Visiongain has published a new report entitled the Liquefied Petroleum Gas Market Report 2022-2032. It includes profiles of Liquefied Petroleum Gas and Forecasts Market Segment by( Market Size by Value (USD Million), Market Size by Volume (MMT)) Market Segment by Source, (Refinery, Associated Gas, Non-Associated Gas) Market Segment by Application, (Residential, Commercial, Refinery and Petrochemical, Transportation, Others) Market Segment by Supply Mode, (Packaged LPG, Bulk and On-site LPG, Other Supply Mode) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global liquefied petroleum gas market was valued at US$134,887 million in 2021 and is projected to grow at a CAGR of 5.02% during the forecast period 2022-2032.
Europe is the world's largest purchaser of natural gas.
Diversifying supply sources is consequently critical for both energy security and competitiveness. A primary goal of the European Union's Energy Union is to ensure that all Member States have access to liquid gas markets. LNG cargoes are available from a wide range of diverse suppliers throughout the world; LNG can help Europe diversify its gas supply and hence increase energy security significantly. Western European countries with access to LNG import terminals and liquid gas markets are significantly more resilient to supply disruptions than those reliant on a single gas provider today.
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How has COVID-19 had a significant negative impact on the Liquefied Petroleum Gas Market?
The COVID-19 epidemic has highlighted the need of liquefied petroleum gas (LPG) as a global energy source. The pandemic has really made LPG stand out as an essential energy, and governments all over the world have recognised it as such. Despite the difficulties with lockdowns and restrictions, the industry has successfully managed to safely and reliably supply LPG when there was a surge in demand in some cases. Bio-LPG and renewable LPG as realistic possibilities for usage as fuel in heating appliances, cooking equipment, and transportation in a future carbon-neutral world.
Many countries' socioeconomic operations have been significantly affected as a result of the worldwide outbreak of the coronavirus ("COVID-19"). Obligatory lockdowns, mandatory quarantines, labour shortages, supply and material shortages, and a myriad of government restrictions and laws adopted in reaction to the epidemic have all posed substantial obstacles to the Liquefied Petroleum Gas Market.
As a result, COVID-19 delays will be subject to all of the normal problems about evidentiary requirements and global claims presentation. Two principles, however, demand special attention because they may alter the validity of force majeure clauses in the context of causality.
Covid-19 has caused a great deal of havoc. According to preliminary estimates, gas demand will drop by roughly 4% this year, while LNG trade will drop by a comparable proportion. However, if the global economy recovers, sufficient supply and ongoing cost-competitiveness, aided by a push for cleaner air, might lead to a rise in demand to pre-Covid-19 levels in the next two years. Gas infrastructure investment is crucial for long-term prosperity, especially in nations with potential reserves and those that are now heavily reliant on coal. To increase efficiency and keep prices low, these investments should be accompanied with technical innovation.Covid-19's future influence on the oil and gas industries is impossible to predict.
How this Report Will Benefit you?
Visiongain’s 600+ page report provides 555 tables and 511 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global liquefied petroleum gas market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Liquefied Petroleum Gas. Get the financial analysis of the overall market and different segments including market value, market volume, source, applications, supply mode and capture higher market share. We believe that high opportunity remains in this fast-growing liquefied petroleum gas market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
LPG Is Very Useful In Household Use
Small cylinders have been proposed as a means for homes to begin utilising LPG. Cylinder purchase and refill costs are both lower, and compact cylinders are also easier to transport if residential consumers must take cylinders to retail stores. The most often used cylinder sizes in the sample of 20 nations are 6 kg or smaller in Morocco and Senegal, where LPG in small cylinders is extensively subsidised. When prices are subsidised and there is a large automotive LPG market, car owners get a larger share of the subsidy, making it even more regressive.LPG is also present as a byproduct gas during oil production. Each tonne of raw oil comprises between 25 and 800 m3 of associated gas. This is extracted immediately in order to stabilise the raw oil. The resulting gases are either treated or burned on the spot. Every year, roughly 140 billion m3 of potential LPG are burned as part of the latter process, known as flaring. This equates to around 70 million tonnes (or 5% of global gas usage) or $30-35 billion USD.
Gas Technologies Can Play A Major Role In The Low-Carbon Transition.
Biomethane, hydrogen, and gas with carbon capture could all play a role in helping countries and regions make the transition to a low-carbon economy, helping to decarbonize sectors of the economy that are currently considered "hard to abate" and providing opportunities for long-term growth for the gas industry. To scale up these solutions, however, funding and policy assistance are required.
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Where are the market opportunities?
Low Cost Of LPG Is Very Useful Aspect Of Middle Class
The cost of the cylinder, stove, or both is reduced, lowering the barrier to LPG use. This will benefit the part of middle-class homes that can afford LPG but find it difficult to save enough money to cover the startup costs. However, unlike electricity, the gap between the start-up and monthly LPG fuel costs is not great, therefore this section is likely to be small. As a result, reducing the upfront cost of LPG consumption may not be sufficient to encourage many households to continue using LPG in considerable quantities. LPG marketing businesses in some countries promote LPG by charging cylinder deposit fees that are far lower than cylinder production expenses. The gap is made up by somewhat higher LPG costs than before.
Gas In The Transport Sector Is Projected To Be The Fastest Growing Area
Despite having the smallest proportion in the mix, gas is expected to be the fastest growing sector in the transportation sector. The growth potential of gas demand for light-duty vehicles, such as passenger cars and city buses, is predicted to be limited due to intense competition from electric vehicles. Due to the International Maritime Organization's (IMO) pollution restrictions, a wider move to LNG-powered vessels will accelerate its use as a marine bunker fuel, which might account for 1% of total gas consumption by 2040. Natural gas demand development as a road transport fuel is predicted to be supported by improved economics of LNG-fueled trucks over diesel, as well as local environmental restrictions, particularly for heavy duty and fleets.
Competitive Landscape
The major players operating in the liquefied petroleum gas market are Aban Offshore Limited, Bharat Petroleum Corporation Limited , BP Plc , Chevron Corporation , China Gas Holdings Limited , China Petroleum & Chemical Corporation , Exxon, FLAGA , JGC Holdings Corporation, Kleenheat, Petrofac Limited , Petronas Dagangan Berhad , Repsol, S.A. , Royal Dutch Shell , Saudi Arabian Oil Company, , Total SE, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
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Information found nowhere else
With our newly report title, you are less likely to fall behind in knowledge or miss out on opportunities. See how our work could benefit your research, analyses, and decisions. Visiongain’s study is for everybody needing commercial analyses for the LPG market and leading companies. You will find data, trends and predictions.
Find more Visiongain research reports on Oil & Gas Industry click on the following links:
- Proppants Market
- Deepwater Drilling Market Report
- Pipeline & Process Services Market Report
- Offshore Oil & Gas Decommissioning Market Report
- Oil & Gas Subsea Umbilicals, Risers & Flowlines (SURF) Market
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