The Report Liquefied Petroleum Gas (LPG) Market Analysis By Source (Refinery, Associated
Gas, Non-Associated Gas), By Application (Residential/Commercial, Chemical,
Industrial, Auto Fuel, Refinery) And Segment Forecast To 2024
The global liquefied petroleum gas (LPG) market is
expected to reach USD 147.76 billion by 2024, according to a new report by
Grand View Research, Inc. Increasing government initiatives to promote the use
of LPG as an auto fuel especially in emerging economies is expected to boost
the global market. Also, on account of various benefits offered by the product,
such as low-carbon emissions, low cost, and operational benefits, its demand is
expected to witness significant growth over the forecast period.
Liquefied petroleum gas
is increasing as an attractive option for commercial properties combined with
renewable and low-carbon technologies to integrate a reliable year-round power
supply with carbon savings.
Refinery was the biggest
source of LPG and accounted for over 40% of the total volume in 2015 and is
expected to exceed a total volume of 165 million tons by 2024. The source of
the fuel varies with area, for instance, the majority of the product demand in
North America is derived mostly from natural gas processing, whereas Asia
Pacific is dependent on refineries for its production. LPG produced from
non-associated gas is expected to show significant growth over the forecast
period due to increase in shale gas resources specifically in the U.S. and
China.
Access Research Report
of LPG Market@ www.grandviewresearch.com/industry-analysis/liquefied-petroleum-gas-industry
Further key findings from the report suggest:
· The global liquefied petroleum gas (LPG)
market demand was 278 million tons in 2015 and is expected to exceed 380
million tons by 2024, growing at a CAGR of 3.6% from 2016 to 2024
· Non-associated gas reserves are expected to
witness the fastest growth over the forecast period in terms of market volume.
The segment is expected to reach a total demand exceeding 118 million tons by
2024.
· Residential & commercial application
segment was valued over USD 55 billion in 2015 and is estimated to witness the
fastest growth in next eight years. High demand as a chief cooking and heating
fuel in residential as well as commercial sectors has been the major factor
responsible for market penetration in the segment.
· Auto fuel accounted for over 10% of the
global LPG demand in 2015 and is anticipated to reach a total volume exceeding
30 million tons by 2024, growing at an estimated CAGR of 3.6% from 2016 to 2024
· Asia Pacific liquefied petroleum gas market
dominated the global consumption and accounted for over 33% of the total volume
in 2015. Asia Pacific is anticipated to witness a high CAGR of over 4.9% during
the forecast period. Increasing consumption of LPG in domestic usage such as
cooking fuel coupled with government initiatives mainly in China, India, and
Indonesia is expected to boost LPG demand in the region.
· Key industry participants in operating in
the global LPG market include Aygaz AS, Bayegan, China Gas Holdings Ltd.,
Chevron, Sinopec, ExxonMobil, Oman Oil Company, Petredec LPG, Phillips 66,
Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation Ltd.
Grand View Research has
segmented the global liquefied petroleum gas (LPG) market on the basis of
source, application and region:
Global LPG Source Outlook (Volume, Million Tons; Revenue,
USD Billion, 2014 - 2024)
·
Refinery
·
Associated Gas
·
Non-associated Gas
Global LPG Application Outlook (Volume, Million Tons;
Revenue, USD Billion, 2014 - 2024)
·
Residential/Commercial
·
Chemical
·
Industrial
·
Auto Fuel
·
Refinery
·
Others
Global LPG Regional Outlook (Volume, Million Tons;
Revenue, USD Billion, 2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
