Liquefied petroleum gas (LPG) is obtained from the
compression and cooling of two gases named propane and butane, which are formed
from oil wells. Liquefied petroleum gas is mostly used as fuel for cooking,
heating, and transportation fuel. LPG is non-toxic, non-corrosive, and clean as
compared to gasoline.
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The liquefied petroleum gas market is anticipated to witness
considerable growth during the forecast period. This is attributed to factors
such as the rise in demand for LPG from various applications such as
residential, commercial, and industrial. In addition, government initiatives to
encourage the commercialization of LPG as cooking and auto fuel promote the
growth of the liquefied petroleum gas market. However, the rapid development of
the renewable energy sector and the high installation cost of refineries are
restraining the growth of the market globally. Conversely, an increase in
investment in oil & gas exploration and production activities is
anticipated to provide potential growth opportunities in the upcoming years.
Significant development of the end-use industries such as
oil & gas, food & beverages, manufacturing, construction, and
transportation is fueling the growth of the liquefied petroleum gas market
during the forecast period. In addition, advantages associated with liquefied
petroleum gas such as clean burning, low maintenance, eco-friendly, and instant
heat production is driving the growth of the market, globally. However,
disadvantages associated with LPG such as hazardous, more consumption, high
cost than CNG, higher ignition temperature, and high installation cost of
refineries are the key factors hampering the growth of the global market in the
upcoming years.
Depending on the source, the non-associated gas segment held
the highest market share of about 52.4% in 2020 and is expected to maintain its
dominance during the liquefied petroleum gas market forecast period. This is
attributed to rising in the production of liquefied petroleum gas from the
non-associated gas source, which is extracted from natural gas wells. In
addition, a rise in demand for LPG from various domestic and industrial
applications is anticipated to fuel the growth of the market from 2021 to 2030.
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On the basis of application, the residential segment holds
the largest share, in terms of revenue, and is expected to maintain its
dominance during the forecast period. This growth is attributed to the rising
demand for liquefied petroleum gas from residential applications such as space
& water heating, cooking, and power generation. In addition, it provides benefits
such as cost-effectiveness, energy efficiency, and eco-friendly, which further
drive the market growth in the coming years.
Region-wise, the market is analyzed across four major
regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe garnered
the highest growth rate during the forecast period. This is attributed to the
presence of key players and a huge consumer base in the region.
In addition, liquefied petroleum gas is gaining importance
in the construction, food & beverages, manufacturing, residential,
agriculture, and transportation industries in the region, owing to government
initiatives toward reducing carbon emissions and the aim of the European Union
to be climate neutral by 2050, which, in turn, is expected to augment the
growth of the liquefied petroleum gas market in Europe during the forecast
period.
The global market analysis covers in-depth information of
the major liquefied petroleum gas industry participants. The key players
operating and profiled in the report include Saudi Arabian Oil Co., China Gas
Holdings Ltd., Chevron Corporation, Bharat Petroleum Corporation Limited
(BPCL), FLAGA GmbH, Repsol, Kleenheat, Total SE, Reliance Industries Limited,
and Exxon Mobil Corporation.
Other players operating in the value chain of the global
liquefied petroleum gas market are JGC Holdings Corporation, Royal Dutch Shell
Plc., PETRONAS, PetroChina Company Limited, and Qatargas Operating Company
Limited.
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Key Findings of The Study
- In
2020, the non-associated gas segment accounted for about 52.4% of the
share in the global LPG market and is expected to maintain its dominance
till the end of the forecast period.
- In
2020, the associated gas segment garnered a 22.5% liquefied petroleum gas
market share in the year 2020 and is anticipated to grow at a rate of 7.0%
in terms of revenue.
- Industrial
is the fastest-growing application segment in the global liquefied
petroleum gas market, expected to grow at a CAGR of 8.4% during 2021–2030.
- Europe
is expected to grow at the fastest rate, registering a CAGR of 7.5%,
throughout the forecast period.
- In
2020, LAMEA dominated the global liquefied petroleum gas (LPG) market with
more than 35.9% of the share, in terms of revenue.
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