26th December 2019 – Global Liquefied
Petroleum Gas (LPG) Market is expected to reach USD 147.76 billion by
2024. Liquefied Petroleum Gas (LPG) is also termed as liquid petroleum gas (LP
gas) or autogas. It is a flammable hydrocarbon gas comprising butane, propane,
and mixture of these gases. It may be a by-product of crude oil refining and
natural gas processing. The Liquefied Petroleum Gas Market is estimated to grow
at a significant CAGR of 3.6% over the forecast period as the scope and its
applications are rising enormously across the globe.
Increasing government initiatives to
promote LPG as an auto fuel in developing countries and high demand due to
low-carbon emissions, operational benefits, and low cost are documented as the
major factors of LPG Market that are estimated to enhance the growth in the
years to come. Liquefied Petroleum Gas (LPG) Market is segmented based on
product type, end user, and region.
Non-associated gas, refinery, associated
gas, and the others product types could be explored in Liquefied Petroleum Gas
(LPG) in the forecast period. Non-associated gas sector accounted for the
substantial market share of Liquefied Petroleum Gas (LPG) and is estimated to
lead the overall market in the upcoming period. Refinery sector is estimated to
grow at the fastest pace in the years to come.
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The market may be categorized based on
end users like transportation, residential/commercial, industrial,
petrochemical and refinery, and others could be explored in the forecast
period. Residential & commercial sector accounted for the substantial market
share of Liquefied Petroleum Gas (LPG) and is estimated to lead the overall
market in the coming years. This may be because LPG is exclusively used as a
cooking fuel.
Globally, Asia Pacific accounted for the
substantial market share of Liquefied Petroleum Gas (LPG) and is estimated to
lead the overall market in the coming years. The reason behind the overall
market growth could be growing population, high-energy requirement, affordable
as government subsidies on cylinders, and high demand as a cooking fuel in the
region. The developing countries like India and China are the major consumers
of Liquefied Petroleum Gas (LPG) in this region.
Instead, North America and Europe are
also estimated to have a positive influence on the future growth. North America
is the second largest region with significant market share. However, Europe is
estimated to grow at fastest pace with the highest CAGR in the foremost period.
The key players of Liquefied Petroleum
Gas (LPG) industry are Royal Dutch Shell plc, BP plc, Phillips 66 plc, Chevron
Corp., ExxonMobil Corp., Valero Energy Corp., China Petroleum & Chemical
Corp., Petroliam Nasional Bhd, and China National Petroleum Corp. These players
are concentrating on inorganic growth to sustain themselves amongst fierce competition.
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