Yahoo Finance Liquefied Petroleum Gas Market to Reach US$ 321.6 Bn by 2031: TMR Study
Surge in the demand for liquefied petroleum gas from emerging economies is fueling the sales growth in the global market
Wilmington, Delaware, United States, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Liquefied Petroleum Gas Market is prognosticated to reach a value of US$ 321.6 Bn by the end of 2031, finds a review by Transparency Market Research (TMR). In addition, the study by TMR states that the market is expected to expand at a CAGR of 4.73% during the forecast period, from 2022 to 20301.
The regulatory bodies of several nations worldwide are promoting the use of liquefied petroleum gas due to surge in the environmental concerns globally. Furthermore, several governments are introducing favorable policies and providing tax concessions and subsidies to suppliers in order to boost the liquefied petroleum gas use. Such efforts are prognosticated to fuel the demand avenues in the market, states a TMR analysis that delivers thorough insights on the liquefied petroleum gas market trends.
The understanding about global warming and climate change is being increasing among people worldwide. This factor is encouraging populace to adopt liquefied petroleum gas owing to its ability to emit insignificant quantities of black carbon, state analysts at TMR. Furthermore, the global market for liquefied petroleum gas is anticipated to gain lucrative avenues in the forthcoming years owing to rise in the product demand due to surge in the global population, note researchers at TMR.
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Liquefied Petroleum Gas Market: Key Findings
Liquefied petroleum gas is gaining traction as an efficient, clean, and portage energy source. Earlier, the liquefied petroleum gas was being produced primarily during oil production activities. In the recent years, major companies in the liquefied petroleum gas market are seen utilizing next-gen techniques that use renewable resources for liquefied petroleum gas production. The popularity of liquefied petroleum gas is being rising globally owing to its unique properties due to which it can be utilized in varied industrial sectors for manifold applications.
The liquefied petroleum gas market is anticipated to significant business opportunities in the Asia Pacific region during the forecast period. This growth is ascribed to rise in the utilization of liquefied petroleum gas in the regional residential sector as a smoke-free clean-burning fuel for indoor cooking activities, states a liquefied petroleum gas market growth forecast by TMR.
In addition to the residential and commercial sectors, liquefied petroleum gas is being utilized in various other industry verticals such as the petrochemical, industrial, transportation, and refinery sectors. Hence, the expansion of these industries is creating profitable prospects in the liquefied petroleum gas market. The adoption of the liquefied petroleum gas is being increasing globally owing to its ability to play important role in reducing deforestation and desertification. This factor, in turn, is foreseen to drive the liquefied petroleum gas market growth in the near future.
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Liquefied Petroleum Gas Market: Growth Boosters
Surge in the investments in the oil and gas industry across the globe is anticipated to fuel the expansion of the liquefied petroleum gas market size in the near future
Increase in the utilization of this gas from several emerging economies is likely to drive the growth of the liquefied petroleum gas market shares during the forecast period
Liquefied Petroleum Gas Market: Key Players
Some of the key players profiled in the report are:
Exxon Mobil Corporation
British Petroleum plc
UGI Corporation
Royal Dutch Shell plc
China Gas Holdings Limited
Kleenheat Gas Pty Limited
Repsol S.A
Copagaz Distribuidora De Gas Ltda
SHV Energy N.V.
Origin Energy
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Liquefied Petroleum Gas Market Segmentation
Source
Refinery
Associated Gas
Non-associated Gas
End User
Residential/Commercial
Petrochemical & Refinery
Industrial
Transportation
Others
Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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