Driven by increasing demand for lightweight LPG cylinders, Composite LPG Cylinders Market is expected to grow beyond US$ 189.7 million

Market & Growth Prognosis: Analyzing the market over a period of 2011-16 Stratview Research goes to the crux of the issues shaping the market and estimates the most probable future growth rate for the Composite LPG Cylinders Market during the period 2017-22.

Stratview Research triangulates the market to grow at a healthy CAGR of 9.7% over the next five years and expects the market to breach the barrier of US$ 189.7 million by 2022.

The Diverse Stand Points

The true picture of the market shall not emerge till the time the market is analyzed from various point of views. Each vantage point gives better understanding of the market. The market of Composite LPG Cylinders has been viewing from various perspectives such as:

Dissection By (Segments)
1. Cylinder Type (Type III Cylinder, Type IV Cylinder)
2. Size Type (0-5kg, 6-10kg, 11kg & Above)
3. Application Type (Kitchen & Domestic Use, Transportation, Recreational Use, Others)
4. By Region (North America, Europe, Asia-Pacific and Rest of the World)

Each view helps us answer a prominent question, and we bring out the best market intelligence which is of interest to each and every player in the market, no matter where he lies in the value chain.

The answers to the prominent questions which are evinced out of above slicing of the market are:
● Which are the best performing segments of the market?
● Which is the most dominant region?
● Which material is the most promising?
● Who are the movers and shakers of the market?
● What are the regional growth hotspots?
● What are the segmental growth forecasts?

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The Factors Driving the market

The global composite LPG cylinders market is expected to grow at an impressive CAGR of 9.7% over the next five years to reach US$ 189.7 million in 2022. Increasing demand for lightweight, explosion proof and non-corrosive LPG cylinders and government push towards the usage of composite cylinders are some of the major drivers of the market. Increase in the consumption of LPG in the developing economies further elevate the demand for composite LPG cylinders over the next five years.

The rise of Type IV cylinders

The global composite LPG cylinders market is segmented based on cylinder type as type III and type IV. Type IV is the most widely preferred cylinder type in the composite LPG cylinders market. It is expected to remain larger and faster-growing cylinder type during the forecast period. All the major composite LPG cylinder manufacturers have a presence in type IV tanks only. Type IV cylinder offers the maximum weight reduction and higher burst pressure as compared to type I and type III cylinders.

Based on the application type, the global composite LPG cylinders market is segmented as kitchen & domestic use, transportation, recreational use, and others. Kitchen & domestic use is expected to remain the largest and fastest-growing application type in the global composite LPG cylinders market during the forecast period. There is an increasing replacement of type I cylinders with type IV cylinders, owing to their advantages of lightweight and an excellent burst pressure. Additionally, piped natural gas in households is being replaced with composite LPG cylinders, owing to its limited reserves and high cost.

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● Strategic segmentation
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● analysis, SWOT analysis
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● Market trend and forecast analysis
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