Liquefied petroleum gas refers to a flammable mixture of hydrocarbon gases that are utilized as a fuel in diverse end-use industries. This gas is created from fossil fuels at the time of natural gas and petroleum crude oil refining. Liquefied petroleum gas is popularly used in various industries as well as in households across the globe owing to its ability to burn relatively clean and release sulfur emission in lesser amounts.
Analysts at TMR are of the opinion that the global liquefied petroleum gas market will show growth at a healthy pace during the assessment period. Some of the important factors driving market growth are increased demand for energy-efficient unconventional fuel options, towering environmental concerns, rising acceptance in domestic sectors and households of many countries, and favorable functional properties of liquefied petroleum gas.
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Key Findings of Liquefied Petroleum Gas Market Report
- The global liquefied petroleum gas market is foreseen to account for ~ US$307 bn by 2030 end.
- It is estimated to demonstrate growth at a CAGR of ~5% during the forecast period of 2020 to 2030.
- The total valuation of this market was ~US$ 185 Bn in 2019.
- In terms of sources, the refinery was dominant segment of liquefied petroleum gas market in 2019.
- Of all end-users, the residential/commercial was leading market segment in 2019.
- Asia Pacific liquefied petroleum gas market is likely to gather prominent expansion avenues in the forthcoming years.
- The nature of liquefied petroleum gas market is moderately fragmented.
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Liquefied Petroleum Gas Market: Key Driving Factors and Promising Avenues
- In recent years, there is remarkable growth in use of liquefied petroleum gas in diverse end-use industries including industrial, horticultural, commercial, agricultural, and manufacturing sector. This growth is on the back of increased awareness about potential environmental and health safety advantages on the use of liquefied petroleum gas. Owing to this factor, the global liquefied petroleum gas market is estimated to witness increased demand opportunities throughout the assessment period 2020–2030.
- In past decade, there is extensive growth in the production of liquefied petroleum gas. Key reason attributed to this growth is increased demand for liquefied petroleum gas from the domestic sector for cooking and heating purposes. This scenario is impacting positively on the sales of the global market for liquefied petroleum gas.
- Several enterprises in the global liquefied petroleum gas market are investing heavily in research and development activities. This factor is predicted to boost the expansion of this market in the forthcoming years.
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Liquefied Petroleum Gas Market: Competitive Assessment
- The global liquefied petroleum gas market experiences presence of many local and international players. As a result, the competitive landscape of the market for liquefied petroleum gas seems to be highly intense. To sustain in this scenario, enterprises are utilizing organic as well as inorganic strategies.
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- Several players in the global liquefied petroleum gas market are focused on strengthening their production capabilities. Therefore, enterprises are investing in new liquefied petroleum gas processing units. This strategy is likely to boost the growth of the global liquefied petroleum gas market in the years ahead.
- The list of important companies working in the liquefied petroleum gas market includes Exxon Mobil Corporation, British Petroleum plc, UGI Corporation, Royal Dutch Shell plc, China Gas Holdings Limited, Kleenheat Gas Pty Limited, and Copagaz Distribuidora De Gas Ltda.
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The liquefied petroleum gas market can be segmented as follows:
- Associated Gas
- Non-associated Gas
- Petrochemical & Refinery
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Oil Storage Market – Asia Pacific dominated the global oil storage market in 2019. It is likely to be a highly attractive region of the global oil storage market during the forecast period. The oil storage market in the region is estimated to expand at a significant pace between 2020 and 2030, due to the rise in urbanization and globalization. In Asia Pacific, China has the largest commercial and strategic oil storage facilities. It is followed by Japan. Japan provides oil storages facilities on lease to various petroleum companies. India, Malaysia, and South Korea are expanding their existing oil storage facilities. The price of crude oil has reduced marginally due to sudden drop in global consumption. This, in turn, has led to an increase in demand for storage facilities across the globe.
Hydrogen Generator Market – The global hydrogen generator market is estimated to reach ~US$ 2 Bn by 2030, expanding at a CAGR of ~6% during the forecast period. Among processes, the steam reforming segment holds a leading share of the global hydrogen generator market. The steam reforming technology is used almost exclusively to produce hydrogen. The segment is expected to create an incremental opportunity of US$ 491.91 Mn between 2020 and 2030. The hydrogen generator market in North America is estimated to expand at a substantial pace during the forecast period, owing to the increase in sales of fuel cell electric vehicles (FCEVs) and fuel cell buses in the region.
Butanes Market – Butanes are primarily used in liquefied petroleum gas (LPG). The demand for butane is directly proportional to the rise in demand for LPG, since two-thirds of the butane produced globally is used in LPG. Presently there are many factors driving the global market for butanes. According to the report, the surging demand for LPG as a domestic fuel in commercial and residential sectors is the major factor attributed to the growth of the global butanes market. The market demand for butane is also fueled by the growing ethylene capacity in the Middle East, since butane is also used as petrochemical feedstock required for producing ethylene and other derivatives. However, fluctuations in the volatile crude oil market and growing regulatory issues owing to environmental concerns have appeared as major hindrances limiting the growth of butanes market.
Petroleum & Diesel Retail Market – The petroleum and diesel retail market is driven by the flourishing automobile industry all over the globe which is driving the demand for energy fuels particularly, diesel and petroleum. In any case, instability in costs of raw petroleum is the major factor which based on which, the final retailing cost of diesel and petroleum is decided in any nation. The business of a retailer is influenced by government measures and activities, costs of raw petroleum w.r.t finished product, and the geographical factors. Most retail outlets over the globe are monitored by national oil organizations of their nations. The drivers with respect to public sector units can be characterized into standards of security, fiscal drivers, regulations, and environmental policies. Fiscal drivers include taxes, for example, company taxes and fuel duty and rates in business that influence the business of PFS. The evaluation by the Voice of America depends on the execution of the retail outlet. The final expenses of retail incorporate roughly around 60% of VAT and fuel duty.