Liquefied Petroleum Gas (LPG) Market Trends, Sales and Consumption Status Report By 2024

26th December 2019 – ****** Liquefied Petroleum Gas (LPG) Market is expected to reach USD 147.76 billion by 2024. Liquefied Petroleum Gas (LPG) is also termed as liquid petroleum gas (LP gas) or autogas. It is a flammable hydrocarbon gas comprising butane, propane, and mixture of these gases. It may be a by-product of crude oil refining and natural gas processing. The Liquefied Petroleum Gas Market is estimated to grow at a significant CAGR of 3.6% over the forecast period as the scope and its applications are rising enormously across the globe.

 

Increasing government initiatives to promote LPG as an auto fuel in developing countries and high demand due to low-carbon emissions, operational benefits, and low cost are documented as the major factors of LPG Market that are estimated to enhance the growth in the years to come. Liquefied Petroleum Gas (LPG) Market is segmented based on product type, end user, and region.

 

Non-associated gas, refinery, associated gas, and the others product types could be explored in Liquefied Petroleum Gas (LPG) in the forecast period. Non-associated gas sector accounted for the substantial market share of Liquefied Petroleum Gas (LPG) and is estimated to lead the overall market in the upcoming period. Refinery sector is estimated to grow at the fastest pace in the years to come.

 

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The market may be categorized based on end users like transportation, residential/commercial, industrial, petrochemical and refinery, and others could be explored in the forecast period. Residential & commercial sector accounted for the substantial market share of Liquefied Petroleum Gas (LPG) and is estimated to lead the overall market in the coming years. This may be because LPG is exclusively used as a cooking fuel.

 

Globally, Asia Pacific accounted for the substantial market share of Liquefied Petroleum Gas (LPG) and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be growing population, high-energy requirement, affordable as government subsidies on cylinders, and high demand as a cooking fuel in the region. The developing countries like India and China are the major consumers of Liquefied Petroleum Gas (LPG) in this region.

 

Instead, North America and Europe are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. However, Europe is estimated to grow at fastest pace with the highest CAGR in the foremost period.

 

The key players of Liquefied Petroleum Gas (LPG) industry are Royal Dutch Shell plc, BP plc, Phillips 66 plc, Chevron Corp., ExxonMobil Corp., Valero Energy Corp., China Petroleum & Chemical Corp., Petroliam Nasional Bhd, and China National Petroleum Corp. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition.

 

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