Press release
Liquefied Petroleum Gas (LPG) Market Is Expected To Reach US$ 164.4 Billion By 2027: IMARC Group
Liquefied Petroleum Gas (LPG) Market
Liquefied Petroleum Gas (LPG) Industry Definition and Application:
Liquefied petroleum gas (LPG) refers to a clean, non-toxic, renewable, and portable energy source, which finds numerous domestic and industrial applications. It comprises a mixture of flammable hydrocarbon gases, including propane, butane, isobutane, etc. In addition to this, LPG is stored and supplied in large gas cylinders, tanks, steel vessels, etc. It burns readily in the air and has higher heat energy as compared to natural gas. Consequently, liquefied petroleum gas is extensively utilized in several sectors, including chemical, automotive, household, manufacturing, etc.
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Global Liquefied Petroleum Gas (LPG) Market Trends:
The expanding global population is increasing energy utilization, which is primarily augmenting the liquefied petroleum gas (LPG) market. Furthermore, the rising infrastructural development projects are positively influencing the global market. Apart from this, the widespread adoption of clean energy sources, on account of the growing consumer concerns towards the inflating pollution levels and carbon emissions, is acting as another significant growth-inducing factor. Moreover, the escalating demand for LPG as auto emission gas in the automotive sector is bolstering the market growth. Besides this, government bodies are spreading awareness and educating the rural population regarding the importance of substituting traditional sources of energy, such as coal, wood, kerosene, etc., with LPG, thereby further catalyzing the global market. Additionally, they are also launching favorable policies, tax concessions, and subsidies to suppliers. In line with this, continuous improvements in extraction and refining technologies by key market players and extensive investments in R&D activities are expected to fuel the liquefied petroleum gas (LPG) market in the coming years.
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
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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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