- Gas cylinders market to grow at a CAGR of 8% to 2031 as the government introduces stricter LPG safety standards
- Fact.MR provides an exhaustive analysis of the Gas Cylinders Market for readers to gain a comprehensive understanding of every aspect of this market.The study also provides detailed information on various segments of the market in terms of cylinder type, gas type, package type and size, latest trends, drivers and restraining factors affecting the growth over the forecast period from 2021 to 2031.It also analyzes the key adoption of the core important strategic players to strengthen their position in the market.
NEW YORK, Dec. 7, 2021 /PRNewswire/ — Fact.MR estimates the global gas cylinder market is expected to reach $11 billion, growing at a CAGR of 8% between 2021 and 2031.Increasing use of liquefied petroleum gas (LPG) for cooking, especially in developing economies, is expected to drive the market in the coming years.
According to Fact.MR, manufacturers are now focusing on using the most advanced and robust materials to produce cylinders that can withstand tip-overs and falls during transport.Therefore, these companies are working hard to introduce new gas cylinders that can meet various safety standards.In addition, the production of gas cylinders is driven by continuous advances in compressed inert and volatile gases.
Availability of many advanced safety measures is likely to drive the demand for gas cylinders in the near future.Before using these cylinders, safety mounting brackets need to be installed in commercial and residential areas to avoid accidents.At the same time, the practice of locking the cap reduces the incidence of damage and misuse and ensures high security.
In emerging economies, government agencies have been working to raise awareness and implement favorable regulatory policies to encourage the use of LPG for everyday cooking purposes.Cylinders are also expected to be widely used in numerous vertical industries such as hospitality, education, manufacturing, medical and pure science.
“Increased use of advanced sealants in gas cylinders to prevent lethal projectiles and valve ruptures will drive the growth of this market. In addition to this, the use of cylinder labeling processes to quickly identify the contents of cylinders will also help the market Fact. MR analysts said.
Major companies operating in the Gas Cylinders market are striving to gain a competitive advantage by adopting various strategies.Partnerships, collaborations, mergers and acquisitions and product launches are some of the important steps these companies are taking to strengthen their global presence.Others are also investing in research and development activities to come up with novel designs that make handling and optimizing the storage capacity of these cylinders easier.
Fact.MR conducts an unbiased analysis of the Gas Cylinders Market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.The research uncovers compelling insights into the global Gas Cylinders Market with detailed segmentation based on:
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Post time: Feb-10-2022