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.

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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.

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