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“Global LPG Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz. The global liquefied petroleum gas market report has been segmented on the basis of source, end-user, and region.
Liquefied Petroleum Gas Market: Overview
Liquefied petroleum gas is also known as liquid petroleum gas, a flammable mixture of hydrocarbon gases including propane and butane. It is liquefied through pressurization and supplied through canisters, cylinders and in bulk storage tanks. It serves as revolutionary fuel solution for various sectors, such as residential, chemical, automotive, and refinery.
Liquefied Petroleum Gas Market: Dynamics
Increasing awareness regarding benefits related to use of LPG as an alternative to fossil fuels, and increasing adoption of clean energy source among individuals in developed and developing economies are some of the factors expected to boost growth of the global liquefied petroleum gas market. In addition, technological advancement along with rising number of government initiatives to educate rural population to substitute traditional cooking fuels such as coal, wood, and kerosene with LPG, expected to play an important role for growth of the target market. Moreover, rising population, urbanization, demand for LPG as auto emission gas are also anticipated to boost growth of the target market.
However, high installation cost associated with liquefaction process technology and equipment which may affect demand and restrain growth of the global market over the forecast period.
Liquefied Petroleum Gas Market: Segment Analysis
Global market is segmented on the basis of source, end-user, and geography.
By source, the global market is segmented into refinery, associated gas, and non-associated gas. Refinery segment is expected to hold significant share in the market over the forecast period. Increasing number of refinery factories and plants is a major factor expected to propel growth of the global market over the forecast period.
By end-user, the global market is segmented into residential/commercial, petrochemical, industrial, and transportation. Residential/commercial segment is expected to hold significant share in the market over the forecast period.
Liquefied Petroleum Gas Market: Regional Analysis
The market in the Asia Pacific accounts for highest market share in terms of revenue to the market and expected to maintain its dominance over the forecast period. This dominance can be attributed to increasing usage of LPG, and government initiatives taken in developing countries like Indonesia, China, and India.
According to the Ministry of Natural Gas and Petroleum – India, around 15 million tonnes of LPG is required for consumption per annum. To match with this need, the government has taken several steps to improve the overall infrastructure and distribution of LPG in the country. Government of India has introduced schemes such as Unified Guidelines for Selection of LPG Distributorships 2016, Pradhan Mantri Ujjwala Yojana (PMUY), PAHAL GivItUp Campaign, Corpus Fund Scheme and others.
The market in North America is expected to witness for moderate growth in terms of revenue over the forecast period.
The Europe liquefied petroleum gas market is expected to grow at a significant rate over the forecast period. According to an industry organization, the European LPG Association (AEGPL, 2017), there are more than 15 million LPG powered vehicles in Europe, and LPG accounts for about 3% of the fuel mix of passenger cars in Europe.
Liquefied Petroleum Gas Market Segmentation:
Segmentation by Source:
- Refinery
- Associated Gas
- Non-Associated Gas
Segmentation by End-user:
- Residential/Commercial
- Petrochemical
- Industrial
- Transportation
Segmentation by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa