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Liquefied Petroleum Gas Market Overview 2031

Liquefied Petroleum Gas Market is expected to surpass the value US$ 321.6 Bn by 2031, expanding at a CAGR of 4.73% during the forecast period 2022-2031

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Liquefied Petroleum Gas Market Overview 2031

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  1. 10/28/22, 1:09 PM Liquefied Petroleum Gas Market Overview 2031 Search report Keywords Home / Energy and Natural Resources / Environmental / Liquefied Petroleum Gas Market Liquefied Petroleum Gas Market Rep Id : TMRGL491 Liquefied Petroleum Gas Market (Source: Refinery, Associated Gas, and Non-associated Gas; and September 2022 End User: Residential/Commercial, Petrochemical & Refinery, Industrial, Transportation, and Others) Energy and Natural Resources - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031 220 Pages Report Preview Table of Content Transparency Plus Request FREE Sample Liquefied Petroleum Gas Market Outlook 2031 The globalliquefied petroleum gas market was valued at US$ 202.6 Bn in 2021 It is estimated to grow at a CAGR of 4.73% from 2022 to 2031 The globalliquefied petroleum gas market is expected to reach US$ 321.6 Bn by the end of 2031 Select License Type Single User license $5795 Multi-User license $8795 Analysts’ Viewpoint on Liquefied Petroleum Gas Market Scenario Corporate license $11795 Rise in production of unconventional oil & gas and increase in demand for liquefied petroleum gas Buy Now are driving the global liquefied petroleum gas market. Increase in investment in the oil & gas industry is estimated to boost the production of liquefied petroleum gas. Demand for liquefied Safe and Secure SSL Encrypted petroleum gas is also expected to increase in the near future owing to economic prosperity of Get A Special pricing for start-ups and universities. consumers. Automotive liquefied petroleum gas is also referred to as autogas. Environmental benefits and stringent government policies to reduce carbon emissions have led to the rapid Request Discount adoption of autogas as a preferred fuel around the world. Governments of various countries across the globe are also providing subsidies, including tax benefits, to promote the use of autogas in vehicles. Adoption of liquefied petroleum gas for cooking is presently increasing in rural areas, - Need More Info? - worldwide, due to a rise in awareness about its benefits and various government initiatives. Thus, an increase in demand for liquefied petroleum gas for cooking proposes is estimated to propel the Enquiry Before Buying market during the forecast period. Request Methodology Ask References Free Customization - Want to customize this report? - We employ Market Analysis, Benchmarking, Corporate Intelligence, and Technological Intelligence to understand specific requirements and customize report with a quick turnaround time in a dynamic business environment. We offer 100% Free Customization at the time of purchase Connect To Analyst Global Liquefied Petroleum Gas Market Introduction Liquefied petroleum gas, also known as liquid petroleum gas, is a flammable mixture of hydrocarbon gases used as a fuel in various end-use industries. It is produced from fossil fuels, - Trusted Partners - during the refining of petroleum crude oil and natural gas. The global liquefied petroleum gas market is projected to rise at a steady pace during the forecast period, as liquefied petroleum https://www.transparencymarketresearch.com/liquefied-petroleum-gas-market.html 1/6

  2. 10/28/22, 1:09 PM Liquefied Petroleum Gas Market Overview 2031 gas is widely used in various applications in hospitals, agriculture, construction, and automotive Quick Contact 866-552-3453 sectors. A major use of liquid petroleum gas is for cooking in residential and commercial establishments, as it is cost-effective and efficient. +1-518-618-1030 Contact by email Request a sample to get extensive insights into the Liquefied Petroleum Gas Market Rise in Production of Unconventional Oil & Gas to Boost Market Why trust Us? 5 Million+ Market Data Natural gas is produced by burying dead plants and animals. Intense heat and pressure caused by burying dead plants and animals trigger a reaction, which leads to the creation of natural gas. Special or advanced production techniques are used to extract natural gas. The gas is termed - Related Reports - unconventional gas. Unconventional gases include shale gas, tight gas, gas hydrates, and coal Bunker Fuel Market bed methane. Unconventional oil & gas has been an important breakthrough for the global oil Battery Recycling Market industry. Biofuel Market According to The World Energy Council, the U.S. has 1,161 trillion cubic feet of technically Power Plant Maintenance Market recoverable unconventional gas. China has 1,115 trillion cubic feet of unconventional gas. The Power Purchase Agreement Market U.S. was the leading country in terms of the production of unconventional gas in 2019. The annual production of unconventional gas in the U.S stood at 25 trillion cubic feet in 2019. China’s production output stood at 12 trillion cubic feet in the same year. Advanced technologies are needed to extract unconventional fuels. Companies are investing significantly in research and development activities to develop cost-effective methods to extract these fuels. Moreover, the availability of liquefied petroleum gas has also increased in the last few years due to an increase in the production of unconventional gas. Thus, a rise in production of unconventional oil & gas is expected to drive the revenue of liquefied petroleum gas market in the near future. Rise in Demand for Liquefied Petroleum Gas from Developing Countries to Drive Market Globalization, industrialization, and urbanization have increased significantly across the globe in the last few years. However, the flow of investment has changed from developed nations to developing nations due to lower infrastructure and labor costs. Environmental rules and regulations are also not stringent in developing countries. This provides an added advantage to a company. An increase in investment in industrialization and urbanization has led to a rise in household income as well as the disposable income of the middle class and lower middle-class population. This has resulted in the adoption of liquefied petroleum gas in the residential and transportation sectors. Earlier, kerosene and solid fuels, such as coal and wood, were used for cooking. These types of fuels led to serious health and environmental issues. However, an increase in awareness about health and environmental issues, such as carbon emission and air pollution, has propelled the demand for liquefied petroleum gas in developing countries. Governments of various countries are taking initiatives to promote the use of liquefied petroleum gas. This is also a key factor that is boosting the demand for liquefied petroleum gas. For instance, the Government of India has taken various initiatives such as providing subsidies and free liquefied petroleum gas connection for poor families. This has significantly boosted the number of liquefied petroleum gas users in the country in the last two to three years. According to the Petroleum Planning & Analysis Cell, the number of registered liquefied petroleum gas connections in India increased from 106 million in 2008/09 to 263 million in 2017/18. An increase in awareness about environment-related issues and the implementation of stringent rules and regulations by regulatory authorities of governments have compelled companies to look for green solutions. Recent developments in the liquefied petroleum gas market indicate that LPG is increasingly being used as a substitute for gasoline and diesel. Liquefied petroleum gas is a clean fuel. The usage of liquefied petroleum gas offers a cost-effective solution to companies. Thus, a rise in demand for liquefied petroleum gas in developing countries such as https://www.transparencymarketresearch.com/liquefied-petroleum-gas-market.html 2/6

  3. 10/28/22, 1:09 PM Liquefied Petroleum Gas Market Overview 2031 India, Indonesia, Brazil, Mexico, and Nigeria for cooking, transportation, and various other industrial uses is projected to drive the liquefied petroleum gas market during the forecast period. Request a custom report on Liquefied Petroleum Gas Market High Demand for Liquefied Petroleum Gas Sourced from Refineries In terms of source, the global liquefied petroleum gas market has been classified into refinery, associated gas, and non-associated gas. The refinery segment held a major share of 38.8% of the global market in 2021. Liquefied petroleum gas is produced by stripping it from the raw natural gas stream during natural gas processing and during the crude refinery process. The refinery segment is expected to dominate the market during the forecast period. The associated gas and non-associated segments are estimated to grow at a steady pace during the forecast period. Extensive Use of Liquefied Petroleum Gas in Chemical Industry In terms of end-user, the global liquefied petroleum gas market has been segregated into residential/commercial, petrochemical & refinery, industrial, transportation, and others. The residential/commercial segment held a major share of 43.8% of the global market in 2021. This is because liquefied petroleum gas can serve as fuel for cooking, central heating, and water heating, and it is a particularly cost-effective and efficient way to heat off-grid homes. The petrochemical & refinery segment accounted for a 28.2% share of the market in 2021. This is because it burns more cleanly than petrol or fuel oil and is especially free of the particulates present in the latter. The petrochemical & refinery segment is estimated to grow at a steady pace during the forecast period. Regional Outlook of Global Liquefied Petroleum Gas Market Asia Pacific accounted for a prominent share of 35.04% of the global market in 2021. The region is estimated to be the fastest growing market for liquefied petroleum gas, globally, during the forecast period. China is a major market for liquefied petroleum gas in Asia Pacific, holding more than 34.6% share of the market in the region. Governments of countries in the region having been promoting LPG for cooking in rural areas for the last few years, which in turn is projected to boost the future market demand for liquefied petroleum gas. For instance, the Government of India is providing subsidies and free liquefied petroleum gas cylinders in rural areas in the country. North America is also a key market for liquefied petroleum gas, and the region held a 25.7% share of the global market in 2021. Analysis of Key Players in Global Liquefied Petroleum Gas Market The global liquefied petroleum gas market is consolidated with a small number of large-scale vendors controlling a majority of the market share. A majority of organizations are spending a significant amount on comprehensive research and development. Key players operating in liquefied petroleum gas market are Royal Dutch Shell plc, Exxon Mobil Corporation, bp p.l.c., UGI Corporation, Origin Energy Limited, Kleenheat, China Gas Holdings Ltd, Copagaz, Repsol S.A., and SHV Energy. Key Developments in the Global Liquefied Petroleum Gas Market In May 2020, Origin Energy Limited acquired a 20% stake in the U.K.-based Octopus Energy, an energy technology group. The acquisition includes a license for origin to use Octopus’s technology platform, Kraken, in Australia In May 2020, Royal Dutch Shell plc. invested in a new Nigeria LNG processing unit. Once operational, the new unit would add approximately 8 million tons per annum of capacity to the Bonny Island facility. The current capacity stands at 22 million tons to 30 million tons per annum. This joint venture is majorly owned by the Nigerian National Petroleum Corporation (NNPC – 49%), Royal Dutch Shell plc (25.6%), Total (15%), and ENI (10.4%). https://www.transparencymarketresearch.com/liquefied-petroleum-gas-market.html 3/6

  4. 10/28/22, 1:09 PM Liquefied Petroleum Gas Market Overview 2031 Each of these players has been profiled in the liquefied petroleum gas market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments Global Liquefied Petroleum Gas Market Snapshot Attribute Detail Market Size US$ 202.6 Bn Value in 2021 Market Forecast Value US$ 321.6 Bn in 2031 Growth Rate 4.73% (CAGR) Forecast 2022–2031 Period Historical Data Available 2020 for Quantitative US$ Bn for Value & Thousand Tons for Volume Units It includes cross segment analysis at global as well as regional level. Market Furthermore, qualitative analysis includes drivers, restraints, opportunities, Analysis key trends, Porter’s Five Forces analysis, value chain analysis, and key trend analysis. Market share analysis by company (2021) Company profiles section includes overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy & recent developments, and key financials Competition Landscape Format Electronic (PDF) + Excel Source Refinery Associated Gas Non-associated Gas End-user Residential/Commercial Petrochemical & Refinery Industrial Transportation Others Market Segmentation https://www.transparencymarketresearch.com/liquefied-petroleum-gas-market.html 4/6

  5. 10/28/22, 1:09 PM Liquefied Petroleum Gas Market Overview 2031 North America Latin America Europe Asia Pacific Middle East & Africa Regions Covered U.S. Canada Germany U.K. France Sweden Russia & CIS China Japan India Australia ASEAN GCC South Africa Mexico Brazil Countries Covered Royal Dutch Shell plc Exxon Mobil Corporation bp p.l.c. UGI Corporation Origin Energy Limited Kleenheat China Gas Holdings Ltd Copagaz Repsol S.A. SHV Energy Companies Profiled Customization Available upon request Scope Pricing Available upon request Interested in this report? Get a FREE sample now! Get Free Sample *Get Sample Report (PDF) sent to your email within minutes Frequently Asked Questions What was the size of the global liquefied petroleum gas market in 2021? https://www.transparencymarketresearch.com/liquefied-petroleum-gas-market.html 5/6

  6. 10/28/22, 1:09 PM Liquefied Petroleum Gas Market Overview 2031 The global liquefied petroleum gas market stood at US$ 202.6 Bn in 2021 What would be the CAGR of the liquefied petroleum gas market during the forecast period? What are the key factors driving the liquefied petroleum gas market? Which source segment contributed to the largest share of the liquefied petroleum gas market in 2021? Which region is more attractive for vendors in the liquefied petroleum gas market? Who are the key players in the liquefied petroleum gas market? - Help - - Follow Us - Terms Of UseCustomer FAQHow To OrderPrivacy PolicySitemap U.S Sales Office Corporate Headquarter Reach Us +1-518-618-1030 State Tower, 90 State Street, Suite 700, Albany NY - 12207, United States Downtown, 1000 N. West Street, Suite 1200, Wilmington, Delaware 19801 USA 866-552-3453 (US-Canada Toll Free) sales@transparencymarketresearch.com Trust Online Copyright © Transparency Market Research, Inc. All Rights reserved https://www.transparencymarketresearch.com/liquefied-petroleum-gas-market.html 6/6

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