Forecast of Liquefied Petroleum Gas (LPG) Cylinder Market of 2023
The market is driven by the lack of infrastructure for transportation of piped natural gas. In addition, the increasing use of LPG in many applications is anticipated to further boost the liquefied petroleum gas (LPG) cylinder market during the forecast period.
Liquefied petroleum gas (LPG) cylinders contain a mixture of gases used in heating appliances, cooking, and vehicles. They have a variety of uses, with growing demand in domestic applications. They are also used in various sectors such as construction, transportation, recreation, hot air balloons, agriculture, hospitality, and calefaction.
Composite LPG cylinders are known for their lightweight, explosion-proof, and non-corrosive features. They are lighter, available in different colors, and easy to handle when compared with heavy steel LPG cylinders. The new composite cylinders are much safer because they do not explode even in the case of fire or leakage. This is due to the advanced fiber-glass technology used while manufacturing such cylinders.
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Moreover, the composite cylinders are translucent, and consumers can see the level of gas contained in it. This helps in reducing frauds, such as partially filled cylinders, associated with opaque steel cylinders. The introduction of composite cylinders, coupled with their multiple benefits, and the improved quality of service to cooking gas consumers are factors that will transform the LPG cylinder market in a big way. Hence, the growing trend toward adoption of composite LPG cylinders will be a key trend in the global LPG cylinder market to grow at a CAGR of 3.5% during the forecast period.
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Importing piped natural gas is a costly affair for countries, which have insufficient gas resources. This is because LPG must be first liquefied and transported in special ships. Then, it must be gasified again at LNG terminals based in the importing country before being piped. This adds to the cost of piped gas. Hence, most countries prefer transporting LPG through cylinders than laying out pipelines. Therefore, the lack of infrastructure for transportation of piped natural gas will drive the growth of the LPG cylinder market.
The increasing use of LPG in many applications is another factor that will drive the LPG cylinder market growth. LPG is most commonly used as cooking gas as it is a clean and efficient fuel. However, it is also being used in several other applications, for instance, LPG is used as an auto gas to power vehicles as it is cheaper than petrol and diesel fuel and emits low level of greenhouse gases. Additionally, LPG is employed as an aerosol propellant, air conditioning refrigerant, and petrochemical feedstock. Thus, the several applications of LPG will drive the demand for LPG cylinders.
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