Acknowledging the kind of traction gained by this market, Industry Data Analytics recently published a study report asserts the global Liquefied Petroleum Gas (LPG) Market size is projected to accrue voluminously by 2027 registering a phenomenal CAGR of 6.4% during the review period (2022 to 2027).
Liquified petroleum gas (LPG) refers to a non-renewable source of energy commonly used as a portable, clean and non-toxic energy source in various domestic and industrial applications. It is a combination of flammable hydrocarbon gases and volatile hydrocarbons, such as propane, butane and isobutane and is stored in steel vessels, large gas cylinders and tanks.
The critical aspect that definitely impacts the market is the augmenting growth in the automotive industry and the growing requirement for energy-efficient fuel. Additionally, widespread LPG adoption by domestic end-users is providing a boost to the market growth in the region. LP gas mainly serves as a feedstock for petrochemical for ethylene production through the hydrocarbon cracking process and syngas production through steam conversion. In line with this, shifting consumer preference from high-cost conventional fuels such as petrol and diesel to low-cost LP gas also favors market growth. With the rising focus on GHG emissions reduction and ensuring sustainable energy for everyone, the usage of LP gas has been growing globally across different sectors. There has been noteworthy support from the government in the form of initiatives and subsidies to further boost the adoption of LP gas.
In recent years, research and development of alternative automotive-fuel technology have focused on fuels based on oil and natural gas, biofuels derived from vegetable matter such as ethanol or biodiesel, electric vehicles (EVs), and hydrogen-based fuel cells. Plug-in and pure battery EVs are now widely commercialized, but their uptake rate remains constrained by their high cost and limited mileage. The supply of ethanol and biodiesel has risen sharply, but both fuels are usually blended with conventional gasoline and diesel for sale to end-users. However, the scope for biofuel production using traditional technology is likely to be limited by competition for land to grow food crops.
Industry News:
August 9, 2021: Japan’s first LPG-fuelled VLGC soon to enter service
Japanese LPG trader and importer Astomos Energy Corporation has announced that it will bring the liquified petroleum gas (LPG)-powered very large gas carrier (VLGC) into operation.The vessel is being built by compatriot shipbuilder Kawasaki Heavy Industries (KHI) at its Sakaide shipyard. Singapore-based shipowner Kumiai Navigation will operate the 84,229 cbm VLGC for Astomos.
February 23, 2022: ExxonMobil’s subsidiary Esso PNG P’nyang and its partners have signed an agreement with the Papua New Guinea government for the development of the P’nyang LNG project.
Top Key players in the Liquefied Petroleum Gas (LPG) Market have been identified through secondary research, and their market shares have been determined through primary and secondary research. The global Liquefied Petroleum Gas (LPG) Market is fragmented with a large number of small players operating worldwide. The companies referred in the market research report includes Saudi Aramco, Astomos Energy Corporation,Sinopec, ADNOC, CNPC, Exxon Mobil, KNPC, Phillips66, Bharat Petroleum, Pemex, Total, Qatar Petroleum, Equinor, BP, Gazprom, Chevron, ConocoPhillips Company, SHV Energy (NL), Valero Energy, Others and others.
Liquefied Petroleum Gas (LPG) Market is segmented based on the type, applications, companies and regions.
By Type, Liquefied Petroleum Gas (LPG) Market has been segmented into
The end user’s industry application on Liquefied Petroleum Gas (LPG) Market is,
Asia Pacific is the largest market for LP gas due to the high adoption of LP gas as a primary fuel for cooking and heating water at homes. There are abundant supplies of LP gas, and the forecasting numbers predict a sustained period of low prices barring any major political disruption. The chemical sector has seen tremendous growth in the region in recent years, utilizing this gas as the major feedstock in synthesizing various chemicals and plastics. The autogas (LP gas as a transport fuel) market has developed more quickly in Asia Pacific. Europe dominates the liquefied petroleum gas (LPG) market due to the increasing demand in residential/commercial applications along with decrease carbon emission in the atmosphere in the region. Asia-Pacific region is expected to hold the largest growth rate due to the resource availability, and high energy necessities, coupled with easy affordability, owing to the existence of government subsidies on LPG cylinders in the region.
Report Attributes | Report Details |
Forecast Period 2022 to 2027 CAGR | CAGR of 6.4% during the review period (2022 to 2027). |
By Type |
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By Application |
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By Companies | Saudi Aramco, Sinopec, ADNOC, CNPC, Exxon Mobil, KNPC, Phillips66, Bharat Petroleum, Pemex, Total, Qatar Petroleum, Equinor, BP, Gazprom, Chevron, ConocoPhillips Company, SHV Energy (NL), Valero Energy, Others and others. |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 116 |
Customization Available | Yes, the report can be customized as per your needs |
What is the study period of this market?
The Liquefied Petroleum Gas (LPG) Market is studied from 2017 - 2027.
What is the growth rate of Liquefied Petroleum Gas (LPG) Market?
The Liquefied Petroleum Gas (LPG) Market is growing at a CAGR of 6.4% over the next 5 years.
Who are the leading key players in Liquefied Petroleum Gas (LPG) Market?
Saudi Aramco, Sinopec, ADNOC, CNPC, Exxon Mobil, KNPC, Phillips66, Bharat Petroleum, Pemex, Total, Qatar Petroleum, Equinor, BP, Gazprom, Chevron, ConocoPhillips Company, SHV Energy (NL), Valero Energy, Others and others.
What regions regions does this Liquefied Petroleum Gas (LPG) Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
What are the significant types of Liquefied Petroleum Gas (LPG) Market?
Petroleum Cracking Metod, Gas Purification Method
What are the significant Applications of Liquefied Petroleum Gas (LPG) Market?
Civil, Industrial, Others
Who are the key participants in this market?
BP Plc, Exxon Mobil Corporation, and ConocoPhillips
All our reports are customizable to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
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EXPERT VALIDATION
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REPORT WRITING/ PRESENTATION
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