According to the latest report by IMARC Group, titled “Liquefied Petroleum Gas (LPG) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, “ The global liquefied petroleum gas (LPG) market size reached US$ 134.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 170.3 Billion by 2028, exhibiting a growth rate (CAGR) of 3.6% during 2023-2028.
Industry Definition and Application:
Liquified petroleum gas (LPG) is a flammable mixture of hydrocarbon gases that includes propane and butane. It is considered to be a clean and efficient source of energy that is portable and commonly used as fuel across various application segments. It is obtained during the process of oil and natural gas production and is liquefied through pressurization. It is stored and supplied in canisters, cylinders and bulk storage tanks for various domestic and industrial applications. It is extensively being utilized as the preferred energy source across the chemical, automotive and manufacturing sectors.
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Global Liquefied Petroleum Gas (LPG) Market Trends:
Rising environmental consciousness represents one of the primary factors driving the global market growth. In line with this, LPG is used as an effective alternative to fossil fuels, which is contributing to its widespread utilization across industries. Furthermore, significant growth in the automotive industry is creating a positive market outlook. Because LPG is utilised as an autogas in the automotive industry to reduce carbon emissions, it is a major growth element. Other factors, such as the implementation of various government initiatives to promote the usage of LPG, are driving the market toward growth further.
Global Liquefied Petroleum Gas (LPG) Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Bharat Petroleum Corporation Limited
- BP P.L.C.
- Chevron Corporation
- China Gas Holdings Ltd.
- Exxon Mobil Corporation
- Origin Energy Limited
- Petroliam Nasional Berhad
- Phillips 66 Company
- Repsol S.A.
- Royal Dutch Shell PLC
- Valero Energy Corporation.
The report has segmented the market on the basis on region, source, application and supply mode.
Breakup by Source:
- Refinery
- Associated Gas
- Non-Associated Gas
Breakup by Application:
- Residential
- Commercial
- Refinery and Petrochemical
- Transportation
- Others
Breakup by Supply Mode:
- Packaged
- Bulk and On-site
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China,Japan, India, South Korea, Australia, Indonesia,Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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