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 Report Scope and Research Methodology:
The Market report provides historical data as well as revenue growth estimates at the regional, and national levels, as well as a full analysis of LPG market trends in each of the key segments and their sub-segments from 2022 to 2029. The Stellar Market Research team’s major research approach is data triangulation, which includes an investigation of the impact of data variables on the LPG market, data mining, and primary (industry expert) validation. The research report covers the market’s past and present state, as well as predicted trends and size. The report provides an easy-to-understand examination of the LPG market’s intricate statistics. report. SWOT analysis was utilised to identify the strengths, weaknesses, opportunities, and threats for major players in the LPG industry, and a bottom-up technique was employed to estimate market size.
LPG Market Report Overview:
The forecast was created mostly by analysing past data and current industry trends in the LPG Market. It includes market size, share, regional analysis, dynamics, CAGR, ad future trends, making the study a guide for investors as it provides a futuristic view of the LPG Industry.
LPG Market size was valued at US$ 147.6 Bn. in 2022. Global LPG Market is estimated to grow at a CAGR of 6.7% over the forecast period.
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LPG Market Dynamics:
greater awareness of the benefits of utilising LPG as a fossil fuel alternative, as well as greater adoption of a clean energy source among individuals in developed and developing countries, are projected to drive expansion in the global liquefied petroleum gas market throughout the forecast period. Furthermore, technological developments, as well as increased government efforts to educate rural communities on how to replace traditional cooking fuels like coal, wood and paraffin with LPG, are likely to significantly contribute to the market’s growth. Furthermore, rising population, urbanisation, and demand for LPG as an auto emission petrol are predicted to drive the LPG industry forward.
LPG Market Segmentation:
The LPG Market is divided into three sources: refiners, associated gas, and non-associated gas. In 2022, 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 2022, 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.
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)
Key Questions answered in the LPG Market Report are:
What are the LPG market segments?
Which region of the LPG market is expected to grow at a high rate during the forecast period?
What is the expected CAGR of the LPG market during the forecast period?
What are the emerging trends in the LPG market?
What are the factors restraining the LPG market growth?
Key offerings:
- Past Market Size and Competitive Landscape
- Past Pricing and price curve by region
- Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by segments and sub-segments
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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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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