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LPG Market Industry Outlook, Size, Scope, Share, Forecast, Market Insights and Growth of the Market 2027

LPG Market Is Expected To Reach 204.2 Billion by 2027and Grow At A CAGR of 6.7 Percent Over The Forecast Period.

According to the report by Stellar Market Research, LPG Market is estimated to grow at a CAGR of 6.7 percent over the forecast period 2022 to 2027. The LPG Market size was valued at USD 138.39 Bn. in 2021. 

LPG Market Overview:

Liquified Petroleum Gas (LPG) is a non-renewable energy source that is widely utilised as a transportable, healthy, and non-toxic energy source in residential and commercial settings. It is stored in steel containers, large gas cylinders, and tanks and is composed of volatile hydrocarbon gases and combustible hydrocarbon gases like propane, butane, and isobutane. LPG produces more heat energy than natural gas and burns quickly in the air. Other benefits include clean burning, no soot production, easily controllable flame temperatures, and a low sulphur content, which makes it perfect for heating, cooking, and automotive applications. In addition, LPG is less expensive than other traditional fuels since the majority of its energy is converted to heat, and it can be transported and stored. This all advantages are equally responsible in the growth of LPG market.

Request Discount on LPG Market:@https://www.stellarmr.com/report/req_sample/LPG-Market/367

Key Players in LPG Market:

  • Saudi Aramco (Saudi Arabia)
  • Sinopec (China)
  • ADNOC (United Arab Emirates)
  • CNPC (China)
  • Exxon Mobil (US)
  • Reliance Industries (India)
  • KNPC (Kuwait)
  • Phillips66 (US)
  • Bharat Petroleum Corporation Ltd. (India)
  • Pemex (Mexico)
  • Qatar Petroleum (Qatar)
  • Equinor (Norway)
  • Chevron (US)
  • ConocoPhillips Company (US)
  • SHV Energy (NL)
  • Valero Energy (US)
  • UGI Corporation (US)
  • Royal Dutch Shell PLC (UK)

LPG Market Insights:

With a market share of 76.3% in 2021, the European region dominated the market. The demand for LPG in residential and commercial settings is estimated to rise dramatically all across Europe. The expansion of the LPG market in Europe is also being fueled by the increasing use of LPG in the automotive sector. For instance, the European LPG Association estimates that over 47 million vehicles in Europe are fuelled by LPG, making up around 7.1% of the total fuel mix for passenger cars.

Additionally, due to government initiatives to reduce carbon emissions and the European Union’s goal of becoming climate neutral by 2050, liquefied petroleum gas is gaining traction in the region’s construction, food & beverage, manufacturing, residential, agricultural, and transportation industries. This is expected to boost the LPG market in Europe during the forecast period.

During the forecast period, the Asia Pacific region is expected to have considerable growth at a CAGR of 6.3 percent. The main reasons influencing the expansion of the regional market have been population increase, an abundance of resources, high energy use, as well as simple affordability due to government LPG cylinder subsidies. Increased petrochemical capacity in China, Thailand, South Korea, and India is contributing to this trend.

LPG Market Scope and Dynamics:

The expansion of the global liquefied petroleum gas market is estimated to be aided by rising acceptance of clean energy sources among people in developed and developing countries, as well as greater knowledge of the advantages of utilising LPG as an alternative to fossil fuels. The government’s increased efforts to educate rural residents on how to switch from conventional cooking fuels like coal, wood, and kerosene to LPG are also expected to have a substantial impact on the market’s growth. Along with these factors, the demand for LPG as an auto emission gas and urbanisation are expected to drive the growth of the LPG market.

LPG has gained popularity as a practical substitute for conventional fuels like wood and coal for heating and cooking in the commercial and residential sectors. However, when compared to other fuels like wood and coal, it may be credited with a number of benefits including ease of accessibility, non-toxicity, cleanliness, portability, and affordability. Since people in such areas use LPG as a cooking fuel, it is expected that the growth in population in regions like Africa, the Asia-Pacific, and Central and South America would increase demand in the LPG market during the forecast period. Liquefied petroleum gas, for instance, is used for around 60 to 75 percent of home functions like cooking and heating in India.

The global LPG industry is being driven by the growing environmental concerns. LPG emits a lot less carbon than usual fossil fuel choices. As a result, LPG is now widely used as a clean and effective energy source across several sectors. LPG is increasingly being utilised in a range of sectors, including industrial, commerce, and agriculture. Its usage in cooking and heating has led to a significant rise in domestic uses. It’s also being looked into as a potential replacement for conventional fuels to lessen our dependence on oil and our emissions of greenhouse gases. Additionally, its application in the petrochemical and automotive sectors is expected to support the market’s growth. These factors are expected to fuel the LPG market’s expansion during the forecast period.

LPG Market Segmentation:

Source

    • Refiners
    • Associated Gas
    • Non-Associated Gas

Application

  • Automobile fuel
  • Residential
  • Commercial
  • Industrial
  • Others

To Get a Detailed Report Summary and Research Scope of The LPG Market, Click here:@https://www.stellarmr.com/report/req_sample/LPG-Market/367

About Stellar Market Research:

Stellar Market Research, founded in 2018, is an India-based consultancy and advising firm focused on aiding customers in reaching their company transformation goals through advisory services and strategic business. The company’s goal as a strategic knowledge partner is to become an important component of the client’s business. Stellar Market Research provides comprehensive solutions that go beyond core research technology to help leaders in any organization achieve mission-critical goals. The company produces recommendations that will allow the organization to develop in the future. So far, the firm has worked with over 335 companies across 25 industries, providing dependable data with a 94 percent accuracy rate. The organization has domain-specific research specialists and 119 research analysts in several sectors who evaluate the industry on a regular basis, assisting the company in gaining a competitive advantage through high-quality market intelligence. 

Contact Stellar Market Research:

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Kothrud, Pinnac Memories

Fl. No.3, Kothrud, Pune,

Maharashtra, 411029

sales@stellarmr.com

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