LPG Cylinder Manufacturing Market – Snapshot
Liquefied petroleum gas or liquid petroleum gas, also referred to as simply propane or butane, are flammable mixtures of hydrocarbon gases used as fuel in heating appliances, cooking equipment, and vehicles. LPG gas cylinder or tank is a pressure vessel used to store liquefied petroleum gas at above atmospheric pressure. In the global LPG cylinders manufacturing market, the domestic end-use segment has the largest share due to major adoption of LPG as cooking fuel in regions such as Asia Pacific and Africa. Also, rise in consumer spending power and various government schemes tend to drive the growth of the domestic LPG cylinder manufacturing market. The global LPG cylinder manufacturing market is projected to reach market size of about US$ 4.7 Bn by 2026, with an average growth rate of around 3.6% during the forecast period.
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The global LPG cylinder manufacturing market is anticipated to be driven by factors such as rise in disposable income, rapid urbanization, convenience in use, and its environment friendly nature. Rise in disposable income is creating increased demand for LPG cylinders which in turn is expected to accelerate the growth of the production ofLPG cylinders in the global market. Continuous growth in the residential sector and commercial kitchens such as food trucks, restaurants, cafeterias, etc. are also expected to boost the market. Various laws and schemes regarding usage of LPG cylinders (by replacing traditional methods of cooking) in the urban sector are propelling the LPG cylinders business across the globe. LPG cylinders are marketed in both urban and rural areas, although in developing economies it tends to be more widely available in urban areas where its supply costs are lower.
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The subsidy on automotive LPG cylinders is attractive for vehicle owners across the globe for its quality performance and minimal maintenance. Multiple governments across the globe are rolling out various policies that emphasize the importance of the usage of LPG cylinders to tackle rising energy prices and electricity supply pressures. In developing economies, the rise in government initiatives has triggered the market in recent years due to growth in dependency on LPG cylinders by end-users. LPG cylinders are found to be a basic medium for supply of fuel such as natural gas that is versatile and often preferred across the residential, commercial, and industrial sector.
Asia Pacific dominates the LPG cylinder manufacturing market with China and India being the leaders in the global market. Major players in this region are focusing on the increased production of LPG cylinders. This is attributed to the increased consumption in this region. Moreover, India and China are also the leading exporters of LPG cylinders in the global market. Middle East & Africa accounts for the second largest share and major players in the Africa market are focusing on increased production of LPG cylinders in order to gain competitive advantage in the market.
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China dominates the Asia Pacific market followed by India. Increased consumption of LPG cylinders for domestic use is fuelling the production of LPG cylinders in this region. Furthermore, China and India are the pioneers and major exporters of LPG cylinders in the global market. Increasing demand for lightweight, explosive proof and non-corrosive LPG cylinders and government push for the usage of subsidized LPG cylinders are serving as major factors for the LPG cylinder manufacturing market.
Various end-users are shifting their preference from traditional fuels such as charcoal, coal, wood, animal waste, and kerosene, to liquefied petroleum gas (LPG) as a cooking fuel. Governmentsacross various regions are also supporting the usage of LPG cylinders through grants, subsidies, microfinance, etc. in residential, commercial, and industrial sectors. These factors are driving the growth of production of LPG cylinders in the global market. Various Industries such as food processing, chemicals, marine, automotive, agriculture, and manufacturingare opting for LPG cylinders due to factors such as better performance and minimal emission of hazardous gases as compared to other oil based fuels. Minimal cost of energy, and maintenance, has shifted preference toward the usage of LPG by end-users.
Some of the key players profiled in the global LPG cylinder manufacturing market are Kishore Kela Group (Satyasai Pressure Vessels Ltd.), Dorian LPG Ltd., Confidence Petroleum India Ltd., Manchester Tank & Equipment Co., Sahamitr Pressure Container PLC., ECP Industries Limited, Mauria Udyog Limited, Shandong Huanri Group Co. Ltd., Hexagon Ragasco, Aygaz A.?., and Worthington Industries, Inc.
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