Global Liquefied Petroleum Gas (LPG) Market: Global Opportunity Analysis and Industry Forecast, 2022-2028| CAGR 1.7% | Report Research By Introspective Market Research
Market Overview:
The global market for Liquefied Petroleum Gas (LPG) estimated at USD 261.98 Billion in the year 2021, is projected to reach a revised size of USD 294.79 Billion by 2028, growing at a CAGR of 1.7% over the period 2022-2028.
LP gas is another name for liquefied petroleum gas (LPG). It is made up of several liquid mixtures of propene, propane, butene, and butane, which are volatile hydrocarbons. In 1860, it was used as a portable fuel source, and since then, both domestically and industrially, production and consumption have increased. Ethane and ethylene, in addition to volatile mercaptans, an odorant added for safety, are common ingredients in commercial mixtures. One liter of liquefied petroleum gas expands to 270 liters of gaseous energy, making it possible to transport a significant amount of energy in small containers. Even though liquefied petroleum gas is a gas at room temperature and atmospheric pressure, it can be liquefied by reducing the temperature sufficiently or applying the right amount of pressure.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
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Market Dynamics and Factors:
The growing population and increasing demand for liquefied petroleum gas is driving the Liquefied Petroleum Gas (LPG) Market. The demand for residential LPG is also rising with the population. LPG is a popular fuel for heating and cooking in homes, especially in rural areas where electricity is scarce. Demand for residential LPG is being driven by population growth and urbanization in developing nations. In addition to households, industries like petrochemicals, ceramics, and metalworking that require LPG for a variety of processes are also seeing an increase in demand for fuel. The developing modern area in emerging nations, especially in Asia-Pacific, is a significant supporter of the expansion of LPG request
The government initiatives encouraging the use of LPG over conventional fuels and an increase in the use of gas in vehicles are expected to drive the Liquefied Petroleum Gas (LPG) Market. Numerous state-run administrations overall are advancing the utilization of clean energy to diminish fossil fuel byproducts and battle air contamination. This has resulted in a variety of subsidies and incentives for the use of cleaner fuels like LPG. For example, in India, the public authority gives LPG associations with families beneath the neediness line at sponsored rates, which has supported the reception of LPG in families. In order to make LPG more affordable and accessible to consumers, governments are making investments in the expansion of gas infrastructure, which includes pipelines and distribution networks.
Liquefied Petroleum Gas (LPG) Market Report Highlight:
- By Type, the Natural Gas Processing segment is anticipated to lead the growth of the Liquefied Petroleum Gas (LPG) market in the forecasted timeframe. It requires a facility for gas separation that is capable of extracting the gases required to make the LP gas. As a result, LP gas production from crude oil in refineries is more expensive than extraction from natural gas.
- By Source, the Refinery segment is expected to have the highest share of the Liquefied Petroleum Gas (LPG) market over the projected period. On a global scale, refineries are one of the primary sources of gas production. Escalating refining capacity, specifically in Saudi Arabia, Brazil, India, and China to surge product supply over the years.
- By application, the Residential segment is set to develop at the highest CAGR during the forecasted timeframe. The majority of LP gas is used in the domestic or residential sector for cooking and heating water and homes. Worldwide, LP gas usage continues to rise annually.
- The North American region is expected to have the highest share of the Liquefied Petroleum Gas (LPG) market over the projected period. Because LPG is widely accepted as the primary fuel for home cooking and the supply of hot water. With the exception of significant political turmoil, LPG is readily available, and forecasts indicate that prices will remain low for a considerable amount of time.
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Top Key Players Covered In The Liquefied Petroleum Gas (LPG) Market:
- Saudi Aramco (Saudi Arabia)
- ADNOC (UAE)
- KNPC (Kuwait)
- Gazprom (Russia)
- Exxon Mobil (US)
- Shell (Netherlands)
- Phillips66 (US)
- British Petroleum (UK)
- ADGAS (UAE)
- Chevron (US)
- China National Petroleum (China)
- Petroleum Nasional (Malaysia)
- Repsol (Spain)
- China Gas Holdings Ltd (China)
- FLAGA Gmbh (Germany)
- Kleenheat (Australia)
- Bharat Petroleum Corporation Limited (India)
- JGC HOLDINGS CORPORATION (Japan)
- Reliance Industries Limited (India)
- Total (France)
- Royal Dutch Shell (Netherlands)
- Petroliam Nasional Berhad (PETRONAS) (Malaysia)
- PetroChina Company Limited (China)
- Petredec Pte Limited (Singapore)
- Qatargas Operating Company Limited (Qatar)
- Petrofac Limited (UK)
- Vitol (Netherlands)
- China Petroleum & Chemical Corporation (China), and Other Major Players.
Key Industry Development:
In March 2023, one of the world’s leading integrated energy and chemicals companies, Aramco, signed definitive agreements to purchase a 10% stake in the Shenzhen-listed Rongsheng Petrochemical Co. Ltd. (hereinafter “Rongsheng”) for RMB 24.6 billion, or $3.6 billion at the current exchange rate. This would significantly expand Aramco’s downstream presence in China.
Liquefied Petroleum Gas (LPG) Market Segmentation:
By Type
- Natural Gas Processing
- Crude Oil Refining
By Source
- Refinery
- Associated Gas
- Non-Associated Gas
By Application
- Residential
- Commercial
- Industrial
- Auto Fuel
- Refineries
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For this report, Introspective Market Research has segmented the Liquefied Petroleum Gas (LPG) Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
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Scope of the Report:
The latest research on the Liquefied Petroleum Gas (LPG) market provides a comprehensive overview of the market for the years 2022 to 2028. It gives a comprehensive picture of the global Liquefied Petroleum Gas (LPG) industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Liquefied Petroleum Gas (LPG) market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assist our clients grow and have a successful impact on the market. Our team at IMR is ready to assist our clients flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, specialized in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyze extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.
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