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.
View summary of this report @ http://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.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/conventional-energy
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
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
UK
o
France
o
Italy
o
Spain
·
Asia Pacific
o
China
o
India
o
Japan
o
Australia
·
Central & South America
o
Brazil
·
Middle East & Africa
o
Saudi Arabia
o
South Africa
For press release of this report - http://www.grandviewresearch.com/press-release/global-lpg-market
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