LPG Market Size, Share, Emerging Trends, Historic Analysis, Industry Growth Factors, Forecast to 2027
LPG is a nonrenewable energy source that is widely used in household and industrial applications as a portable, clean, and non-toxic energy source. It is composed of flammable hydrocarbon gases and volatile hydrocarbons such as propane, butane, and isobutane, and it is stored in steel vessels, large gas cylinders, and tanks. LPG burns quickly in air and generates more heat energy than natural gas. It is also clean-burning, produces little soot, has easily controllable flame temperatures, and has a low sulphur content, making it suitable for heating, cooking, and automotive applications.
LPG Market Scope:
This market report discusses new recent developments, trade regulations, import-export analysis, production analysis, value chain optimisation, market share, the impact of domestic and localised market players, emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, and geographic expansion. Please contact Stellar Market Research for an Analyst Brief for more information on the LPG market; our specialists will aid you in making an informed market choice to achieve market growth.
LPG Market Overview:
The LPG Market competitive landscape extracts information from a competitor. The facts include a corporate overview, financials, revenue generated, market potential, investment in research and development, new market initiatives, geographical presence, firm strengths and weaknesses, product introduction, product width and breadth, and application dominance. The preceding data points are only relevant to the firms' concentrate on the LPG market.
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.
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LPG Market Segmentation:
The LPG Market is divided into three sources: refiners, associated gas, and non-associated gas. In 2020, the Refiners category held 54.1% of the market share. Refineries are one of the most significant sources of different gases. An expansion in the number of refinery facilities and plants, as well as expanding refining capacity, is expected to boost product supply over the projection period, particularly in Saudi Arabia, Brazil, India, and China.
The LPG Market is classified into Automobile fuel, Residential, Commercial, Industrial, and Others. In 2020, the Residential category held 39.1% of the market share. Government subsidies and campaigns to market the product as a viable alternative to traditional fuels such as wood and coal have spurred the segment's rise. Liquefied petroleum gas is also replacing chlorofluorocarbon and hydrofluorocarbon as a refrigerant due to its low ozone depletion impact. As a result, the residential segment's application potential has expanded, particularly in the areas of ventilation and heating, in addition to cooking.
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)
Regional Analysis:
Individual market influencing aspects and changes in legislation in the market that effect existing and future market trends are also included in the regional component of the research. Data points such as downstream and upstream value chain analysis, technology trends, porter's five forces analysis, and case studies are only a few of the indicators used to forecast the market scenario for various countries.
COVID-19 Market Impact Analysis:
The research also addresses the impact of COVID-19 on the LPG market.The fundamental purpose of this study is to help the user understand the market in terms of definition, segmentation, market potential, significant trends, and industry challenges across 10 key regions. The study provides a micro and macroeconomic analysis of the total impact of COVID-19 on the LPG Market. The detailed report focuses on market share and size, which clearly demonstrates the influence that the pandemic has had and will have on the worldwide Health Insurance Market in the next few years.
Key Questions Answered in the LPG Market Report are:
- What will be the CAGR of the LPG market during the forecast period (2021-2027)?
- Which segment emerged as the leading segment in the LPG market?
- Which are the prominent players in the LPG market?
- What key trends are likely to emerge in the LPG market in the forecast period?
- What will be the LPG market size by 2027?
- Which company held the largest share in the LPG market in 2020?
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About Stellar Market Research
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 all 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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