Liquefied Petroleum Gas Market Size & Share to Surpass $243.4 Billion by 2030, Exhibiting a CAGR of 6.5%

WILMINGTON, DE , UNITED STATES, July 4, 2024 /EINPresswire.com/ -- The liquefied petroleum gas market size was valued at $130.1 billion in 2020, and is projected to reach $243.4 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.

Liquefied petroleum gas (LPG) is obtained from compression and cooling of two gases named propane and butane, which are formed from oil wells. Liquefied petroleum gas is mostly used as fuel for cooking, heating, and transportation fuel. LPG is nontoxic, non-corrosive, and clean as compared to gasoline.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.alliedmarketresearch.com/request-sample/481

Significant development of the end-use industries such as oil & gas, food & beverages, manufacturing, construction, and transportation is fueling the growth of the liquefied petroleum gas market during the forecast period. In addition, advantages associated with liquefied petroleum gas such as clean burning, low maintenance, eco-friendly, and instant heat production is driving the growth of the market, globally. However, disadvantages associated with LPG such as hazardous, more consumption, high cost than CNG, higher ignition temperature, and high installation cost of refineries are the key factors hampering the growth of the global market in the upcoming years.

Depending on the source, non-associated gas segment held the highest market share of about 52.4% in 2020, and is expected to maintain its dominance during the liquefied petroleum gas market forecast period. This is attributed to rise in production of liquefied petroleum gas from non-associated gas source, which is extracted from natural gas wells. In addition, rise in demand for LPG from various domestic and industrial applications is anticipated to fuel the growth of the market from 2021 to 2030.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/1b03a63206109ec58fb9c6ff7432df46

On the basis of application, residential segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for liquefied petroleum gas from residential applications such as space & water heating, cooking, and power generation. In addition, it provides benefits such as cost-effectiveness, energy efficiency, and eco-friendly, which further drive the market growth in the coming years.

Region wise, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe garnered the highest growth rate during the forecast period. This is attributed to the presence of key players and huge consumer base in the region.
In addition, liquefied petroleum gas is gaining importance in the construction, food & beverages, manufacturing, residential, agriculture, and transportation industries in the region, owing to government initiatives toward reducing carbon emissions and aim of European Union to be climate neutral by 2050, which, in turn, is expected to augment the growth of the liquefied petroleum gas market in the Europe during the forecast period.

The global market analysis covers in-depth information of the major liquefied petroleum gas industry participants.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/481 

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: operating and profiled in the report include Saudi Arabian Oil Co., China Gas Holdings Ltd., Chevron Corporation, Bharat Petroleum Corporation Limited (BPCL), FLAGA GmbH, Repsol, Kleenheat, Total SE, Reliance Industries Limited, and Exxon Mobil Corporation.
Other players operating in the value chain of the global liquefied petroleum gas market are JGC Holdings Corporation, Royal Dutch Shell Plc., PETRONAS, PetroChina Company Limited, and Qatargas Operating Company Limited.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

In 2020, the non-associated gas segment accounted for about 52.4% of the share in the global LPG market, and is expected to maintain its dominance till the end of the forecast period.
In 2020, the associated gas segment garnered 22.5% liquefied petroleum gas market share in the year 2020, and is anticipated to grow at a rate of 7.0% in terms of revenue.
Industrial is the fastest growing application segment in the global liquefied petroleum gas market, expected to grow at a CAGR of 8.4% during 2021-2030.
Europe is expected to grow at the fastest rate, registering a CAGR of 7.5%, throughout the forecast period.
In 2020, LAMEA dominated the global liquefied petroleum gas (LPG) market with more than 35.9% of the share, in terms of revenue

David Correa
Allied Market Research
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