LPG Market: size was valued at US $ 130.1 Bn. in 2020 and the total revenue is expected to grow at 6.5 % through 2021 to 2027, the LPG market is reaching nearly US $ 202.17 Bn. in 2027.
LPG Market Overview:
Liquefied petroleum gas (LPG) is a low-carbon, long-lasting, and energy-efficient fuel. It benefits consumers, businesses, and the environment because it is a green, low-carbon, efficient, and innovative energy source. The ranking of LPG in the Product complexity index is 950th. LPG world trade in 2019 is US$ 300 Bn, the top importers were China (US $ 47.8 Bn), Japan (US $ 42.3 Bn), and India (the US $ 16.4 Bn). The top exporter was Qatar (US $ 44.2 Bn), Australia (US $ 34.1 Bn), and the United States (the US $ 32.3 Bn). LPG is more cost-effective than other traditional fuels since most of its energy is converted to heat, and it can be transported, stored, and utilised in a variety of applications, including cooking, heating, air conditioning, and transportation, as well as cigarette lighters and the Olympic torch.
The LPG Market Report 2020-2027 (Forecast Period) includes an analysis of market growth factors, future analysis, country-level, and regional-level analysis, market distribution, and competitive landscape analysis of major key competitors. Within the analysis report, each phase of the world global market is completely studied. The regional study of the global market will help you in gaining an understanding of the developments of the various geographic markets in recent years and moving ahead. The analysis also includes a wide-ranging synopsis of the key factors of the global market, like market influence and market result factors, drivers, threats, constraints, trends, restraints, and prospects. alternative methods of analysis, like qualitative and quantitative, also are used within the analysis study.
Maximize Market Research team analysis provides a unique and in-depth report that helps you to perform detailed research on the global LPG market and make decisions on the future growth factors of the market. The market report provides an overview of the development of the LPG market throughout the forecasted period.
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The LPG market report thoroughly covers insights of key competitors in terms of market, applications, and geographies that will help you in recognizing the competition both domestic as well as globally. The research mentions available micro-market investment options for investors and a full synopsis of the competitive landscape and significant products offered by industries.
The report also includes statistical data that consists of tables and charts which will further help you in business representation. Maximize Market Research also studies the current as well as new trends with the estimations of the market size throughout the forecasted period. Many competitors are also identified in various regions. The report provides PESTEL and Portal analysis too, which helps the clients to calculate every factor of the market.
LPG Market Segmentation:
Based on the Source, the market is sub-segmented into Refineries, Associated Gas, and Non-Associated Gas. In 2019, the Non-Associated Gas segment was dominant and held the largest market share of 54%. For example, natural gas processing units make for the majority of gas production in North America, whereas refineries make for the majority of gas production in Asia-Pacific. Refineries are one of the most important sources of different gases production on a global platform. In the future years, rising refining capacity, particularly in Saudi Arabia, Brazil, India, and China, is expected to increase the supply of the product.
Based on Application, the market is sub-segmented into Automobile Fuel, Residential/Commercial, Industrial, and Others. In 2019, the Residential/Commercial segment was dominant and held the largest market share of 51.20%. The segment's growth has been driven by promising government subsidies and initiatives to promote the product as a feasible alternative to traditional fuels like wood and coal. Thanks to a little impact on ozone depletion, liquefied petroleum gas is also replacing chlorofluorocarbon and hydrofluorocarbon as a refrigerant. This has resulted in increased application opportunities in the residential/commercial segment, particularly in the areas of ventilation and heating, in addition to cooking. The industry is expected to grow during the forecast period, with a net global industry of more than US $ 0.00681 billion by 2027.
LPG Market Key Players:
• Saudi Aramco
• Sinopec
• ADNOC
• CNPC
• Exxon Mobil
• Reliance Industries
• KNPC
• Phillips66
• Bharat Petroleum Corporation Ltd.
• Pemex
• Total Corp.
• Qatar Petroleum
• Equinor
• BP Corp.
• Gazprom Corp.
• Chevron
• ConocoPhillips Company
• SHV Energy (NL)
• Valero Energy
• UGI Corporation
• Royal Dutch Shell PLC
• Others
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LPG Market Regional Analysis:
Based on the regions the market is studied across
- Asia-Pacific (Vietnam, Malaysia, Korea, China, Philippines, Thailand, Indonesia, and India, Japan, Australia, ).
- Africa and the Middle East (Egypt and GCC Countries.).
- North America (Canada, the United States, and Mexico.).
- South America (Brazil etc.).
- Europe (France, Italy, Germany, Russia, UK, Turkey, etc.).
IMPACT Of COVID-19 On The LPG Market:
COVID-19 has impacted the world with its fast-spreading effects all over the world. It has impacted every industry and business except for the medical and health care industry which is working 24/7 to stop the spread of the COVID-19 virus, they are working hard to save the lives of people affected by this virus. As mentioned many industries are suffering in this COVID-19 times, our market is also one of them. Our team here at Maximize Market Research has worked hard to provide solutions to these issues that will help your business.
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