Liquefied Petroleum Gas Market Insight

Liquefied Petroleum Gas Market Projected to Garner Significant Revenues By 2030

WILMINGTON, DELAWARE, UNITED STATES, April 29, 2024 /EINPresswire.com/ -- 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. The liquefied petroleum gas market size 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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/481

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 are driving the growth of the market, globally. However, disadvantages associated with LPG such as hazards, higher consumption, higher 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 the rise in the production of liquefied petroleum gas from non-associated gas sources, which is extracted from natural gas wells. In addition, the rise in demand for LPG from various domestic and industrial applications is anticipated to fuel the growth of the market from 2021 to 2030.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/on-demand-updates/A00382

Based on 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 a rise in 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-friendliness, which further drive the market growth in the coming years.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Liquefied Petroleum Gas industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐋𝐢𝐪𝐮𝐞𝐟𝐢𝐞𝐝 𝐏𝐞𝐭𝐫𝐨𝐥𝐞𝐮𝐦 𝐆𝐚𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

KLEENHEAT
CHEVRON CORPORATION
CHINA GAS HOLDINGS LTD.
BHARAT PETROLEUM CORPORATION LIMITED
FLAGA GMBH
REPSOL
EXXON MOBIL CORPORATION
RELIANCE INDUSTRIES LIMITED
SAUDI ARABIAN OIL CO.
TOTAL SE

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.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/481

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 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.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝟏. 𝐎𝐫𝐠𝐚𝐧𝐢𝐜 𝐁𝐢𝐨𝐠𝐚𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/11/21/2560018/0/en/Global-Organic-Biogas-Market-to-Reach-19-7-Billion-by-2031-Allied-Market-Research.html

𝟐. 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐆𝐚𝐬𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/09/05/2509899/0/en/Industrial-Gases-Market-to-Reach-162-8-Billion-by-2031-Allied-Market-Research.html

𝟑. 𝐏𝐨𝐰𝐞𝐫-𝐭𝐨-𝐠𝐚𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/power-to-gas-market-to-reach-84-4-mn-globally-by-2031-at-10-8-cagr-allied-market-research-301597797.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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Allied Market Research
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