The Global Liquefied Petroleum Gas Market report for by source (refinery, associated gas and non – associated gas), by application (Residential/commercial, chemical, industrial, autofuel, refinery and offshore), by geography (North America, Europe, Asia Pacific, Middle East & Africa and South America)) is expected to reach US $ 256.50 Bn by 2026, at a CAGR of 3.20%.
An increase in government support for LPG adoption is expected to drive the growth in the global liquefied petroleum gas market.
The rise in the requirement to reduce GHG emissions and enable sustainable energy for the global population is increasing the focus towards the adoption of LPG across the globe. An increase in government support for LPG adoption is one of the key drivers in the market. Governments across the globe are focusing on initiatives and offering subsidies to increase the adoption of LPG. The initiative, which is taken by the government across the globe is promoting the usage of LPG for various applications includes residential, industrial, and transportation sectors. The government support for LPG adoption is driving the growth in the market.
The Asia Pacific region held the dominant position in the global liquefied petroleum gas market in 2018.
Region-wise, the global liquefied petroleum gas market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Among these, the Asia Pacific region is expected to contribute US $ XX Mn share in the market. The maximum share in the market is attributed to the rise in demand for LPG from end-users like the residential and petrochemical sectors. Additionally, governments across numerous developing nations like India, Turkey, and Brazil are providing subsidiaries to promote the usage of LPG as a cooking fuel over traditional fuels are expected to boost the market growth in the region.
Key players operating in the global liquefied petroleum gas market includes Chevron, Indian Oil Corporation Ltd., Royal Dutch Shell, Vitol, Sinopec, Hindustan Petroleum Corporation Ltd. (HPCL), Valero Marketing and Supply Company, Tasweeq, Oil & Natural Gas Corporation Ltd. (ONGC), Reliance Industries Ltd. (RIL), Total SA, Petroleos de Venezuela, Oman Oil Company, Petredec Ltd., Qatargas, Aygez, ExxonMobil Corporation, Bharat Petroleum Corporation Ltd. (BPCL), China Gas Holdings Ltd. and Phillips 66.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Liquefied Petroleum Gas Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Liquefied Petroleum Gas Market positioning of competitors.
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