Global LPG Gas Cylinder Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global LPG Gas Cylinder Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Liquefied petroleum gas (LPG) is used as a fuel in a range of applications including in heating and cooking appliances, industrial applications, in vehicles, and as a propellant and refrigerant. LPG Gas Cylinder refers to a container used to store liquefied petroleum gas for use by users. It is mainly composed of a shield, a valve seat, a bottle body, and a base.

Market Overview:

The latest research study on the global LPG Gas Cylinder market finds that the global LPG Gas Cylinder market reached a value of USD 2534.63 million in 2023. It’s expected that the market will achieve USD 3502.73 million by 2029, exhibiting a CAGR of 5.54% during the forecast period.

Market Drivers

Growing demand for LNG fuel

Liquefied petroleum gas is a colorless, volatile gas obtained by pressurizing, cooling, and liquefying refinery gas or natural gas. Its main components are propane, propylene, butane, and butene, and it also contains a small amount of pentane, pentene, and trace amounts of Sulfur compound impurities. LPG Gas Cylinder stores LPG fuel for end consumers and business users. At present, LPG Gas Cylinder is a kind of gas cylinder that is often used in residents' homes, restaurant canteens, and other places, especially in some areas that are temporarily not connected to pipeline natural gas and have been widely used. In India, the government also strongly supports the application of liquefied petroleum fuels in the household sector. Supportive government initiatives such as the Pradhan Mantri Ujjwala Yojana (PMUY) beneficiary scheme to provide rural and poor households with clean cooking fuels such as LPG are expected to remain the key drivers of LPG fuel market growth in India. At present, with the continuous development of the social economy, the demand for liquefied natural gas fuel in the residential and commercial fields continues to increase, thus driving the market demand for LPG Gas Cylinder. In general, the increasing market demand for LNG fuel is one of the driving factors driving the development of the industry.

Market Restraints

Strict quality control LPG Gas Cylinder is a pressure vessel.

The production technology of the product involves casting, forging, welding, heat treatment and surface treatment technology, the production process is complex, and the technology composite integration is high. Most of the products operate for a long time in high-pressure, corrosive and other environments, and the media involved are often flammable, explosive, highly toxic, and harmful substances. Customers have high requirements for product reliability, stability, safety, and operational effectiveness. Therefore, the market strictly supervises the quality of products. In China, LPG Gas Cylinder needs to meet many regulatory requirements such as TSG 23-2021, CJ/T37-1999, GB5842-2006, etc. The GB5842-2006 standard stipulates the type, material, design, manufacture, test method, inspection rules, marking, packaging, storage and transportation, and service life of LPG Gas Cylinder. For the industry, strict quality supervision is one of the difficulties facing the development of the industry.

Region Overview:

In 2022, the share of the LPG Gas Cylinder market in China stood at 35.45%.

Company Overview:

Worthington Industries is a leading global industrial manufacturing company delivering innovative solutions to customers that span many industries including transportation, construction, industrial, agriculture, retail and energy. Worthington is North America’s premier value-added steel processor and producer of laser welded products; and a leading global supplier of pressure cylinders and accessories for applications such as fuel storage, water systems, outdoor living, tools and celebrations. The Company’s brands, primarily sold in retail stores, include Coleman®, Bernzomatic®, Balloon Time®, Mag Torch® and Well-X-Trol®. Worthington’s WAVE joint venture with Armstrong is the North American leader in innovative ceiling solutions.

Established in 1981, SAHAMITR PRESSURE CONTAINER PLC (SMPC) is a world-renown manufacturer of LPG cylinders for the global market. The company is accredited with ISO, AS, BS, DOT, EN, and TPED standard among others. Sahamitr Pressure Container Public Co., Ltd. (SMPC), led by Ms. Sikanya Thapsaeng – Export Sales Manager, and the Sales and Marketing Team, attended the 3rd West Africa LPG Expo Ghana 2022 in Accra, Ghana on 3 – 4 October 2022, to promote SMPC’s products and services to potential Ghanaian customers and in the region. Ghana is one of the high potential markets in Africa. The Government of Ghana aims at least 50% of Ghanaians have access to LPG, the clean source energy by 2030. The event attracted delegates from government agencies, oil and gas companies and service providers to share industry information and promote business opportunities in Ghana.

Worthington Industries is one of the major players operating in the LPG Gas Cylinder market, holding a share of 12.01% in 2023.

Segmentation Overview:

By type, LPG Steel Cylinder segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Commercial segment occupied the biggest share from 2018 to 2022.

Key Companies in the global LPG Gas Cylinder market covered in Chapter 3:

Sahamitr Pressure Container
EVAS
Daly Cylinder
Bhiwadi Cylinders
Time Technoplast
Manchester Tank
MBG
Worthington Industries
Supreme Industries
Metal Mate
Confidence Group
Hexagon Ragasco
Hebei Baigong
Chemet
Huanri Group
Linh Gas Cylinder
Al Aman
Mauria Udyog
Jiangsu Minsheng
Sahuwala Cylinders
Aygaz

In Chapter 4 and Chapter 14.2, on the basis of types, the LPG Gas Cylinder market from 2019 to 2030 is primarily split into:

LPG Steel Cylinder
LPG Composite Cylinder
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the LPG Gas Cylinder market from 2019 to 2030 covers:

Residential
Commercial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)