Global Liquefied Petroleum Gas (LPG) Consumption Market Size By Source (Natural Gas Well and Refinery), By Application (Residential, Chemical, Industrial, Auto Fuel, Refinery), By Geographic Scope And Forecast

Liquefied Petroleum Gas (LPG) Consumption Market Size And Forecast

Liquefied Petroleum Gas (LPG) Consumption Market size was valued at USD 282.37 Billion in 2020 and is projected to reach USD 392.31 Billion by 2028, growing at a CAGR of 4.22% from 2021 to 2028.

What's really fueling the growth of the Liquefied Petroleum Gas (LPG) Consumption Market globally? Well, more and more people are realizing how great LPG is as a replacement for other, less eco-friendly fossil fuels. Plus, with everyone, especially in developing and developed countries, wanting a cleaner, greener planet, the demand for LPG is soaring. Don't forget the government's helping hand! Their initiatives and support for LPG use in various areas are really boosting the market. And with the population growing, and more folks looking to LPG to power their vehicles with cleaner emissions, things are only expected to get bigger!

Global Liquefied Petroleum Gas (LPG) Consumption Market Definition

Liquefied petroleum gas is a flammable mixture of hydrocarbon gases that are used as a fuel in heating appliances, vehicles, and cooking equipment. This is mainly used as an aerosol propellant and a refrigerant and replaces the chlorofluorocarbons that damage the ozone layers. Different types of LPG bought and sold contains mixes that are majorly propane, butane, and a mixture of both.

LPG is prepared by refining petroleum or wet natural gas and is derived from fossil fuel sources that are processed during the refining of petroleum. LPG has wide use in cylinders and is an efficient fuel container in the agricultural, recreation, industrial, hospital, construction, fishing, and sailing sectors across many different markets. This is served as fuel for cooking, central heating, and water heating purposes. It is particularly considered a cost-effective and efficient way to heat off-grid homes.

Global Liquefied Petroleum Gas (LPG) Consumption Market Overview

LPG is becoming super popular worldwide because it's a pretty cool energy source – clean, efficient, and easy to carry around! That's why the demand for it is way up. Lots of industries are using it for all sorts of things, which is really driving the market. Plus, more and more people are using LPG at home, especially for cooking indoors since it burns clean and doesn't make smoke. This increase in residential use is helping the Liquefied Petroleum Gas (LPG) Consumption Market grow like crazy. Honestly, it’s one of the most versatile fuels out there, and lots of folks are choosing it as an alternative fuel source around the globe. It is also very affordable.

This gas is almost five times more efficient in comparison with traditional fuels and as a result, has created a huge market demand for LPG consumption worldwide. The growing demand for creating sustainable energy in both, the rural and urban areas has projected the demand for the global Liquefied Petroleum Gas (LPG) Consumption Market. The growing government regulations in various nations owing to the environmental damages caused by different pollutants have encouraged the demand for liquefied petroleum gas.

These governments have started offering subsidies and tax concessions to suppliers and launched favorable policies. The rise in awareness regarding climate change and global warming is further expected to create a huge demand for the market. Further, the LPG plays a vital role in decreasing the rate of desertification and deforestation owing to which the demand is examined to remain strong across the globe. However, volatile crude oil and natural gas prices are anticipated to restraint the growth of the global Liquefied Petroleum Gas (LPG) Consumption Market.

Global Liquefied Petroleum Gas (LPG) Consumption MarketSegmentation Analysis

The Global Liquefied Petroleum Gas (LPG) Consumption Market is segmented based on Source, Application, And Geography.

Liquefied Petroleum Gas (LPG) Consumption Market, By Source

• Natural Gas Well
• Refinery

Based on Source, the market is bifurcated into Natural Gas Well and Refinery. The natural gas segment is expected to hold the highest share in the market owing to its growing exploration and production of natural gas reserves and conventional shale gas reserves. The refinery segment is fuelling the production of LPG owing to the advancement in technology and growth in capacity expansion of the refinery.

Liquefied Petroleum Gas (LPG) Consumption Market, By Application

• Residential
• Chemical
• Industrial
• Auto Fuel
• Refinery
• Others

Based on Application, the market is bifurcated into Residential, Chemical, Industrial, Auto Fuel, Refinery, and Others. The residential segment is expected to hold the highest share owing to the huge adoption of LPG in cooking.

Liquefied Petroleum Gas (LPG) Consumption Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Liquefied Petroleum Gas (LPG) Consumption Market is classified into North America, Europe, Asia Pacific, and Rest of the world. Asia Pacific is one of the largest growing regions of Liquefied Petroleum Gas (LPG) Consumption. The rise in demand for cooking gas from the residential sector along with various government initiatives has increased the consumption of LPG gas in regions such as China and India.

Key Players

The “Global Liquefied Petroleum Gas (LPG) Consumption Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Bharat Petroleum Corp. Ltd., BP PLC, Chevron Corporation, China Gas Holdings Ltd., Copagaz Distribuidora de Gas S.A., ExxonMobil Corporation, Kleenheat Gas Pty Limited, Oman Oil Co. SAOC, Origin Energy Limited, and Petroleos de Venezuela SA.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis.

Key Developments

Partnerships, Collaborations, and Agreements

• Royal Dutch Shell plc invested in a new LNG processing complex in Nigeria on May 13, 2020. Once operational, the new unit will add around 8 million tonnes per year to the Bonny Island complex, which now has a capacity of around 30 million tonnes per year. This is a partnership between NLNG, which is controlled by the Nigerian National Petroleum Corporation (NNPC – 49%), Royal Dutch Shell plc (25.6%), Total (15%), and ENI (10.4 percent).

Product Launches and Product Expansions

• Sibur, Russia’s largest petrochemical business, jumped on the opportunity to enter a new market by shipping two cargoes of LPG to India in April 2020.

Report Scope

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We dig into the market with both qualitative and quantitative analysis, breaking it down by different groups based on things like income and even lifestyle. You'll get market value data (in USD Billion) for every little piece of the market. We'll point out which region and segment is likely to be the fastest-growing and the biggest overall. We'll also look at how much of the product or service is being used in each region and what's driving the market there. Expect a breakdown of the competitive scene, including a market ranking of the big players, new product launches, partnerships, expansions, and acquisitions from the last five years for each profiled company. We'll give you detailed company profiles, including an overview, insights, product comparisons, and even a SWOT analysis for the major players. We’ll cover the present and future of the industry, touching on recent developments, opportunities, growth drivers, and the challenges faced by both up-and-coming and established regions. We'll also give you an in-depth look using Porter's five forces analysis, plus insight into the market through the Value Chain. We'll explore market dynamics and highlight growth opportunities down the road, and top it off with 6-month post-sales analyst support.

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