WASHINGTON, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Liquefied Petroleum Gas Market finds that the increased use of Liquefied Petroleum Gas Market in transport is expediting market growth. In addition, increasing awareness relating to the benefits associated with the usage of Liquefied Petroleum Gas Market as an alternative to fossil fuels is likely to expand the growth of the Global Liquefied Petroleum Gas Market during the forecast period. The Global Market revenue was valued at USD 134.2 Billion in 2021.
The Global Liquefied Petroleum Gas Market size is forecast to reach USD 177.7 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period; states Vantage Market Research, in a report, titled “Liquefied Petroleum Gas Market Size, Share & Trends Analysis Report by Source (Refinery, Associated Gas, Non-Associated Gas), by Applications (Residential, Commercial, Agriculture, Industrial, Transportation, Other Applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Liquefied Petroleum Gas Market was valued USD 134.2 Billion in 2021 and is all set to surpass USD 177.7 Billion by 2028, exhibiting a CAGR of 4.8% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Europe captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Liquefied Petroleum Gas industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
List of Prominent Players in Liquefied Petroleum Gas Market:
- Saudi Arabian Oil Co.
- China Gas Holdings Ltd.
- Chevron Corporation
- Bharat Petroleum Corporation Limited
- Flaga Gmbh
- Repsol
- Kleenheat
- Total SE
- Reliance Industries Limited
- Exxon Mobil Corporation
Market Dynamics:
Driver:
Rise in Usage of Liquefied Petroleum Gas Market in Transportation to Drive the Market Growth
The Liquefied Petroleum Gas Market is utilized as the automotive transport fuel, where auto gas is the most extensively used non-blended substitute to conventional oil-based transport fuels, diesel, and gasoline in terms of its fleet size. Therefore, auto gas is the other name for automotive Liquefied Petroleum Gas Market. In addition, during the past decades, the use of auto gas has gradually augmented worldwide, reaching the new level of 27.1 million tonnes in 2019, with an upsurge of 1 percent over the previous year. Besides, the escalating government initiatives and support for adopting Liquefied Petroleum Gas Market to facilitate market development. Also, the growing adoption level of clean and green energy sources and technological aspects fuel market growth. Moreover, several vital participants will likely chase opportunities in this market, supplying the demand for Liquefied Petroleum Gas Market across emerging economies. As a result, all these aspects will likely increase the need for this gas during the forecast time.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide and the Global Liquefied Petroleum Gas Market is not an exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Liquefied Petroleum Gas Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Liquefied Petroleum Gas Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Liquefied Petroleum Gas Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Liquefied Petroleum Gas Market has considered the impact of COVID-19 on the Liquefied Petroleum Gas Market globally and the subsidiaries for the Liquefied Petroleum Gas Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Liquefied Petroleum Gas Market industry for all the regions and countries based on the following data points:
1. Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
The report on Liquefied Petroleum Gas Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
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Regional Analysis:
Europe Dominated the Global Liquefied Petroleum Gas Market
Europe dominated the Global Liquefied Petroleum Gas Market and will continue to dominate during the forecast period. This dominance is attributable to the high population, rise in energy necessities, plenty of resource availability, and easy affordability because of government subsidies on Liquefied Petroleum Gas Market cylinders in the region. Also, the chemical sector has been showing great augmentation recently in this region. Moreover, the surge in petrochemical facilities across emerging regions such as China, India, Japan, South Korea, and Thailand is likely to drive regional market growth. In the coming years, the expansion in urbanization and modernization in this region will propel the demand for Liquefied Petroleum Gas Market in Europe.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Liquefied Petroleum Gas Market Size, Share & Trends Analysis Report by Source (Refinery, Associated Gas, Non-Associated Gas), by Applications (Residential, Commercial, Agriculture, Industrial, Transportation, Other Applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
March 2021: Abu Dhabi National Oil Company (ADNOC), the State-owned oil company of the United Arab Emirates, signed the agreement to provide Indonesian national oil company Pertamina with Liquefied Petroleum Gas Market and sulfur in a four-year deal worth about USD 2 billion. As part of the Indonesia-Emirates Amazing Week 2021, the Liquefied Petroleum Gas Market and sulfur sales contract will last for 4years with an annual contract value of about USD 500 million.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Liquefied Petroleum Gas Market for the base year and forecast period?
This market titled “Liquefied Petroleum Gas Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Source • Refinery • Associated Gas • Non-Associated Gas • Applications • Residential • Commercial • Agriculture • Industrial • Transportation • Other Applications • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered• | • Saudi Arabian Oil Co. • China Gas Holdings Ltd. • Chevron Corporation • Bharat Petroleum Corporation Limited • Flaga Gmbh • Repsol • Kleenheat • Total SE • Reliance Industries Limited • Exxon Mobil Corporation |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
Customization of the Report:
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