Liquefied Petroleum Gas (LPG) Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Liquefied Petroleum Gas (LPG) Market: Snapshot
Liquefied petroleum gas (LPG), also known as butane or propane and is a combustible blend made out of various hydrocarbon gasses. It is used as a fuel inside warming machines, vehicles, and cooking hardware, among others. This gas, when used as a vehicle fuel, is frequently known as auto gas. This gas is broadly used as a refrigerant and a vaporized charge and replaces chlorofluorocarbons for diminishing the harm caused to the ozone layers. It has various different uses, particularly its use in barrels crosswise over different markets as a fuel holder in the areas of cordiality, horticulture, diversion, development, angling, cruising, and calefaction. It likewise fills in as a fuel for focal warming, water warming, and cooking and is to a great degree savvy in nature.
LPG demand, especially in the private area, is expected to witness high development particularly in the rising economies of BRICS as more family units are growing their energy blend as a response to the consistently incrementing power levies.
Different territorial governments are additionally promising the item use by offering sponsorships on barrels. Surging autogas use as a noteworthy option transportation fuel is additionally anticipated that would drive the business development attributable to its condition amicable nature. Condensed petroleum gas offers extensive ecological favorable circumstances described by low nursery and particulate issue emanations when contrasted with the traditional energizes. Expanding carbon emanation levels combined with related medical issues are driving the requirement for a maintainable energy system.
Global Liquefied Petroleum Gas (LPG) Market: Overview
Liquid petroleum gas (LPG) – flammable hydrocarbon gases – include propane, butane and mixtures of these gases. It is liquefied through pressurization and is generated from natural gas processing and oil refining. It is used as a fuel in central/water heating appliances, for cooking, in vehicles, as refrigerants, aerosol propellants, and petrochemical feedstock.
Liquid petroleum gas (LPG) is also known as auto gas when it is used as a vehicle fuel. This gas is also useful in cylinders across different markets in the form of a fuel container in agriculture, hospitality, recreation, sailing, construction, fishing, and calefaction sectors.
Global Liquefied Petroleum Gas (LPG) Market: Key Trends
Majorly boosting the global market for liquid petroleum gas (LPG) is the increasing consumption of auto gas on account of rapid urbanization and population growth, particularly in the emerging economies of Asia Pacific, Latin America, and Africa. Additionally, initiatives undertaken by governments in the countries of India, China, and Indonesia to supplant conventional cooking fuels such as kerosene, coal, and wood with liquefied petroleum gas (LPG) by providing subsidies on the latter will also lead to market growth in the near future. Governments across the world are also promoting LPG as auto fuel as it emits lesser quantities of greenhouse gases.
Clipping the growth in the market is the volatility in prices of crude oil which results in uncertainty in LPG prices.
Global Liquefied Petroleum Gas (LPG) Market: Market Potential
The potential in the global liquefied petroleum gas market is slated to see a significant upswing due to the expansion of the Panama Canal and increased production of shale gas in the U.S. This would allow the large gas carriers to make their way through the canal which will most likely make exports from North America competitive with those from the Middle East. Asia Pacific too will benefit from the expansion as it will pave the way for cheap LPG imports from the U.S.
Depending upon the source, the main segments of LPG are refinery, associated gas, and non-associated gas. Among them, the non-associated gas is expected to acquire a dominant position in the near future. The main end users of liquefied natural gas are residential and commercial, petrochemical and refinery, transportation, and industrial segments, among others. Among them, the residential and commercial segment leads the market with maximum share on account of widespread use of LPG gas for cooking and for heating. Going forward, there would be substantial increase in investment in capacity expansion for the production of auto gas as fuel.
Global Liquefied Petroleum Gas (LPG) Market: Regional Outlook
Geography-wise, Asia Pacific, Europe, the Middle East and Africa, North America, and South and Central America are the key regions in the market. Among them, the Middle East produces maximum LPG, while the U.S. in North America is a net importer. The LPG production in North America, however, is expected to rise.
Global Liquefied Petroleum Gas (LPG) Market: Competitive Analysis
The global market for liquefied petroleum gas is fragmented with the presence of many players. The prominent ones are focusing hard on expanding their auto fuel capabilities through long-term collaborations with distributors and auto-manufacturers. Some such prominent players are British Petroleum plc., LPG are Exxon Mobil Corporation, Kleenheat Gas Pty Limited, Origin Energy, SHV Energy N.V., Kleenheat Gas Pty Limited, Copagaz Distribuidora De Gas Ltda, and Repsol S.A.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
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What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
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Which factors will hinder the growth of the market?
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