Liquefied Petroleum Gas (LPG) Market Size, Share, Growth 2022-27

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) is a mixture of highly flammable hydrocarbon fuel gases used in numerous domestic and industrial applications. It is a colorless, odorless, and non-toxic gas that comprises propane, butane, propylene, butylene, and isobutane. It is liquid under pressure and becomes gaseous in ambient conditions. It is usually stored in steel vessels, including small bottles, large gas cylinders and storage tanks. LPG is commonly used in cooking, backup generators, home heating, and other commercial applications. It is also used as a chemical feedstock, drying agent, and refrigerant for chemicals. Besides this, it finds application in the agriculture, food and beverage (F&B), automotive, healthcare, metal processing, and manufacturing industries worldwide.

Request Free Sample Report: https://www.imarcgroup.com/liquefied-petroleum-gas-market/requestsample

Liquefied Petroleum Gas (LPG) Market Trends and Drivers:

The increasing energy consumption due to the growing global population represents one of the key factors positively influencing the market. Rapid urbanization is also driving the demand for LPG as it is the most commonly used fuel in urban areas. The use of conventional fuels, such as kerosene, wood, coal, and crude oil, imposes high household air pollution and forest degradation, thereby, LPG is gaining traction across the globe. In line with this, the rising adoption of clean energy sources due to growing concerns about carbon emissions and surging pollution levels is positively influencing the market. In addition, the escalating demand for LPG as an alternative to other fuels due to unfavorable economic and environmental consequences is creating a positive market outlook. LPG is an ideal fuel that meets affordable, reliable, sustainable, and modern energy goals under sustainable development projects by governing agencies.

Apart from this, the increasing utilization of LPG in the construction and transportation industries on account of its high calorific value is offering lucrative growth opportunities to manufacturers. In line with this, the widespread adoption of LPG in the agriculture sector to increase the production and quality of farm products through crop harvesting, crop drying, and weed flaming is supporting the market growth. It is also used as a cost-effective solution in power generators, space heating, water sanitization, and temperature control for brooders. This, along with the rising focus of leading market players on increasing product innovations to expand their consumer base, is driving the market. Furthermore, favorable government initiatives, such as tax concessions and subsidies to suppliers, are propelling the growth of the market. Moreover, continuous improvement in extraction and refining technologies and increasing investments in research and development (R&D) activities are anticipated to drive the market in the coming years.

Report Segmentation:

The report has segmented the market into the following categories:

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

Competitive Landscape with Key Player:

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.
Shell PLC
Valero Energy Corporation

Ask Analyst for Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/liquefied-petroleum-gas-market

Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Related Report by IMARC Group:

Vegan Cosmetics Market Report: https://bit.ly/3Xkdkjx

System Integration Market Report: https://bit.ly/3YGJzul

Petroleum Coke Market Report: https://bit.ly/3XkAmGK

Tire Pressure Monitoring System Market Report: https://bit.ly/3YUG2sz

Fingerprint Sensor Market Report: https://bit.ly/40FRsSv

Deodorants Market Report: https://bit.ly/3YAXB0n

Contact US

IMARC Group
Email: sales@imarcgroup.com
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Address: 134 N 4th St. Brooklyn, NY 11249, USA 
Website: https://www.imarcgroup.com/
Follow us on Twitter: @imarcglobal
Linkedin: https://www.linkedin.com/company/imarc-group

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.