According to the latest report by IMARC Group, titled “Liquefied Petroleum Gas (LPG) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, “The global liquefied petroleum gas (LPG) market reached a value of US$ 128.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 164.4 Billion by 2027, exhibiting a CAGR of 3.8% during 2022-2027.
Liquefied Petroleum Gas (LPG) Industry Definition and Application:
Liquified petroleum gas (LPG) is a flammable mixture of hydrocarbon gases that includes propane and butane. It is considered to be a clean and efficient source of energy that is portable and commonly used as fuel across various application segments. It is obtained during the process of oil and natural gas production and is liquefied through pressurization. It is stored and supplied in canisters, cylinders and bulk storage tanks for various domestic and industrial applications. It is extensively being utilized as the preferred energy source across the chemical, automotive and manufacturing sectors.
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Global Liquefied Petroleum Gas (LPG) Market Trends:
The market is primarily driven by the increasing environmental consciousness among the masses. The rising concerns regarding carbon emissions and growing pollution levels across the globe have led to the increasing adoption of clean energy sources by individuals. This, coupled with the escalating popularity of LPG as the preferred alternative to fossil fuels, is providing a thrust to the market growth. Moreover, the growing requirement of LPG as auto emission gas in the automotive sector is acting as a major growth-inducing factor. The market is further driven by the numerous initiatives undertaken by the government of various countries to promote the use of LPG. They are launching favorable policies and offering subsidies and tax concessions to suppliers in an attempt to increase its uptake significantly.
They are also undertaking initiatives to spread awareness and educate the rural population regarding the importance of substituting traditional sources of energy, such as coal, wood and kerosene, with LPG. The considerable improvements in the extraction and refining technologies for natural gases are also creating a positive outlook for the market. Some of the other factors contributing to the market growth include rising population, rapid urbanization and the increasing production of nonconventional gases. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 3.8% during 2022-2027.
Global Liquefied Petroleum Gas (LPG) Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Bharat Petroleum Corporation Limited
- BP P.L.C.
- Chevron Corporation
- China Gas Holdings Ltd.
- Exxon Mobil Corporation
- Origin Energy Limited
- Petroliam Nasional Berhad
- Phillips 66 Company
- Repsol S.A.
- Royal Dutch Shell PLC
- Valero Energy Corporation.
The report has segmented the market on the basis on region, source, application and supply mode.
Breakup by Source:
- Refinery
- Associated Gas
- Non-Associated Gas
Breakup by Application:
- Residential
- Commercial
- Refinery and Petrochemical
- Transportation
- Others
Breakup by Supply Mode:
- Packaged
- Bulk and On-site
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China,Japan, India, South Korea, Australia, Indonesia,Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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