According to the latest report by IMARC Group, titled "Liquefied Petroleum Gas (LPG) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," The global liquefied petroleum gas (LPG) market reached a value of US$ 128.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 164.4 Billion by 2027, exhibiting a CAGR of 3.8% during 2022-2027.
Liquefied petroleum gas (LPG) is an odorless, colorless, flammable gas, which is formulated with a blend of butane, ethane, ethylene, propane, and volatile hydrocarbons. It is extensively deployed in automobiles, centralized heating solutions, chemical feedstock, and hot water systems. The LPG gasses are also utilized as a vaporized charge and refrigerant for supplanting chlorofluorocarbons (CFCs) in order to protect the ozone layer.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Liquefied Petroleum Gas (LPG) Market Trends:
Rising environmental consciousness represents one of the primary factors driving the global market growth. In line with this, LPG is used as an effective alternative to fossil fuels, which is contributing to its widespread utilization across industries. Additionally, significant growth in the automotive industry is creating a positive outlook for the market. Since LPG is used as an autogasin the automotive industry for reducing carbon emissions, this is acting as a major growth-inducing factor. Other factors, such as the implementation of various government initiatives to promote the usage of LPG, are driving the market toward growth further.
Global Liquefied Petroleum Gas (LPG) Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Bharat Petroleum Corporation Limited, BP P.L.C., Chevron Corporation, China Gas Holdings Ltd., Exxon Mobil Corporation, Origin Energy Limited, Petroliam Nasional Berhad, Phillips 66 Company, Repsol S.A., Royal Dutch Shell PLC and Valero Energy Corporation.
The report has segmented the market on the basis on region, source, application and supply mode.
Breakup by Source:
Refinery
Associated Gas
Non-Associated Gas
Breakup by Application:
Residential
Commercial
Refinery and Petrochemical
Transportation
Others
Breakup by Supply Mode:
Packaged
Bulk and On-site
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China,Japan, India, South Korea, Australia, Indonesia,Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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