LPG Market size was valued at US$ 129.7 Bn. in 2020. Global LPG Market is estimated to grow at a CAGR of 6.7% over the forecast period.
Liquified petroleum gas (LPG) is a nonrenewable energy source that is widely used in home and industrial applications as a portable, clean, and non-toxic energy source. It's made up of flammable hydrocarbon gases and volatile hydrocarbons like propane, butane, and isobutane, and it's stored in steel vessels, large gas cylinders, and tanks. LPG burns easily in the air and produces more heat energy than natural gas.
Introduction of LPG market:
Each and every insight presented in the report was published by an expert group of Stellar Market Research, which is derived from primary interviews with top officials from leading companies in the domain concerned. The report’s secondary data research methodology includes deep online and offline research and discussion with expert professionals and analysts in the LPG industry. In the report, LPG market reports, industry trends have been explained on the macro level, which is expected to help to find an outline market landscape and probable future issues.
LPG Market Overview:
The SMR LPG Market report examines the upstream, midstream, and downstream industries' historical and projected growth. The market study goes into detail about the overall market size, overall revenue, and market segmentation. The SMR research thoroughly considers a variety of factors, including current market competition, potential growth barriers, and profiles of key manufacturers, as well as production and consumption by relevant areas.
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LPG Market Key players:
Saudi Aramco (Saudi Arabia)
Sinopec (China)
ADNOC (United Arab Emirates)
CNPC (China)
Exxon Mobil (US)
Reliance Industries (India)
KNPC (Kuwait)
Phillips66 (US)
Bharat Petroleum Corporation Ltd. (India)
Pemex (Mexico)
Qatar Petroleum (Qatar)
Equinor (Norway)
Chevron (US)
ConocoPhillips Company (US)
SHV Energy (NL)
Valero Energy (US)
UGI Corporation (US)
Royal Dutch Shell PLC (UK)
LPG Market Drivers:
Increased awareness of the benefits of using LPG as a fossil fuel alternative, as well as increased adoption of a clean energy source among individuals in developed and developing countries, are expected to drive growth in the global liquefied petroleum gas market over the forecast period. Furthermore, technological advancements, as well as increased government efforts to educate rural populations on how to replace traditional cooking fuels like coal, wood, and kerosene with LPG, are expected to significantly contribute to the market's growth. Furthermore, rising population, urbanization, and demand for LPG as an auto emission gas are expected to drive the LPG market forward.
LPG Market Segmentation:
The LPG market is divided into three segments: refiners, associated gas, and non-associated gas. In 2020, the Refiners segment held 54.1% of the market share. Refineries are one of the most significant sources of various gases. An increase in the number of refinery factories and plants, as well as growing refining capacity, is expected to boost product supply over the forecast period, particularly in Saudi Arabia, Brazil, India, and China.
Prime Reasons to purchase a LPG Market report:
The goal of the LPG market report is to help consumers to gain more information and a clearer understanding of the industry. The LPG market growth analysis includes development trends, competitive landscape analysis, investment plan, business strategy, opportunity, and key regions development status for international markets.
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Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business.
Mar 03, 2023
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