Press release
Australia Liquefied Petroleum Gas Market Size, Share, Trends & Growth Report and Forecast 2032
According to the report by Expert Market Research (EMR), the Australia liquefied petroleum gas market size reached a value of USD 5.02 billion in 2023. Aided by the increasing demand for clean energy sources and the growing applications of LPG in various sectors, the market is projected to further grow at a CAGR of 3.6% between 2024 and 2032 to reach a value of USD 6.91 billion by 2032.
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LPG is a versatile and efficient source of energy derived from the refining of crude oil or the processing of natural gas. It is used in a wide range of applications, including residential heating, cooking, transportation, industrial processes, and as a feedstock in the petrochemical sector. The market for LPG in Australia is driven by its properties as a clean-burning, low-emission fuel that offers a viable alternative to traditional fossil fuels such as coal and oil.
The increasing consumer preference for clean energy sources is driving the Australia liquefied petroleum gas market growth. With the growing awareness of the environmental impact of fossil fuel consumption, there has been a significant shift towards cleaner and more sustainable energy solutions, leading to a surge in demand for LPG. Additionally, the rising trend of energy diversification has further contributed to the increasing popularity of LPG, as it provides a reliable and efficient source of energy for various applications.
The expanding applications of LPG in various sectors also play a significant role in propelling the liquefied petroleum gas market in Australia. In the residential sector, LPG is widely used for heating, cooking, and hot water systems. The industrial sector utilises LPG as a fuel for boilers, furnaces, and other industrial processes, while the automotive sector has adopted LPG as an alternative fuel for vehicles due to its lower emissions and cost-effectiveness. Moreover, the petrochemical industry uses LPG as a feedstock for the production of chemicals and plastics.
Further, the growing demand for LPG in the transportation sector has led to an increased focus on LPG as a viable alternative to conventional fuels. With the rise of environmental regulations and the push towards reducing greenhouse gas emissions, LPG has emerged as a critical component in the formulation of clean fuel strategies, consequently driving up the Australia liquefied petroleum gas market share.
The growing consumer inclination towards clean and sustainable energy sources is a major driver of the market. LPG, being a low-carbon and low-emission fuel, is increasingly being preferred over traditional fossil fuels. This shift is driven by the need to reduce greenhouse gas emissions and combat climate change, leading to increased adoption of LPG in various applications, from residential heating to industrial processes.
Read Full Report with Table of Contents@ https://www.expertmarketresearch.com/reports/australia-liquefied-petroleum-gas-market
Supportive government policies and regulations aimed at promoting the use of clean energy are significantly impacting the market in Australia. Various initiatives, such as subsidies for LPG installations, tax incentives, and regulatory support for LPG infrastructure development, are encouraging the adoption of LPG. These measures are part of the broader strategy to transition towards a more sustainable energy system and reduce reliance on coal and oil.
As per the Australia liquefied petroleum gas market analysis, the automotive sector's growing adoption of LPG as an alternative fuel is another key driver of the market. LPG-powered vehicles, known for their lower emissions and cost-effectiveness, are gaining popularity in Australia. The expansion of the autogas infrastructure, including refuelling stations and vehicle conversion facilities, is supporting this trend, making LPG a viable and attractive option for both private and commercial vehicles.
Australia Liquefied Petroleum Gas Market Segmentation
The market can be divided based on source, application, and region
Market Breakup by Source
Associated Gas
Non-Associated Gas
Refinery
Market Breakup by Application
Refinery and Petrochemical
Industrial
Agriculture
Commercial
Residential
Transportation
Others
Market Breakup by Region
New South Wales
Victoria
Queensland
Australian Capital Territory
Western Australia
Others
Competitive landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Australia liquefied petroleum gas market. Some of the major players explored in the report by expert market research are as follows:
BP Australia Pty Limited
Shell Australia Pty Limited
BOC Australia
Elgas Ltd.
Coregas Pty Ltd
Others
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