Dubai, UAE, June 15, 2023 (GLOBE NEWSWIRE) -- As per the recent research report published by Extrapolate, the global Liquefied Petroleum Gas Market was valued at US$ 120.36 Billion in 2022 and is estimated to grow to US$ 213.94 Billion by 2032, exhibiting a robust CAGR of 6.6% from 2023 to 2032. An increase in the demand for LPG from various operations is fueling the growth of the global market. In addition, one of the major factors driving the market growth is the implementation of strict regulatory measures against environmental pollution.
Propane, commonly called liquefied petroleum gas, is a highly preferable fuel alternative for consumers and companies. LPG offers several advantages over conventional fossil fuels since it is a naturally flammable hydrocarbon gas. LPG's ability to burn cleanly is one of its most significant benefits. LPG burns with substantially fewer carbon emissions than conventional fuels, making it a much more environmentally friendly choice. LPG is also a fuel that contains no sulfur and is non-toxic, making it much safer to handle and transit.
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Competitive Landscape
The LPG market is highly competitive due to the existence of significant manufacturers, distributors, and several multinational companies. As a result, the global market is likely to draw several participants across regions.
Several industry players are focusing on expanding their Autogas capabilities in response to the rapid growth of fleets, particularly in Europe and Asia Pacific. Some of the business strategies employed by major players include long-term alliances with auto-OEMs and distributors for a stable supply in the following years.
Some key market participants in the global liquefied petroleum gas market are:
- GAZPROM INTERNATIONAL LIMITED
- BP PLC
- Exxon Mobil Corporation
- China Petrochemical Corporation
- Bharat Petroleum Corporation Limited
- Flaga GmbH
- Saudi Arabian Oil Co.
- Chevron Corporation
- Total SE
- SHELL GLOBAL
- Abu Dhabi National Oil Company (ADNOC)
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The Global Liquefied Petroleum Gas Market is segmented as follows:
By Application
- Industrial
- Residential
- Commercial
Dependence of LPG Gas as a Source of Fuel for Cooking to Increase Demand in Residential Areas
The residential segment is anticipated to dominate the liquified petroleum gas market through the projection period. Residents of urban and rural areas in regions including Asia-Pacific and Central and South America primarily depend on liquefied petroleum gas as a source of fuel for their kitchens.
Government subsidies and programs that support the product as the primary replacement fuel for traditional fuels, including wood and coal, have been essential drivers in market penetration. As a result of their minimal impact on the ozone layer's depletion, liquefied petroleum gas is increasingly being used as a refrigerant in various applications, replacing chlorofluorocarbon and hydrofluorocarbon alternatives. As a result, there are opportunities for applications in the residential segments for several purposes, such as heating, ventilation, and cooking.
By Source
- Associated Gas
- Non-Associated Gas
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Cost-effectiveness of Non-associated LPG to Boost Market Growth
The non-associated gas segment dominated the global liquified petroleum gas market in 2022, accounting for over 40% of the total LPG extraction from natural gas wells. The cost-effectiveness of non-associated LPG, which can be processed without an oil refinery, is one of the primary factors promoting the segment's growth.
The fuel sources vary depending on the region; for instance, in North America, most of the gas comes from natural gas facilities. For production, Asia Pacific is dependent on its refineries. Refineries are one of the main places where petrol is produced on a global scale. Over the following years, it is anticipated that increased refining capacity, particularly in Saudi Arabia, Brazil, India, and China, will increase product supply.
Market Growth Factor and Restraint:
Increasing Adoption of LPG as Autogas Fuel to Augment Market Growth
Liquefied petroleum gas (LPG), commonly known as autogas, continues to gain popularity as an alternative fuel for vehicles. The world's usage of autogas has increased by 2% over the past ten years as the demand for more economical and environmentally friendly alternatives rises. Autogas is becoming increasingly popular in developing nations as a viable substitute for conventional oil-based fuels such as petrol and diesel. However, there are significant regional differences in the use of autogas, with some nations having developed autogas marketplaces.
The total amount of autogas consumed in 2021 was 30.8 million tonnes, an increase of almost 8% from the previous year. LPG is more affordable than fuels based on oil, which is likely to be the primary driving force behind the market's growth.
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High Installation Costs for Gas Production to Restrain Market Growth
The cost of the machinery and technology required to produce liquefied petroleum gas is expected to hinder the growth of the market. The high installation cost of the liquefaction process raises the cost of producing gas, which is ultimately restraining the growth of the LPG market. The price of the entire process is further increased by the plant setup cost for filling the gas in the tanks and cylinders, which is anticipated to impede the market's growth.
Growing Household Usage Propels Asia Pacific to Lead the Market
Asia Pacific is the largest market for liquified petroleum gas in terms of market share and production capacity. The regional market's growth is mainly attributable to the growing usage of LPG in the domestic sector for cooking, water heating, and other uses. Furthermore, the rising use of LPG as auto-gas as an alternative fuel throughout the region is anticipated to promote market growth.
The LPG market in the Asia Pacific is anticipated to continue to grow due to the ongoing development taking place in major nations across the region. The cost-effectiveness of LPG as a feedstock for producing chemicals, plastics, and other products is another factor driving its demand in industrial use.
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Europe to Record Significant Growth Owing to Rising Awareness of Carbon Emission Reduction
Europe has emerged as the fastest-growing region in the liquified petroleum gas market, followed by Asia Pacific. As a result of the cold climate in the region, LPG is frequently used as a fuel source for off-grid heating. In recent years, Eastern Europe has experienced significant growth, driven by rising power industry demand. Furthermore, increasing awareness of carbon emission reduction across the region is likely to contribute significantly to the regional market's growth.
Even though the Middle East and Africa markets are relatively limited due to a lack of development, these regions have also made substantial contributions to the LPG industry. North America has also significantly impacted the market, which has boosted LPG production and consumption. However, due to the Covid-19 pandemic, the region's production fell by 1% in 2021, and in recent years, LPG prices have reached record highs.
Notable Recent Industry Developments:
- To extend its operating business in Bangladesh, SHV Energy, a Dutch multinational corporation, acquired stakes in Petromax LPG Ltd. and Petromax Cylinders Ltd. in October 2022. Over USD 96.5 million was spent on the deal.
- Petrdec fully acquired National Gas Company (NGC) Energy India Private Limited in September 2022. Previously, Petredec had a small stake in the joint business. Petredec would manage the company on his own.
- To expand its LPG business, BW LPG, a Singapore-based company, acquired Vilma Oil's LPG operations in August 2022. Founded in 2019, Vilma Oil is a Madrid-based business.
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Sources
2.3.1. Secondary Sources
2.3.1.1. Preliminary data mining
2.3.2. Primary Sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.3. Market drivers
3.4. Market restraints
3.5. Market opportunities
3.6. Market Challenges
3.7. Porter’s Five Forces Analysis
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Liquefied Petroleum Gas Market
Chapter 5. Global Liquefied Petroleum Gas Market Overview, By Source, 2018 - 2032 (USD Million)
Chapter 6. Global Liquefied Petroleum Gas Market Overview, By Application, 2018 - 2032 (USD Million)
Chapter 7. Global Liquefied Petroleum Gas Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 8. North America Liquefied Petroleum Gas Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 9. Europe Liquefied Petroleum Gas Market Overview, By Countries, 2018 - 2032 (USD Million)
Continued……….
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