In terms of revenue, the Global Liquefied Petroleum Gas Market is expected to reach USD 177.7 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.8% from 2022 to 2028.
Liquefied Petroleum Gas (LPG) is an effective, efficient, and clean-burning fuel. It provides advantages for consumers, businesses, and the environment because it is a green, low-carbon, effective, and innovative energy source. The increased demand for LPG from diverse operations is fuelling the expansion of the world market for Liquefied Petroleum Gas. Additionally, one of the major factors driving the market's expansion is the implementation of strict government rules against environmental pollution.
Key Highlights from Report:
· The Non-Associated Gas sector retained the biggest market share for Liquefied Petroleum Gas in 2021. Due to an increase in the production of Liquefied Petroleum Gas from non-associated gas sources, which are extracted from natural gas wells, it is projected that increased demand for LPG from home and industrial uses will propel market expansion.
· The Chemical application segment is anticipated to be the quickest in the market during the forecast period. Residents in urban and rural areas are highly dependent on Liquefied Petroleum Gas as a source of cooking fuel throughout the regions.
· Europe is accounted to dominate the market in 2021. Government subsidies for LPG cylinders have been the primary drivers of the regional market's expansion. Governments worldwide are putting a lot of effort into creating renewable energy sources, which is anticipated to increase the demand for LNG in these nations.
Liquefied Petroleum Gas (LPG) is more affordable than traditional fuels since most of its energy is turned into heat. It can also be transported, stored, and utilized for various purposes, such as lighting cigarettes and the Olympic torch. Technology is projected to play a significant part in the market's expansion, along with the increasing government efforts to educate rural residents to switch from conventional cooking fuels like kerosene, wood, and coal to LPG. However, the industry is projected to grow faster than average due to the expanding population and rising demand for Liquefied Petroleum Gas as a car emission gas.
Europe is expected to register lucrative growth with the highest Compound Annual Growth Rate (CAGR) in the market in 2021. The main drivers of the regional market growth have been population increase, adequate resource availability, and high energy needs, along with simple affordability due to government subsidies on LPG cylinders. Additionally, during the projected period, the region's expansion in urbanization and modernization is anticipated to increase the demand for Liquefied Petroleum Gas.
The Global Liquefied Petroleum Gas Market is Segmented as follows:
- Associated Gas
- Non-Associated Gas
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Liquefied Petroleum Gas Market is:
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
The Global Liquefied Petroleum Gas Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|