Liquefied Petroleum Gas Market Customer Behavior Analysis: Uncovering Buying Patterns and Motivations

The report published by The Brainy Insights shows that the global liquefied petroleum gas market is expected to grow from USD 136.4 billion in 2021 to USD 252.8 billion by 2030, at a CAGR of 7.1% during the forecast period 2022-2030. Europe emerged as the largest market for the global liquefied petroleum gas market, with a 42% share of the market revenue in 2021. The growing population in the region propels the growth of the market. The region's liquefied petroleum gas market has been growing due to the increasing need government initiatives toward reducing carbon emissions in the region. Furthermore, liquefied petroleum gas is widely used in the food & beverages, construction, manufacturing, transportation, and agriculture industries in the region. There is an increase for liquefied petroleum gas in residential as well as commercial sectors propels the growth of the market.

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Liquefied Petroleum Gas Market Size By Source (Associated Gas, Refinery, and Non-associated Gas) and Application (Commercial, Residential, Agriculture, Transportation, Industrial, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include China Gas Holdings Ltd, Bharat Petroleum Corporation Limited, Phillips 66 Company, Reliance Industries Limited, Exxon Mobil Corporation, Royal Dutch Shell, Petroliam Nasional Berhad (PETRONAS), PetroChina Company Limited, Qatargas Operating Company Limited, and China Petroleum & Chemical Corporation, among others which are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The source segment is divided into associated gas, refinery, and non-associated gas. The non-associated gas segment dominated the market, with a market share of around 41% in 2021. The non-associated gas segment has been growing owing to the rise in the production of liquefied petroleum gas from natural gas wells, a non-associated gas source. The application segment is divided into commercial, residential, agriculture, transportation, industrial, and others. Over the forecast period, the residential segment is expected to grow at the fastest CAGR of 9.6%. The rising demand for liquefied petroleum gas from various industrial and domestic applications propels the segment's growth. Furthermore, it is safe to be used in close areas such as the kitchen, which drives the segment's growth.

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Due to increasing environmental concerns worldwide, governments in several regions are offering tax concessions and subsidies to suppliers to promote the use of liquefied petroleum gas. The strict government initiatives encouraging liquefied petroleum gas over conventional fuels to reduce pollution are expected to provide lucrative growth opportunities for the market. However, the outbreak of the Covid-19 pandemic challenged the market's growth as liquefied petroleum gas was only used for residential purposes. But, the use of liquefied petroleum gas for the commercial, industrial, and transportation sectors completely stopped, challenging the market's growth during the forecast period.

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