Composite LPG Cylinder Market | Strategic Assessment and Competitive Analysis

Q: Who are the top players in the market

Aceccse Amtrol Alfa Worthington Enterprises Gavenplast Hexagon Ragasco Worthington Enterprises Metal Mate Rubis Caribbean Supreme Industries and Time Technoplast are the leading players arranged alphabetically

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Report Summary

Table of contents

Market Insights

“The Composite LPG Cylinder Market size was US$ 124.3 million in 2023 and is likely to grow at a healthy CAGR of 7.8% in the long run to reach US$ 212 million in 2030.”

Market Dynamics

Introduction

Composite LPG Cylinders are made from advanced materials like fiberglass and polymer resins. Composite materials reduce the weight of the cylinders compared to traditional steel. Advanced materials in these cylinders provide a high strength-to-weight ratio, allowing them to withstand high pressures. Composite LPG Cylinders are corrosion-resistant, and the design and materials make them more resistant to impacts and punctures.

There are two types mainly, Type III and Type IV. Type-III composite LPG cylinders are designed with a metal liner fully wrapped with composite materials, typically fiberglass-reinforced polymer. This construction combines the benefits of both metal and composite materials. Type-IV composite LPG cylinders are advanced storage solutions with a polymer liner wrapped with composite materials, typically fiberglass. The inner liner is made of high-density polyethylene (HDPE), or other durable polymers, and the outer layer consists of high-strength composite materials that enhance the cylinder's structural integrity.

Market Drivers

The composite LPG cylinder market is driven by several key factors, including the increasing demand for lightweight and safe alternatives to traditional steel cylinders. These composite materials have better pressure resistance along with a lower risk of explosion, which again elevates the adoption of the market as safety-related anxieties rise among consumers and industries. Additionally, rising urbanization and the expanding use of LPG for cooking, heating, and automotive applications in emerging economies contribute to market growth. Increasing awareness about environmental needs and promotion of alternative sources of energy brings to the market the advantage of corrosion resistance and longer lifetimes of composite cylinders. Improvements in manufacturing technologies have increased the quality and performance of the products, which have augmented the adoption of composite LPG cylinders across various applications.

Recent Market JVs and Acquisitions:

In June 2024, Worthington Enterprises announced the closing of its planned acquisition of Hexagon Ragasco.

Recent Market Expansion:

In March 2022, Supreme Industries, one of the leading manufacturers of Composite LPG Cylinders, received a huge order from IOCL (Indian Oil Corporation Ltd.) and is now planning to expand its capacity by adding one-million-cylinder manufacturing capacity to its already existing 1.4 million capacity.

Recent Product Development:

In 2020, Hexagon Ragasco released a new range of composite cylinders that included smart technology for monitoring gas levels and detecting leaks, enhancing consumer safety and convenience.
In 2020, Time Technoplast Ltd., one of the leading manufacturers of polymer-based products in India, started manufacturing composite LPG cylinders.

Segment Analysis

Segmentations	List of Sub-Segments	Segments with High Growth Opportunity
Application-Type Analysis	Kitchen & Domestic Use, Transportation, Recreational Use, and Others	Kitchen & Domestic Use is anticipated to grow in the coming years.
Size Analysis	0-5 Kg, 6-10 kg, and >11kg	6-10 Kg is estimated to contribute the largest share of the thickness type.
Type Analysis	Type-III Cylinder and Type-IV Cylinder	Type IV is projected to maintain its dominance as the most preferred throughout the forecast period.
Region Analysis	North America, Europe, Asia-Pacific, and The Rest of the World	Europe holds the largest market share, while Asia-Pacific is expected to exhibit the highest growth.

By Application Type

“Kitchen & Domestic Use is estimated to be the fastest-growing application during the forecast period.”

The Composite LPG Cylinder Market is segmented into Kitchen & Domestic Use, Transportation, Recreational Use, and Others.
Composite cylinders are manufactured with advanced mechanisms designed to be leak-proof and explosion-free, thus safe for domestic home cooking compared to traditional LPG cylinders; hence, the kitchen & domestic category will be the fastest growing.
Their lightweight nature makes them easier to handle and transport, appealing to consumers who appreciate convenience in their daily operations of cooking.

By Size

“6-10 Kg is expected to remain the dominant and fastest-growing size during the forecast period.”

The market is segmented into 0-5 Kg, 6-10 Kg, and >11 Kg.
The 6-10 Kg will hold the dominance in the market as they offer a balanced capacity for domestic and small commercial applications, designed to meet the needs of various customers
Due to their relatively small size, they can be transported more conveniently and stored, which would appeal to users wanting a convenient camp range for their off-hand picnics or small groups of people to cook outdoors.

By Type

" Type IV is projected to maintain its dominance as the most preferred throughout the forecast period.”

The market is segmented into Type-III Cylinder and Type-IV Cylinder.
Type IV is estimated to remain dominant as they have significantly less weight compared to those of Type III, and they are much easier to carry and maneuver. This lightweight nature is particularly sought after by domestic as well as commercial users who need convenience.
The material in the Type-IV cylinder appears to have much longer resistance against corrosion and degradation over a longer period as compared to Type-III cylinders.

Regional Analysis

“Europe holds the largest market share, while Asia-Pacific is expected to exhibit the highest growth.”

The market for composite LPG cylinders is dominated by Europe due to the presence of many key players like Hexagon Ragasco, and Amtrol-Alfa. Europe has a well-developed infrastructure for LPG distribution and usage, leading to the widespread adoption of composite cylinders.
The Asia-Pacific region is experiencing rapid urbanization and economic growth, leading to increased energy demand, particularly in emerging economies, therefore, driving the need for modern, efficient cooking solutions, including composite LPG cylinders.

Key Players

The market is consolidated with the top three players holding a fair market share. The majority of companies provide Composite LPG Cylinders for kitchen & domestic use applications. The applications of Composite LPG Cylinders are steadily expanding across industries, making them an increasingly attractive product. The following are the key players in the Composite LPG Cylinder Market:

Here is the list of the Top Players (Based on Dominance)

Hexagon Ragasco (Worthington Enterprises)
Time Technoplast
Amtrol-Alfa (Worthington Enterprises)
Supreme Industries
Rubis Caribbean
Gavenplast
Aceccse
Metal Mate

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at [email protected]

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

Market structure: Overview, industry life cycle analysis, supply chain analysis.
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
Market trend and forecast analysis.
Market segment trend and forecast.
Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
COVID-19 impact and its recovery curve.
Attractive market segments and associated growth opportunities.
Emerging trends.
Strategic growth opportunities for the existing and new players.
Key success factors.

The Composite LPG Cylinder Market is segmented into the following categories.

By Application Type

Kitchen & Domestic Use
Transportation
Recreational Use
Others

By Size

0-5 Kg
6-10 Kg
>11 Kg

By Type

Type-III Cylinders
Type-IV Cylinders

By Region

North America (Country Analysis: The USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, The UK, Norway, Russia, and Rest of the Europe)
Asia-Pacific (Country Analysis: India, Thailand, China, and Rest of Asia-Pacific)
Rest of the World (Sub-Regional Analysis: the Middle East, Latin America, and Others)

Research Methodology

This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Composite LPG Cylinder Market realities and future market possibilities for the forecast period.

The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]

Frequently Asked Questions (FAQs)

What is a Composite LPG Cylinder?

A composite LPG cylinder is a type of gas storage container made primarily from composite materials, typically consisting of a plastic liner reinforced with fiberglass.

What will be the market growth (CAGR) in the coming years?

The Global Composite LPG Cylinder Market is estimated to grow at a CAGR of 7.8% by 2030.

Which are the key market drivers?

Increasing demand for lightweight and safe alternatives to traditional steel cylinders. Additionally, rising urbanization and the expanding use of LPG for cooking, heating, and automotive applications in emerging economies contribute to market growth. Increasing awareness about environmental needs and promotion of alternative sources of energy also contribute as a key driver of this market.

Who are the top players in the market?

Aceccse, Amtrol-Alfa (Worthington Enterprises), Gavenplast, Hexagon Ragasco (Worthington Enterprises), Metal-Mate, Rubis Caribbean, Supreme Industries, and Time Technoplast are the leading players (arranged alphabetically).

Which region has the largest market share?

Europe is dominant in the Composite LPG Cylinder Market as Europe has a well-developed infrastructure for LPG distribution and usage, leading to the widespread adoption of composite cylinders.

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Composite LPG Cylinder Market | 2024-2030