Propane is a pressurized flammable hydrocarbon gas that is frequently used as a fuel for heating, cooking, hot water, and transportation.
Because more LPG cylinders are being used for residential purposes like cooking, the market for LPG gas cylinders will develop strongly throughout the projected period of 2020–2030. The market for LPG gas cylinders may experience strong growth as a result of the use of these containers in other industries such as calefaction, agriculture, transportation, and hot air ballooning. The LPG gas cylinder market can be divided into metal, composite, and other categories based on material. There are two different kinds of LPG gas cylinders: metal and composite.
A byproduct of the processing of crude oil, natural gas, and petroleum is propane. Propane is one of the liquid petroleum gases, a class of gases that also includes butane, propylene, isobutylene, butadiene, butylene, and other hydrocarbon gases. The usage of propane is widespread around the world. It is utilised in a few nations, including the United States, Canada, Australia, and a few Chinese provinces, in its purest form, free of any other gases.
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 duration.
Numerous companies compete for market share in the LPG gas cylinder industry by engaging in mergers, acquisitions, partnerships, collaborations, and joint ventures. To create LPG gas cylinders that are stronger and more lasting, the producers in the LPG gas cylinder market place a strong emphasis on research and development. These days, many users are drawn to the qualities of composite LPG gas cylinders. As a result, producers are working hard to speed up the production of composite LPG gas cylinders.
Propane Cylinders Market- Segmental assessment
By Product size
- 20 Lb
- 30 Lb
- 40 Lb
- 100 Lb
- Others
By application
- Industrial use
- Commercial use
- RV’S and Camping
- Residential
- Others
Key Players:
Sinoma Science & Technology, Worthington Industries, Rama Cylinders, Faber Industrie, Luxfer Group, Ningbo Meike Acetylene Cylinders, Bernzomatic, Coleman, Blue Rhino, Flame King, Beijing Tianhai Industry, and Hebei Baigong Industrial.
COVID-19 Analysis:
The COVID-19 epidemic is causing losses in practically all industries, but the LPG gas cylinder industry may be able to survive it because it is one of the important commodities for residential consumption. The COVID-19 lockout caused panic purchase of LPG cylinders, which increased demand for the LPG gas cylinder market. Even during the shutdown, all LPG bottling facilities are working at full capacity. In India, domestic LPG is protected by the Essential Commodities Act, ensuring universal accessibility.
Key questions answered:
- What is the expected revenue Compound Annual Growth Rate (CAGR) of the global propane market over the forecast period (2022–2030)?
- What was the global propane market size in 2022?
- Which factors are expected to drive global propane market growth?
- Which was the leading segment in the propane market in terms of end-use in 2022?
- What are some restraints for growth of the global propane market?
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