Metal Cylinder Type to Dominate Asia Pacific LPG Cylinder Market During Forecast Period
Subsidies on purchase of LPG cylinders and lack of gas
pipeline infrastructure to drive Asia Pacific LPG cylinder market through 2025
According to
TechSci Research report, “Asia
Pacific LPG Cylinder Market By Cylinder Type, By Size, By Application, By Country,
Competition, Forecast & Opportunities, 2025”, Asia-Pacific LPG cylinder market is projected to grow at
CAGR of over 5% in terms of value through 2025 on account of extension
utilization of LPG in domestic applications and lack of proper infrastructure
for the transportation of LPG. Due to unavailability of pipelines in developing
economies, liquefied natural gas is transported in cylinders made of metal or
composite material. Owing to lower greenhouse emission due to the use of LPG as
fuel, several verticals including automotive & construction are switching or
have switched to LPG, fueling the demand for LPG, which is anticipated to drive
the LPG market through 2025 in the region. However, presence of alternative
fuel can hamper the growth of the market.
LPG cylinder market in Asia-Pacific can be segmented
based on cylinder type, size, application and country. In terms of cylinder
type, metal segment is expected to account for the largest share and the trend
is likely to continue in the coming years as well. This is due to subsidy
offered by government on metal LPG cylinders and attributable to the fact that these
cylinders are environment friendly in comparison to composite ones.
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LPG cylinder market in Asia-Pacific is
consolidated with few players occupying the dominant share. Major players
operating in the market include China Huanri Group Co. Ltd., Hebei baigong
high-pressure vessel Co. Ltd., Mauria Udyog Ltd., Metal Mate Co. Ltd., Sahamitr
Pressure Container Plc, Supreme Industries Ltd., Worthington Industries Inc.,
and Time Technoplast Ltd, among others.
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“Asia-Pacific LPG cylinder market
is expected to grow at brisk growth rate through 2025 due to growing demand for
LPG as it is a cleaner fuel with low carbon footprint and high energy value.
Moreover, piping natural gas requires huge initial investment for laying
pipelines & maintenance after laying whereas LPG cylinders are readily
available for instant use. This is expected to positively influence the growth
of LPG cylinder market in the region.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Asia-Pacific LPG Cylinder Market By Cylinder
Type, By Size, By Application, By Country, Competition, Forecast &
Opportunities, 2025” has evaluated
the future growth potential of Asia-Pacific LPG cylinder market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decision. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in Asia-Pacific LPG cylinder market.
Contact
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