Global 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.
Global 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. To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2016 to forecast the market through 2027. 2020 is considered a base year. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Global LPG Market Dynamics:In 2021 the total LPG consumption growth recorded is 7.7% and cumulative growth is 5.4% in April 20-Feb 21. In Feb 2021 Out of all five regions, North America has the highest share in LPG sales of 31.8%. The global liquefied petroleum gas industry is expanding due to increased demand for LPG from various operations. Furthermore, from 2021 to 2030, the implementation of strict government environmental rules will be a major driver of market growth. However, the LPG market's growth is being hampered by the rapid development of the renewable energy sector and the inconsistency of domestic LPG supplies. Government measures to promote the use of LPG over traditional fuels and the increased usage of gas in automobiles, on the other hand, are expected to create lucrative growth prospects for key companies to maintain their market positions in the future years. Increasing car gas usage, as well as huge semi-urban and rural populations in Africa, Latin America, and Asia-Pacific, is some of the factors driving LPG demand. This product is used as cooking fuel by the indigenous population in these areas. In India, for example, LPG is used as cooking fuel by over 80% of all home households. Government schemes (such as the Pradhan Mantri Ujjwala Yojna) and initiatives such as streamlining subscription processes and payments, cylinder delivery, and cylinder subsidies to wean people off of hazardous cooking fuels like firewood and coal have resulted in increased adoption of the gas mix as a dome. The combustible nature of LPG is a key stumbling block for the market. As a result, it is kept in enormous pressurised cylindrical or spherical tanks. Furthermore, the gas's flammability adds to the expenses of storage, transportation, and distribution to end-users. Another aspect that has a negative impact on the market is the price volatility of crude oil feedstock, which has hampered market growth. The expansion of marine commerce of this fuel is predicted to be driven by the construction of petrochemical projects (propane dehydrogenation project [PDH] and steam crackers) and new production lines. Moreover, other LPG-producing regions, including Canada, Australia, and Angola, are projected to start up new gas exploration and production projects. This is estimated to support gas exports, creating market opportunities on the worldwide stage.
Global LPG Market Segments:The LPG market is sub-segmented into Source and Application. 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.
Global LPG Market Regional Insights:LPG is generated naturally, intermingled with petroleum and natural gas deposits. Natural gas contains LPG, water vapour, and other impurities that must be removed before it can be transferred as a saleable product through pipelines. Natural gas purification accounts for approximately 55% of LPG processed in the United States. The remaining 45 percent is derived from crude oil refining. Because a significant portion of US LPG is sourced from petroleum, LPG contributes less to reduce the country's reliance on foreign oil than certain other alternative fuels. However, because more than 90% of the LPG used in the country is manufactured here, LPG does contribute to addressing the national security component of the country's total petroleum reliance problem. In 2019, Asia Pacific accounted for a major portion of the market. The primary aspects driving regional market expansion have been population increase, abundant resource availability, and high energy needs, as well as easy affordability thanks to government discounts on LPG cylinders. Increased petrochemical capacity in India, China, India, Thailand, and South Korea helps to maintain this trend. The expansion of marine commerce of this fuel is predicted to be driven by the construction of petrochemical projects (propane dehydrogenation project [PDH] and steam crackers) and new production lines. Moreover, other LPG-producing regions, including Canada, Australia, and Angola, are projected to start up new gas exploration and production projects. This is estimated to support gas exports, creating market opportunities on the worldwide stage. The mature economies of Europe and North America are expected to grow significantly in the coming years as people become more aware of the need to reduce carbon emissions. In terms of revenue, Germany is predicted to grow at a CAGR of 4.0 %in Europe. The objective of the report is to present a comprehensive analysis of the global LPG market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global LPG market dynamics, structure by analyzing the market segments and projecting the global LPG market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global LPG market make the report investor’s guide.
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Global LPG Market Report Coverage Details Base Year: 2020 Forecast Period: 2021-2027 Historical Data: 2016 to 2020 Market Size in 2020: US $ 130.1Bn. Forecast Period 2021 to 2027 CAGR: 6.5% Market Size in 2027: US $ 202.17Bn. Segments Covered: by Source • Refiners • Associated gas • Non-Associated gas by Application • Automobile fuel • Residential • Commercial • Industrial • Others
Global LPG Market, by Region• North America • Europe • Asia Pacific • The Middle East and Africa • South America
Global LPG Market key player• 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
Frequently Asked Questions:1) What was the market size of Global LPG Market markets in 2020? Ans - Global Global LPG Market was worth US$ 130.1 Bn in 2020. 2) What is the market segment of the LPG Market? Ans -The market segments are based on Metal and Application. 3) What is the forecast period considered for Global LPG Market? Ans -The forecast period for Global LPG Market is 2021 to 2027. 4) What is the market size of Global LPG Market markets in 2027? Ans – Global LPG Market is estimated as worth US$ 207.17 Bn 5) Which region is dominated in Global LPG Market? Ans -In 2020, the Asia Pacific region dominated the Global LPG Market.
1. Global LPG Market: Research Methodology 2. Global LPG Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global LPG Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global LPG Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global LPG Market Segmentation 4.1. Global LPG Market, by Source (2020-2027) • Refiners • Associated gas • Non-Associated gas 4.2. Global LPG Market, by Application (2020-2027) • Automobile fuel • Residential • Commercial • Industrial • Others 5. North America LPG Market (2020-2027) 5.1. LPG Market, by Source (2020-2027) • Refiners • Associated gas • Non-Associated gas 5.2. LPG Market, by Application (2020-2027) • Automobile fuel • Residential • Commercial • Industrial • Others 5.3. North America Farm Equipment Market, by Country (2020-2027) • US • Canada • Mexico 6. European LPG Market (2020-2027) 6.1. European LPG Market, by Source (2020-2027) 6.2. European LPG Market, by Application (2020-2027) 6.3. European LPG Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific LPG Market (2020-2027) 7.1. Asia Pacific LPG Market, by Source (2020-2027) 7.2. European LPG Market, by Application (2020-2027) 7.3. North America Farm Equipment Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa LPG Market (2020-2027) 8.1. Middle East and Africa LPG Market, by Source (2020-2027) 8.2. European LPG Market, by Application (2020-2027) 8.3. North America Farm Equipment Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America LPG Market (2020-2027) 9.1. Latin America LPG Market, by Source (2020-2027) 9.2. European LPG Market, by Application (2020-2027) 9.3. North America Farm Equipment Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Saudi Aramco 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Sinopec 10.3. ADNOC 10.4. CNPC 10.5. Exxon Mobil 10.6. Reliance Industries 10.7. KNPC 10.8. Phillips66 10.9. Bharat Petroleum Corporation Ltd. 10.10. Pemex 10.11. Total Corp. 10.12. Qatar Petroleum 10.13. Equinor 10.14. BP Corp. 10.15. Gazprom Corp. 10.16. Chevron 10.17. ConocoPhillips Company 10.18. SHV Energy (NL) 10.19. Valero Energy 10.20. UGI Corporation 10.21. Royal Dutch Shell PLC 10.22. Others