February 25, 2022 00:46 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 25, 2022 (GLOBE NEWSWIRE) -- The LPG Market size was valued at USD 128.48 billion in 2020. The market valuation is predicted to rise from USD 129.17 billion in 2021 to USD 211.96 billion in 2028 at a CAGR of 7.3% during the analysis timeline. Increasing demand for autogas and supportive initiatives for the product adoption will drive the market growth, states Fortune Business Insights in its report titled “LPG Market, 2021-2028."
Liquefied petroleum gas or propane is commonly used as sulfur-free, non-toxic fuel. It is a flammable hydrocarbon gas that is stored in bulk quantities in tanks in bottle gas form. Its easy storage makes it a highly versatile and portable source for various industries. It is widely preferred since it produces lower sulfur emissions and burns with lower carbon. Common application of the product is for boiling water and producing steam. It also finds application as a household cooking gas owing to its high flash point. The gas is stored as a liquid at moderate pressure and transported within gas cylinders.
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Companies Operating in LPG Market Report:
LPG Market Report Scope & Segmentation
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Supply Chain Uncertainty amid Pandemic to Hamper Market Outlook
The market has been affected by the COVID-19 pandemic during 2020 due to lower usage of LPG-fueled heaters across restaurants, healthcare facilities, and other areas. Slowdown of activity across a wide range of industries that utilize the product resulted in a lower-than-anticipated demand amid the pandemic. However, it is an essential commodity for residential purposes and petrochemical feedstock. Therefore, stay-at-home orders have benefited the overall market outlook.
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End User, Source, and Region Are Studied
In terms of end user, the market is segmented into commercial, domestic, industrial, agriculture, refinery fuel, transport, and chemical.
Based on source, the market is bifurcated into crude oil and natural gas liquid.
Region-wise, the market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Demand for Autogas and BioLPG to Boost Market Expansion
Autogas or automotive LPG is gaining immense traction worldwide. Its growing adoption worldwide is driving the LPG market growth. Autogas consumption increased steadily in recent years, hitting 27.1 million tons in 2019, a rise of 1% compared to 2018. In addition to these factors, ongoing government initiatives to boost product adoption will propel the market forward. Governments are launching various policies such as subsidies to provider wider access to the product. For instance, the Indian Government introduced the PAHAL scheme that delivers subsidies directly into the bank accounts of consumers.
On the contrary, increased focus on clean renewable technology, adoption of biofuels, and zero carbon emissions could hamper the product demand slightly.
Asia Pacific is slated to dominate the LPG market share over 2021-2028 led by robust adoption as a primary fuel for water heating and cooking at homes. The region is also experiencing heavy adoption of autogas, which will benefit the regional outlook significantly.
Europe will witness tremendous growth during the projected period led by the growing commercialization of the product as boiler fuel. Meanwhile, the market in North America will expand led by wide application across key industry verticals.
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November 2019: Qatar Petroleum inked an agreement with Wanhua Chemical Group (Wanhua) for the sale of 800,000 metric tons of LPG per year for a period of 10 years.
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