore, the manufacturers are paying attention to accelerate the production of composite LPG gas cylinders.
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Some well-established players in the LPG gas cylinder market are Worthington, Sahamitr Pressure Container, Time Technoplast, Huanri Group, Mauria Udyog, and Hexagon Composites.
LPG Gas Cylinder Market: Government Initiatives and Developments
Government initiatives are proving to be a boon for the growth of the LPG gas cylinder market. Throughout the forecast period, the LPG gas cylinder market may garner considerable momentum on the back of the spew of government initiatives that favor the growth of the LPG gas cylinder market. Here are some major developments and initiatives that may play a large role in the accelerated growth of the LPG gas cylinder market.
- The Government of Kenya recently introduced the Petroleum (Liquefied Petroleum Gas) Regulations, 2019 to curb illegal cylinder refilling operations; this development helps to eliminate growth hindrances across the LPG gas cylinder market
- The Government of India, under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), had announced the distribution of 3 LPG gas cylinders to more than 8 crore beneficiaries of Pradhan Mantri Ujjwala Yojana (PMUY) between April and June, 2024
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LPG Gas Cylinder Market: COVID-19 Analysis
While almost all sectors are facing losses due to the COVID-19 pandemic, the LPG gas cylinder market may sustain itself across the pandemic as it comes under essential commodities in terms of domestic consumption. The lockdown imposed due to COVID-19 led to the panic buying of LPG cylinders, thus fueling demand for the LPG gas cylinder market. All the LPG bottling operations are operating in full capacity even during the lockdown period. Domestic LPG is covered under the Essential Commodities Act in India, thus assuring complete availability for all.
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LPG Gas Cylinder Market: Growth Dynamics
The LPG industry is undergoing several transformational changes. The manufacturers of the LPG gas cylinder market may have to make changes in the near future to fit with the emerging trends. For instance, bio LPG may be a common thing in the next 2-3 years. Operation expansions are also experiencing a positive trend and may continue throughout the forecast period. For instance, Omera Cylinder Ltd, an LPG gas cylinder manufacturer in Bangladesh became the first local LPG gas cylinder maker to export its products to international markets. Such developments may serve as growth multipliers for the LPG gas cylinder market.
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