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Liquefied Petroleum Gas (LPG) Market Demand, Analysis, Business Insights, Scope, Forecast By 2032
Liquefied Petroleum Gas (LPG) Market
According to MRFR analysis, the Liquefied Petroleum Gas (LPG) Market is expected to register a CAGR of 4.50% from 2023 to 2032 and hold a value of over USD 153.8 Billion by 2032.
Liquefied petroleum gas (LPG), also commonly called propane, is a flammable hydrocarbon gas that is obtained from petroleum refining and natural gas processing. It is a versatile fuel widely used in various applications, including cooking, heating, transportation, and industrial processes.
The Liquefied Petroleum Gas (LPG) market is a crucial segment of the global energy industry. LPG, a flammable hydrocarbon gas mixture primarily composed of propane and butane, is widely used as a fuel source for various applications.
Its versatility, portability, and relatively low environmental impact have contributed to its significant presence in both developed and developing economies.
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Key Players
Some of the key market players are:
Saudi Arabian Oil Co.
China Gas Holdings Ltd.
Chevron Corporation
Bharat Petroleum Corporation Limited
Flaga Gmbh
Repsol
Kleenheat
Total Se
Reliance Industries Limited
Exxon Mobil Corporation
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Covid-19 Impact on Liquefied Petroleum Gas (LPG) Market
Fluctuating Demand: With lockdowns and economic uncertainties, the demand for LPG shifted. While residential consumption increased as people stayed at home, industrial and commercial demand decreased due to business closures. The net effect on the market varied based on the balance between these factors.
Supply Chain Disruptions: The LPG market experienced supply chain disruptions due to lockdowns, travel restrictions, and reduced industrial activities. LPG production and distribution were affected, leading to potential shortages in some regions.
Market Drivers:
Growing demand for clean cooking fuel: LPG is a cleaner burning fuel than traditional biomass cookstoves, which can emit harmful pollutants. As more people around the world gain access to cleaner cooking options, the demand for LPG is expected to rise.
Versatility of LPG: LPG is a highly versatile fuel that can be used in a variety of applications, including cooking, heating, hot water generation, power generation, and transportation. This versatility makes it a valuable fuel for both residential and commercial consumers.
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Market Segmentation
The Liquefied Petroleum Gas (LPG) Market has been segmented into:
By Source (Refinery, Associated Gas, and Non-associated Gas), Application (Residential, Commercial, Agriculture, Industrial, Transportation, and Others), and Region.
Regional Analysis
In North America, LPG is commonly used for residential heating and cooking. The United States, in particular, has a well-established LPG distribution network. Propane and butane are the two main constituents of LPG in this region. LPG is also used as an alternative vehicle fuel, especially in fleet operations.
The Asia-Pacific region is a significant consumer of LPG, driven by its use for cooking in both urban and rural areas. In countries like India and China, LPG has been promoted as a replacement for solid fuels, improving indoor air quality and reducing health risks. The adoption of LPG-powered vehicles is also on the rise.
LPG consumption is growing in various emerging markets due to urbanization, economic development, and efforts to improve air quality. These markets often focus on LPG as a cleaner alternative to solid fuels. Governments in these regions are working to expand LPG infrastructure and promote its adoption.
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