Worldwide Liquefied Petroleum Gas Industry to 2030 – Featuring Saudi Arabian Oil, China Gas Holdings and Chevron Among Others – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Liquefied Petroleum Gas Market by Source and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
The global liquefied petroleum gas market was valued at $130.1 billion in 2020, and is projected to reach $243.4 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
Liquefied petroleum gas is the by-product of propane and butane that is extracted through refineries of crude oil and natural gas. It is a green fuel, cost-effective, and eco-friendly alternative for the conventional fuels such as gasoline and diesel or kerosene. LPG meets the requirement of quality, efficiency, environment, heat controllability, and other from industrial consumers. LPG is used in various applications, including mobility & transport, domestic, energy & power, agricultural, and food industries.
Rise in demand for petroleum products from developing economies and government initiatives toward the use of green fuel from developing & developed economies significantly contribute toward the growth of the global LPG market. However, concerns related with the storage of LPG due to its inflammable nature and irregular supply of LPG to domestic consumers are expected to hamper the growth of the market, globally. Conversely, the rise in investment toward oil & gas exploration and production activities is expected to create potential growth opportunity for key players operating in this market.
The global liquefied petroleum gas market is segmented on the basis of source, application and region. Depending on source, the market is segregated into refinery, associated gas, and non-associated gas. On the basis of application, it is categorized into residential, commercial, agriculture, industrial, transportation, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits
- The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
- A comprehensive analysis of the factors that drive and restrict the growth of the global liquefied petroleum gas market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the global liquefied petroleum gas market growth, in terms of value.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current global liquefied petroleum gas market trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.
Market Dynamics
Drivers
- rise in demand for LPG from various applications such as residential, commercial, and industrial
- Government initiatives to encourage the commercialization of LPG as cooking and auto fuel
Restraints
- Rapid development of renewable energy sector and high installation cost of refineries
Opportunity
- Rise in investment toward oil & gas exploration and production activities
Key Market Segments
By Source
- Refinery
- Associated Gas
- Non-associated Gas
By Application
- Residential
- Commercial
- Agriculture
- Industrial
- Transportation
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Saudi Arabian Oil Co.
- China Gas Holdings Ltd.
- Chevron Corporation
- Bharat Petroleum Corporation Limited (BPCL)
- FLAGA GmbH
- Repsol
- Kleenheat
- Total SE
- Reliance Industries Limited
- Exxon Mobil Corporation
For more information about this report visit https://www.researchandmarkets.com/r/bel1gp
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