DUBLIN--(BUSINESS WIRE)--The "Global LPG Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global liquified petroleum gas (LPG) market is expected to grow at a compound annual growth rate of 4.91% over the forecast period to reach a market size of US$153.146 billion in 2026 from US$109.493 billion in 2020.
LPG is a by-product of propane and butane, and mainly extracted through refineries (crude oil) or natural gas (propane and butane's by-product), which differs area to area, such as in North America, majority of supply of LPG is from natural gases, where United States and Canada are the major exporters of LPG, and that in Asia Pacific is from refineries' extraction. At global level, the majority of extraction of LPG in the market is from natural gas, mainly contributed by North America, Europe, Middle East. Considering the different methods of extraction (natural gas and refinery), the natural gas process is more appealing as it involves a gas separation facility, which extracts the LPG easily and cost-effectively, whereas the refineries involve high installation cost of liquefaction process. The distribution of LPG can be done through tankers, drums, or pipelines, depending on the logistics and demand of the good.
Liquified petroleum gas is a clean fuel, cost effective in use and an environment friendly substitute for the gasoline and diesel in the market that is boosting the demand for the LPG. The major drivers for the global LPG market are increase in consumption of LPG due to increase in population growth, government initiatives to use the cleaner fuel, industrialization, and urbanization, increasing investments in developing countries, and improving R&D. While, the storage issue of LPG, irregular domestic supply of LPG, high installation cost of LPG to liquefaction process are the major restraints in this market. Due to the properties of LPG such as highly in-flammable and so on creates the problem for the suppliers to store it and supply it accordingly. Among the application segment, the residential and commercial segments are the dominant segments globally due to the increasing investments and increase in urbanization and industrialization. Since people's preference towards traditional uses of fuel and government initiatives has been boosting the demand for the LPG worldwide
COVID-19 Impact
The pandemic COVID-19 has adversely impacted the global demand for LPG in the market, especially in commercial sector, and hence, impacted the growth rate of it. On the other side, the residential demand for personal consumption purposes such as household cooking has increased. Overall, the increasing demand for the LPG has projected a positive growth in upcoming period. Due to lockdowns, the demand of LPG in Europe continues to affect adversely in the market. In other regions, several players are entering into the market with the aim to fulfill the demand for LPG. US and Russia are expanding in the LPG market to acquire the significant market share
Companies Mentioned
- Repsol
- China Gas Holdings Ltd
- Saudi Arabia Oil Co
- FLAGA Gmbh
- Kleenheat
- Bharat Petroleum Corp Ltd
- JGC Holdings Corp
- Phillips 66 Company
- Chevron Crp
- Reliance
- Exxon Mobil Corp
Key Topics Covered:
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Liquified Petroleum Gas Market Analysis, By technology
5.1. Introduction
5.2. Refinery
5.3. Associated gas
5.4. Non-associated gas
6. Global Liquified Petroleum Gas Market Analysis, By Application
6.1. Introduction
6.2. Residential
6.3. Transport
6.4. Commercial
6.5. Refinery
7. Global Liquified Petroleum Gas Market Analysis, by Geography
7.1. Introduction
7.2. North America
7.3. South America
7.4. Europe
7.5. The Middle East and Africa
7.6. Asia Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/jak7da
