Composite LPG Cylinder Market Size, Share, and Forecast 2032

Composite LPG Cylinder Market: Size

The global composite LPG cylinder market size was worth around USD 862.4 million in 2023 and is predicted to grow to around USD 1,214.50 million by 2032 with a compound annual growth rate (CAGR) of roughly 4.00% between 2024 and 2032.

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The report covers a forecast and an analysis of the global composite LPG cylinder market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on both volume (K Units) and revenue (USD Million).

Composite LPG Cylinder Market: Overview

Composite LPG cylinders are a remarkably better alternative to conventional steel cylinders. Composite LPG cylinders are manufactured by the standardly designed composition of helically woven fibers and resins. The characteristics that enable composite LPG cylinder to be a better alternative to standard LPG containers are 100% recyclability, superior UV resistance, translucence, lightweight, aesthetically pleasing, and most importantly explosion resistance. Furthermore, the characteristic of explosion prevention is the foremost factor for its consistently rising popularity and market growth. The translucence or semi-transparency is an effective way to check the glass level of the LPG cylinders. Composite LPG cylinders are rust and erosion proof.

The complete study covers the key drivers and restraints of the global composite LPG cylinder market and provides their impact on the market within the forecast period. Furthermore, the study also includes the analysis of opportunities available within the global composite LPG cylinder market.

In order to offer the users of this report a comprehensive view of the global composite LPG cylinder market, we have included a detailed value chain analysis. To understand the competitive landscape within the market, an analysis of Porter’s Five Forces model for global composite LPG cylinder market has additionally been included. The study includes a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

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The study also includes the market share of the key participants operating in the global composite LPG cylinder market. Moreover, the report covers the strategic development in the market along with acquisitions & mergers, agreements, partnerships, collaborations & joint ventures, and regional growth of key players in the market.

Composite LPG Cylinder Market: Growth Factors

The composite LPG cylinder market will witness significant growth in the years ahead, owing to these cylinders’ explosion aversion characteristic. The advanced fiberglass technology used for the manufacturing of composite LPG cylinders imparts the competitive advantage of explosion aversion. The lightweight and specially designed compact shape of these cylinders make their handling and transportation convenient and easy. Aesthetically attractive appearance is also a contributive factor to the composite LPG cylinder market, which leads to their preference over conventional heavy steel cylinders with inconvenient shape. Furthermore, the growing preference for LPG as a cooking fuel over conventional inefficient natural sources in developing economies is also projected to drive the composite LPG cylinder market globally.

Composite LPG Cylinder Market: Segmentation

The study provides a crucial view of the composite LPG cylinder market by segmenting it based on product, size, application, and region.

By product, the composite LPG cylinder market includes type III and type IV cylinders. Type IV cylinders are estimated to dominate the global market with a higher CAGR over the forecast time period.

Based on size, the composite LPG cylinder market includes 0 to 5 kg, 6 to 10 kg, and 11 kg & above cylinders.

By application, the market comprises kitchen and domestic use, recreational use, transportation, and others. The kitchen and domestic use segment held the largest share of the composite LPG cylinder market in 2023 globally. Moreover, this segment is projected to dominate the market in the future with the fastest CAGR, owing to the rapid shift of preference of domestic consumers from type I steel LPG cylinders to type IV composite LPG cylinders.

Composite LPG Cylinder Market: Report Scope

Composite LPG Cylinder Market: Regional Analysis

The regional segment is divided into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.

In 2023, Europe dominated the composite LPG cylinder market globally with the largest market share. Europe is also expected to sustain its dominance in the global composite LPG cylinder market due to the rising number of applications of composite LPG cylinders across the region.

Composite LPG Cylinder Market: Key Players Analysis

Some major players of the global composite LPG cylinder market are:

• Hexagon Composites
• Aburi Composites
• Amtrol-Alfa
• Time Technoplast
• Metal Mate
• ALAMAN Gas Cylinders

This report segments the global composite LPG cylinder market into:

Global Composite LPG Cylinder Market: Size Analysis

• 0 to 5 Kg
• 6 to 10 Kg
• 11 Kg & Above

Global Composite LPG Cylinder Market: Product Analysis

• Type III
• Type IV

Global Composite LPG Cylinder Market: Application Analysis

• Kitchen and Domestic Use
• Transportation
• Recreational Use
• Others

Global Composite LPG Cylinder Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa