LPG Market Segmentation | Product Outlook & Application | Forecast Report

Felton, Calif., USA, Jan. 19, 2021 — /EPR Network/ —

The global LPG Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global LPG market size is anticipated to value USD 164.36 billion until 2027. It is also expected to register a CAGR of 4.4% over the forecasted years, 2020 to 2027. Increasing awareness about reducing environmental pollution caused due to the combustion of conventional energy sources is expected to propel the market growth.

Key Players:

• Repsol
• China Gas Holdings Ltd.
• Saudi Arabian Oil Co.
• FLAGA Gmbh
• Kleenheat
• Royal Dutch Shell
• BP Plc
• Bharat Petroleum Corporation Limited
• Total
• JGC HOLDINGS CORPORATION
• Phillips 66 Company

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Growth Drivers:

Several initiatives are being undertaken by statutory governing bodies for promoting the usage of such non-conventional energy resources. They are majorly focusing to educate the individuals residing in the developing and rural regions about the usage of LPG as a substitute for conventional cooking fuels like coal, kerosene and wood.

The LPG is being considered as a major fuel source across residential and commercial segments for cooking and heating applications. Further, its features like clean, non-toxic, easily accessible, cost-effective, and portable are projected to propel its demand across the globe. Thus, the majority of the global population has shifted towards the consumption of LPG. For example, around 60% – 75% of household cooking is done by using LPG cylinders.

The LPG is considered as a good alternative in Europe for commercial assets that can be joint with renewable and low carbon emission technologies. But, higher installation costs associated with setting up of liquefaction process technology and equipment is anticipated to hamper the market growth to some extent.

Application Outlook:

• Residential/Commercial
• Chemical
• Industrial
• Autogas
• Refinery

Source Outlook:

• Refinery
• Associated Gas
• Non-associated Gas

Regional Outlook:

Europe accounted for a dominant share of more than 78.5% across the global LPG market in 2019. This can be associated with the rising number of summits and meetings like COP21 is being conducted across this region for reducing the carbon emissions in the atmosphere. The market across North America and Europe is matured and is expected to show linear growth in the upcoming years.

The Asia Pacific also held a significant share across the global market in 2019. Increasing population, surging need for energy sources, ease of affordability, and subsidies provided by governments for boosting the consumption of such LPG cylinders are expected to augment the market growth across this region. Moreover, the rising number of petrochemical properties in countries like China, India, South Korea, and Thailand is further expected to fuel up the market growth.

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