The liquefied petroleum gas market has been segmented into residential, commercial, chemical, industrial, autogas, refinery midst others. Among these segments, the residential and commercial segment is expected to foster the growth of LPG market with highest CAGR during the forecast period.
Based on application type, liquefied petroleum gas is segmented into residential, commercial, chemical, industrial, autogas, refinery including others. Increasing awareness of fuel efficiency with minimal pollution among consumers is anticipated to aid the growth of liquefied petroleum gas market. Further, the market is witnessing high preference for autogas due to its safety, economic factors and comfort among consumers. This factor is envisioned to strengthen the growth of liquefied petroleum gas market.
The global market for liquefied petroleum gas is expected to flourish at a sufficient CAGR of 4.2% during the forecast period 2018-2027. Factors such as rising awareness, ease of operating, savings and comfort are anticipated to drive the demand for liquefied petroleum gas market. Further, the increasing demand for improved and advanced applications of autogas is estimated to boom liquefied petroleum gas market by noteworthy revenue by the end of 2027.
In the regional segment, the United States was the leading manufacturer and exporter of LPG in 2017 and is foreseen to drive the Asia Pacific market to be the largest market for liquefied petroleum gas by 2027 in terms of utilization accounting for 42%. This can be attributed to increasing demand for fuel efficiency and comfort in the liquefied petroleum gas market. Asia Pacific is expected to be the substantial market for LPG production in the forecast period followed by North America and Europe.
Domestic Segment to remain significant
Growing concern for safety, less expenditure and emission control in autogas is the major concern behind the production of liquid petroleum gas. Further, the comfort while using the autogas in commercial and domestic sectors is expected to benefit the expansion of petroleum gas market.
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Expansion of Market
Expansion and advancements in liquefied petroleum gas market in domestic, industrial, petrochemical, transportation and other segments are expected to drive the growth of liquefied petroleum gas market in the long run. In terms of competition, the procurement and expansion of merchandizing and allotment of outlets is expected to intensify the services and sales in the forecast period. This factor is believed to supplement the growth of liquefied petroleum gas market.
However, the higher cost of equipment installation of LPG units is likely to inhibit the growth of the liquefied petroleum gas market in the near future.
The report titled “'Liquefied Petroleum Gas Market: Global Historical Growth (2013-2017) & Future Outlook (2018-2027) Demand Analysis & Opportunity Evaluation'” delivers detailed overview of the liquefied petroleum gas market in terms of market segmentation by application, by source and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global liquefied petroleum gas market which includes company profiling of Exxonmobil, Chevron, Royal Dutch Shell, China National Petroleum Corp., Phillips 66 PLC, Petronas, ChemChina, Auto Gas Energy India and Gazprom.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global liquefied petroleum gas market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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