Asia-Pacific LPG Cylinder is Expected to Grow with A High CAGR In the Forecast Period.
Rising usage of
liquefied petroleum gas as a fuel & growing government initiatives towards
cooking fuels are propelling the market growth.
According to
TechSci Research report, “Asia-Pacific LPG
Cylinder Market - By Country, Competition, Forecast
& Opportunities, 2028F”, the Asia-Pacific
LPG Cylinder Market is poised for growth in the foreseeable future due to the
increasing adoption of liquefied petroleum gas as a fuel source in the region.
Key emerging trends shaping the industry dynamics include the shift from steel
to composite LPG cylinders and the expansion of the size range of composite LPG
cylinders to cater to diverse consumer demands. These developments hold
significant implications for the market landscape, presenting lucrative
opportunities for businesses operating in this sector. Manufacturers and
suppliers should strategically align their operations to leverage these trends
and capitalize on the evolving market dynamics to achieve sustainable growth
and gain a competitive edge.
The Asia-Pacific LPG
Cylinder Market is being driven by the surge in LPG consumption and government
initiatives aimed at promoting cleaner fuel usage. However, the market
expansion may face limitations due to the growing adoption of Compressed
Natural Gas (CNG) for automobiles and Piped Natural Gas (PNG) for household
purposes as viable alternatives to LPG. Nonetheless, the market growth is
expected to be supported by increasing public awareness of the benefits of LPG
over fossil fuels and the rising adoption of clean energy sources in both
developed and emerging economies.
Technological
advancements and government campaigns aimed at educating rural population to
transition from LPG to traditional cooking fuels like kerosene, wood, and coal,
are also anticipated to play a crucial role in the industry's progress.
Businesses operating in this sector should stay abreast of these factors to
seize growth opportunities and navigate potential challenges effectively.
The Asia-Pacific LPG Cylinder Market is divided into material type, cylinder type, application, size, and country. Based on Material Type, the market is
segmented into Glass Fiber composites, Metal, Others. Based on Cylinder type, the market is
segmented into Metal and Composites. Based on Application, the market is
segmented into Residential/Consumer-use, Power & Utilities, and Transport/Auto-fuel. Based on Size, the market is divided into 0
to 5 Kg, 6 to 10 Kg, and 11 Kg & Above.
Based on country, the market is divided into China, Japan, India, South
Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, Malaysia and
India. China is expected to dominate the market due to the large population in
the country. According to China Energy data, China purchased around 21 million
mt of LPG from domestic refineries in 2020. Of it, about 13 million mt was
consumed by the residential sector and 8 million mt consumed by the "deep
processing industry," which converts butane into alkylates and MTBE
(Methyl tert-butyl ether).
Additionally, India's demand for LPG has grown significantly in recent
years as India is the fastest growing region in the Asia-Pacific LPG Cylinder
Market. India's LPG consumption increased by 5% from the previous fiscal year
(2019-2020) to 27.6 million metric tonnes in 2020-2021. During the projected
period, it is anticipated that this tendency would continue and intensify,
mostly due to the nation's supportive government measures. According to India
LPG Solution data, there are around 30.5 crore active LPG residential users in
India as of April 2022, up from 14.9 crore customers in 2015. The number of
home LPG consumers in the nation has significantly increased, owing to which the
demand of LPG cylinder is also growing rapidly. It is anticipated that these
trends will continue and have a favourable effect on Asia pacific LPG cylinder
market.
According to the Petroleum and Planning & Analysis Cell (PPAC) during
the past several years, LPG cylinder factories have grown in India. LPG
consumption in the nation increased steadily in 2021, reaching 202 LPG bottling
plants. Due to these advances, India will have 99.8% LPG penetration by 2021,
up from about 56.2% in 2015. Therefore, the market is anticipated to be driven
by the rising demand for LPG, backed by government efforts, and is probably
going to see considerable growth throughout the projected period.
Browse over xx
market data Figures spread through xx Pages and an in-depth TOC on " Asia-Pacific LPG Cylinder Market"
Key market
players in the Asia-Pacific LPG Cylinder
Market include:
- Shandong
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.
- Time
Technoplast Ltd.
- Worthington
Industries Inc.
Download Free Sample Report
Customers can
also request for 10% free customization on this report.
“The driving
force behind the Asia-Pacific LPG cylinder market is the growing popularity of
liquefied petroleum gas as a fuel source. The local population of Asia Pacific region
are using LPG cylinder as cooking fuel. Additionally, government schemes such
as Pradhan Mantri Ujjwala Yojna is fueling the market growth in the forecast
period. Furthuremore, the rising demand of LPG due to increasing consumption of
auto gas and large semi-urban & rural areas are the factors propelling the
market growth in the forecast period.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
Asia-Pacific LPG Cylinder Market by Material Type (Glass Fiber composites,
Metal, Others), By Cylinder type (Metal, Composites), By Application
(Residential/Consumer-use, Power & Utilities, Transport/Auto-fuel), By Size
(0 to 5 Kg, 6 to 10 Kg, 11 Kg & Above), By Country, Competition, Forecast and Opportunities, 2028F has evaluated
the future growth potential of Asia-Pacific LPG Cylinder Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Asia-Pacific LPG cylinder market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web: https://www.techsciresearch.com