According to a new market report published by Transparency Market Research titled “LPG Cylinder Manufacturing Market, Material – Steel, Aluminum; Size – 4 Kg-15 Kg, 16 Kg-25 Kg, 25 Kg-50 Kg, More than 50 Kg; End-use – Domestic, Commercial, Industrial – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global LPG cylinder manufacturing market is expected to reach US$ 4.7 Bn by 2026, expanding at a CAGR of 3.6% from 2018 to 2026. Asia Pacific held the highest share in the LPG cylinder manufacturing market in 2017.
Demand is expected to accelerate with rising disposable income. Rising awareness about the usage of natural fuel by end-users, and emission of minimal pollution through LPG cylinders has triggered the demand for LPG cylinders across the globe. LPG is a clean-burning fuel that produces lower levels of CO2, NO2, and other pollutants as compared to traditional fuels such as biomass. Furthermore, LPG helps to improve air quality, reduces the emission of greenhouse gases, and protects the environment. Manufacturers are opting for LPG cylinders to avoid the risk associated with environmental issues, and overcome the toxic pollution caused by the manufacturing sector. Furthermore, progressively changing lifestyle in rural areas together with the rising disposable income of consumers is expected to build a lucrative roadmap for LPG cylinder manufacturing industry trends over the forecast period (2018-2026).
Asia Pacific held major share in the LPG cylinder manufacturing market in 2017. LPG is the most preferred cooking fuel in kitchens. Rising affordability and usability of LPG by end-users in households across the globe are expected to drive the market in the coming years. Rise in urbanization and government initiatives for usage of LPG cylinders has increased the dependency of LPG in the domestic kitchen due to generation of minimal pollution, which has triggered the demand for LPG from end-users. Furthermore, emerging economies granting subsidy for the usage of LPG cylinders in rural and low income households are expected to drive the market in the future.