LPG is a nonrenewable energy source that is widely used in home and industrial applications as a portable, clean, and non-toxic energy source. It is composed of flammable hydrocarbon gases and volatile hydrocarbons such as propane, butane, and isobutane, and it is stored in steel vessels, large gas cylinders, and tanks. LPG burns easily in the air and produces more heat energy than natural gas. It is also clean-burning, produces no soot, has easily regulated flame temperatures, and has a low sulfur content, making it ideal for heating, cooking, and automotive applications.
LPG Market Report Scope and Research Methodology:
The main aim of the LPG Market report is to provide a comprehensive analysis of the market to the stakeholders in easy language. Market research has been done by dividing the LPG market into major segments. These main segments of the LPG Market were further divided into various sub-segments. A detailed analysis of drivers, opportunities, restraints, and challenges in the LPG industry has been provided region-wise and segment-wise in the report. The market report presents an in-depth analysis of the LPG Market including historical data, meaningful insights, facts, and statistically supported and industry-validated market statistics with estimates based on an appropriate set of assumptions and methodologies.
The primary and secondary research methods were used to collect the data for the LPG market report and the data collected for the report was combined and analysed to get accurate and error-free findings. The secondary research includes a review of annual and financial reports of leading players, while primary research includes interviews with important opinion leaders and LPG industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. To estimate the LPG market size, the bottom-up approach was employed. SWOT analysis was employed to provide the strengths and weaknesses of the LPG Market with the PESTLE and PORTER analysis to provide the effects of macroeconomic and microeconomic factors on the LPG Market.
LPG Market Report Overview:
The report covers the LPG Market's most recent revenue and trends. It includes LPG Market overview, definition, structure, and preventative and pre-planned management. The report focuses on the factors that affect the LPG Market positively and negatively. It also aids in determining the future potential of the LPG Market in the forecast years. The report aids in making decisions about how to approach the market and comprehending the LPG industry's backdrop.
LPG Market size was valued at US$ 129.7 Bn. in 2020. Global LPG Market is estimated to grow at a CAGR of 6.7% over the forecast period.
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LPG Market Dynamics:
Increased awareness of the benefits of using LPG as a fossil fuel alternative, as well as increased adoption of a clean energy source among individuals in developed and developing countries, are expected to drive growth in the global liquefied petroleum gas market over the forecast period. In addition, technological advancements, along with an increase in government attempts to educate rural populations on how to replace traditional cooking fuels such as coal, wood, and kerosene with LPG, are expected to contribute significantly to the market's growth. Furthermore, rising population, urbanization, and demand for LPG as an auto emission gas are expected to drive the LPG market forward.
LPG Market Segmentation:
The LPG Market is divided into three sources: refiners, associated gas, and non-associated gas. The Refiners segment dominated the market share with 54.1% in 2020. Refineries are one of the most significant sources of various gases. An increase in the number of refinery factories and plants, as well as growing refining capacity, is expected to boost product supply over the forecast period, particularly in Saudi Arabia, Brazil, India, and China.
The LPG Market is classified into Automobile fuel, Residential, Commercial, Industrial, and Others. In 2020, the Residential segment held 39.1% of the market share. Government subsidies and initiatives to promote the product as a viable alternative to traditional fuels such as wood and coal have fueled the segment's growth. Liquefied petroleum gas is also replacing chlorofluorocarbon and hydrofluorocarbon as a refrigerant due to its low ozone depletion impact. As a result, the residential segment's application potential has increased, particularly in the areas of ventilation and heating, in addition to cooking.
LPG Market Key Players:
Saudi Aramco (Saudi Arabia)
ADNOC (United Arab Emirates)
Exxon Mobil (US)
Reliance Industries (India)
Bharat Petroleum Corporation Ltd. (India)
Qatar Petroleum (Qatar)
ConocoPhillips Company (US)
SHV Energy (NL)
Valero Energy (US)
UGI Corporation (US)
Royal Dutch Shell PLC (UK)
LPG Market Regional Insights:
Geographically, the report is segmented into several key countries, with LPG market size, growth rate, import and export of LPG market in these countries, which cover North America, U.S., Canada, Mexico, Europe, UK, Germany, France, Spain, Italy, Rest of Europe, Asia Pacific, China, India, Japan, Australia, South Korea, ASEAN Countries, Rest of APAC, South America, Brazil, and the Middle East and Africa.
Key Questions answered in the LPG Market Report are:
- Which segment held the largest share in the LPG market?
- Which are the key factors driving the LPG market growth?
- Which region holds the maximum share in the LPG market?
- What is the expected CAGR of the LPG market during the forecast period?
- Who are the major players in the LPG market?
- What key trends are expected to emerge in the LPG market in the coming years?
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size Forecast by different segment | 2022−2027.
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by segments with their sub-segments and region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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