LPG Cylinder Valve Market By Type (Quick-On Valves, Forklift Valves, Jumbo Valves, Liquid Off Take Valve, Handwheel Valves, Self Closing Valve, Others) , By End-User (Domestic, Commercial, Industrial) : Global Opportunity Analysis and Industry Forecast, 2024-2033
LPG Cylinder Valve Market
The LPG cylinder valve market was valued at $491.0 million in 2023 and is projected to reach $897.8 million by 2033, growing at a CAGR of 6.3% from 2024 to 2033.
An LPG cylinder valve is a component that regulates the flow of gas between a cylinder and connected appliance. The valve further serves as a safety component as it prevents leakage of gas. It comprises different components, including body, stem, seat, bonnet, and threaded connections. The valve requires periodic inspection & replacements to ensure safety from wear & tear, leakage, and corrosion.
Expansion of the applications of LPG cylinder valve for cooking and transportation purposes is a key driver of the LPG cylinder valve market. In addition, as individuals are rapidly shifting from conventional fuel sources to cleaner fuels, the demand for LPG cylinder valves is increasing significantly. Moreover, utilization of LPG cylinders in the manufacturing and agricultural industries for processing or heating purposes is augmenting the growth of the market. In coming years, the trend of installing smart valves is anticipated to gain notable prominence. Manufacturers are exploring integration of the Internet of Things technology into LPG cylinder valves to enable remote operation using mobile applications, elevating the safety attribute of the valves.
However, the LPG cylinder valve market remains highly fragmented due to variations in the quality of product. These variations hamper the growth of the market significantly. Furthermore, increase in the use of electric stoves owing to rise in environmental and health concerns is restraining the development of the market. According to a study by the Harvard Health Publishing, cooking on gas stoves results in the generation of nitrogen oxide that releases tiny airborne particles responsible for asthma. This is reducing the use of LPG cylinders and hindering the market development. An article by the German database company, Statista states that approximately 68% of the households in the U.S. own an electric stove. On the contrary, expansion of LPG infrastructure in various developing economies across the globe is poised to present remunerative opportunities for the LPG cylinder valve market.
Segment ReviewThe LPG cylinder valve market is segmented into type, end user, and region. Depending on type, it is divided into quick-on valves, forklift valves, jumbo valves, liquid off take valve, handwheel valves, self closing valve, and others. As per end user, it is classified into residential, commercial, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsDepending on type, the quick-on valves segment acquired a high stake in the market in 2023.
As per end user, the residential segment dominated the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global LPG cylinder valve market include Cavagna Group S.p.A, Svarrnim Forgings, Maffs Valves and Fittings Private Limited, Batra Associates Limited, SPECIAL STEEL COMPONENTS CORPORATION, SCG Thailand, Rajhans Metals, Chandawat Udyog (Cylinders) Ltd, Ningbo Fuhua Valve Co., Ltd., and VANAZ ENGINEERS LIMITED. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeQuick-On Valves
Forklift Valves
Jumbo Valves
Liquid Off Take Valve
Handwheel Valves
Self Closing Valve
Others
By End-UserDomestic
Commercial
Industrial
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Rest of LAMEA
Key Market PlayersCavagna Group S.p.A
Svarrnim Forgings
Maffs Valves And Fittings Private Limited.
Batra Associates Limited
SPECIAL STEEL COMPONENTS CORPORATION
SCG Thailand
Rajhans Metals
Chandawat Udyog (Cylinders) Ltd
Ningbo Fuhua Valve Co.,Ltd.
VANAZ ENGINEERS LIMITED