Liquefied Petroleum Gas (LPG) is an essential item that is designed for storing and transporting liquefied petroleum gas. These cylinder store liquefied petroleum gas at above atmospheric pressure. The body of the LPG cylinder is deeply drawn into two pieces which are then welded together to make a compact unit without any leak and defect. LPG cylinder has a variety of uses, most significantly domestic use. Rapid urbanization, rise in disposable income, convenience in use and its environment-friendly nature is expected to accelerate the growth of LPG cylinder in the global market.According to AMA, the market for LPG Cylinder is expected to register a CAGR of 3.17% during the forecast period to 2024. This growth is primarily driven by Rise in Disposable Income, Continuous Growth in the Residential Sector and Commercial Kitchen such As Food Trucks, Restaurants, Cafeteria and Others and LPG Vehicles Have Significantly Low Running Costs Over Gasoline Vehicles.
Globally, a noticeable market trend is evident Technological Innovation Aimed at Improving Manufacturing Process
. Major Manufacturers, such as Sahamitr Pressure Container (Thailand), Amtrol-Alfa (Portugal), Mauria Udyog (India), Aygaz (Turkey), Butagaz (France), Worthington Industries (United States), Bhiwadi Cylinders (India), Sahuwala Cylinders (India), MetalMate (Thailand), Gaz Liquid Industrie (GLI) (France), VíTKOVICE (Czechia), Hexagon Ragasco (Norway), Luxfer Gas Cylinders (United Kingdom), Faber Industrie (Italy) and Aburi Composites (United Kingdom) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Petroleum and natural gas regulatory board act, 2006 provided the establishment of Petroleum and Natural Gas Regulatory Board to regulate the refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas excluding production of crude oil and natural gas so as to protect the interests of consumers and entities engaged in specified activities relating to petroleum, petroleum products and natural gas and to ensure uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country and to promote competitive markets and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Fifty-seventh Year of the Republic of India.
- Rise in Disposable Income
- Continuous Growth in the Residential Sector and Commercial Kitchen such As Food Trucks, Restaurants, Cafeteria and Others
- LPG Vehicles Have Significantly Low Running Costs Over Gasoline Vehicles
- Technological Innovation Aimed at Improving Manufacturing Process
- Increasing Adoption of Composite LPG Cylinders
- Stringent Government Rules and Regulation
- High Initial Cost
Promotion of Innovative Cylinder Design, Manufacturing Standards and Maintenance and Handling Procedures Various Regions
Increasing Price of Raw Materials
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