Propane, also referred to as a type of liquefied petroleum gas stored in a liquid form. It is predominantly used in domestic and commercial cylinders for cooking purposes. These cylinders are mostly made of welded steel, hot dipped galvanized steel, stainless steel, and aluminum. Moreover, propane cylinders are also used to facilitate other activities such as transportation, filling of hot air balloons, calefaction and to power industrial equipment, just to name a few.
The global propane cylinders market is presently worth USD 156 million and is poised to amplify at a CAGR of 4% over 2022-2030, thereby amassing a valuation of USD 213.50 million by end of the assessment.
What are the expansion determinants and restraints of this industry?
The escalating demand for gas cylinders for the fulfilment of various applications including heating and cooking, water treatment, powering of farm & industrial equipment, along with medicine dispersion is the pivotal factors augmenting the outlook of this market.
Also, technological advancements in the field of inert and volatile gas compressions is creating lucrative opportunities for the industry sphere to prosper.
Moreover, favorable government initiatives across various nations encouraging the use of LPG cylinders for domestic purposes is adding momentum to the progression of this business vertical. Besides, growing R&D activities in the field and rapid industrialization are stimulating the overall market outlook.
Furthermore, widespread population expansion across the globe is further escalating the demand for domestic and industrial propane cylinders.
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Additionally, the growing focus of manufacturers to develop durable and sturdy gas cylinders so as prevent leakage is aiding the growing of global propane cylinders market.
On the contrary, fluctuating fuel prices and increasing instances of cylinder leakage are hindering the remuneration scope of this marketplace.
Segmental assessment of the industry
By Cylinder Type
- Type I
- Type II
- Type III
- Type IV
- Type V
The type I segment is slated to generate significant returns over 2022-2030 ascribing to the integration of powder coating technologies in these cylinders to make that corrosion resistant.
By Size
- 3 kgs
- 5 kgs
- 6 kgs
- 9 kgs
- 14 kgs
- 17 kgs
- 19 kgs
- 21-34 kgs
- 35-48 kgs
- Other Sizes
The 14 kgs segment is poised to amass notable gains over the stipulated timeline owing to the widespread adoption of propane cylinders weighing 14 kgs for domestic use.
By Wrap Type
- Wrap Less Gas Cylinders
- Glass Fiber Gas Cylinders
- Aramid Fiber Gas Cylinders
- Carbon Fiber Gas Cylinders
- HDPE Gas Cylinders
By Size
The aramid fiber gas cylinders segment is expected to grow considerably by 2030 attributing to the high thermal stability of these components.
By End use
- Residential
- Commercial
- Transportation
- Industrial
- Other
End-user Industries
The residential segment is anticipated to garner a high volume share over the forecast period. This is credited to the widespread population expansion across the globe.
Insights to the geographical ambit of the market
North America, Middle East & Africa, Europe, Asia Pacific, and South America are the major regions constituting the geographical gamut of global propane cylinders market. Among these, Asia Pacific is projected to capture a substantial revenue share over 2022-2030. This is powered by the favorable government incentives to promote the adoption of LPG cylinders across households.
Notably, in July 2021, Indane announce the launch of its smart gas cylinder range called as Composite Cylinder. It is known to stronger, lighter, and safer than its counterparts.
Major questions answered in the report
- What is the growth rate projection for global propane cylinders market?
- What are the major growth propellants of the global propane cylinders market?
- What are the major regions constituting the geographical ambit of the global propane cylinders market?
- Which end user segment leads the global propane cylinders market?
Key takeaways from the report
- The marketplace is slated to register a CAGR of 4% over the forecast duration of 2022-2030.
- Widespread population expansion and rapid industrialization are escalating the demand for propane gas cylinders across the globe.
- North America, Middle East & Africa, Europe, South America, and Asia Pacific constitute the geographical ambit of the industry.
- The residential end user segment presently dominates the market in terms of volume share due to the implementation of favorable schemes to encourage the utilization of LPG cylinders for domestic use.
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