Liquefied petroleum gas Market Size, Share, Growth 2027

 

Liquefied Petroleum Gas Market

The Liquefied Petroleum Gas Market is expected to grow at a faster CAGR over the forecast period (2020-2027).

The factors driving the growth of Liquefied Petroleum Gas Market includes increasing use of liquefied petroleum gas as a substitute to fossil fuels, growing demand for natural gas and oil around the world and rising awareness amongst consumers about the benefits of liquefied petroleum gas. According to the report published by Statista, the Global Oil and Gas Storage Market was estimated around USD 929 million in 2019 and is expected to reach more than USD 1 billion by the end of 2026, which will boost the Global Liquefied Petroleum Gas Market in the approaching years. Moreover, growing emphasis on using cleaner sources of energy, increasing application of liquefied petroleum gas in households and restaurants for cooking and heating food and strict regulations imposed by Government reduce the carbon emission levels, are some of the additional factors supplementing the market growth. In addition, rise in the launces of innovative products, increasing investments by leading players on research and development, emerging need to stop desertification and deforestation around the world, expansion of the agriculture sector, and rapid urbanization, are further propelling the Liquefied Petroleum Gas Market size.

Request a free sample of this report

However, the growth of Liquefied Petroleum Gas Market is hindered due to high cost of liquified natural gas.

The leading players operating in the Liquefied Petroleum Gas Market are China National Petroleum Corporation, Royal Dutch Shell, Phillips 66 Company, China Petroleum & Chemical Corporation, Petroliam Nasional Berhad (PETRONAS), Exxon Mobil Corporation, Bharat Petroleum Corporation Limited, Chevron Corporation, Valero Marketing and Supply Company and Qatar Petroleum, among others.

Source Type: Segment Analysis

Based on Source Type, the Refineries segment is estimated to expand at a significant CAGR during the forecast period. Rise in the energy consumption worldwide and growing investments by major corporations on building new refineries, are some of the key factors responsible for the segment’s growth. 

Application: Segment Analysis

Based on Application, the Residential/Commercial segment is projected to grow at a remarkable CAGR over the forecast period attributed to increasing dependency on liquified petroleum gas for cooking purposes in the residential areas.

Regional: Segment Analysis

As per the Liquefied Petroleum Gas Market Global Forecast, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period. The Government initiatives to adopt liquefied natural gas, rise in the petrochemical capacities across India, Thailand and South Korea increasing disposable incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific,

Market Segmentation

Global Liquefied Petroleum Gas Market by Source Type

  • Associated Gas
  • Refineries
  • Non-Associated Gas

Global Liquefied Petroleum Gas Market by Application

  • Chemical
  • Residential/Commercial
  • Auto Fuel
  • Industrial
  • Refineries
  • Others

Global DC-DC Converters Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Location: United States

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to...
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m...
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B...
Read more