Tae Yang Corporation and Aspire Industries were two highly prominent names in the global butane gas cartridges market for 2015, thanks to their strong grasp over key regions in terms of supplying their demand. Both companies own a wide array of products in the global butane gas cartridges market and are showing promising rates of expansions across the globe.
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In its recent research report, Transparency Market Research points to an intense competitive profile for the global butane gas cartridges market. The market is very favorable to new entrants due to the ease with which inexpensive raw materials are available, and the low capital required to set up. This will compound the competition within the global butane gas cartridges market, further boosted by the growing rivalry from substitutes to butane gas cartridges. The global butane gas cartridges market was valued at US$364.55 mn at the end of 2015. By the end of 2016, this market’s revenue is expected to reach US$380.30 mn and is projected to reach US$555.24 mn by 2024, after expanding at a CAGR of 4.73% from 2016 to 2024.
Gas Cartridges Winning Demand amid Need for Portable Fuel Storage Units
“The global stockpile of energy can potentially be used up faster than it can be generated. Industries are still highly dependent on conventional fuels and as a result, energy security becomes a paramount issue. The global butane gas cartridges market is currently in a position where it can provide an economical answer to the problem, thereby gaining a high volume of demand. Both industrial clients as well as individual consumers are ramping up their demand for gas capsules as they rank better in portability to other fuel transportation options. This is especially beneficial for individuals as it allows for the use of butane gas in rural or remote locations as well,” states a TMR analyst.
The global butane gas cartridges market is also being driven by the greater efficiency of butane gas when compared to other liquid fuels that can be stored in capsules. Butane gas cartridges are much lighter in weight and provide a great fuel efficiency for their stored volume.
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Shaky Crude Prices and Safety Issues Mar Butane Gas Cartridges Demand
One of the key restraints acting on the global butane gas cartridges market currently, is the volatility of crude oil supply and pricing. The global market for crude oil and natural gas has been in a shay state over the past decade owing to several issues such as the depletion of key stockpiles and the growing pressure on production by the extremely high consumption rate of fuel by all economies. If the current trend continues, so will the volatility in prices of butane gas cartridges across the world. Another issue with butane gas cartridges is their relatively lower level of safety in comparison to other fuel storage units. They can be sources of fire hazards if misused and are the cause of multiple home or office fires annually. Manufacturers are quick to respond to these safety flaws and add increasingly efficient safety mechanisms on the cartridges.
“A lot of manufacturers in the global butane gas cartridges market are taking one step backwards to cope with losses in the event of extreme pricing pressure. They are beginning to integrate the production of aerosol cans in order to tap their growing demand, thereby creating additional opportunities in a time where demand for butane cartridges is fickle,” adds the analyst.