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Liquefied Petroleum Gas Market to Reach US$ 321.6 Bn by 2031: TMR Study

Transparency Market Research
Transparency Market Research

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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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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