Liquefied Petroleum Gas (LPG) Market stood at US$233.83 bn in 2013 and is predicted to reach US$299.05 bn by 2020
A
new Transparency Market Research report states that the global
liquefied petroleum gas (LPG) market stood at US$233.83 bn in 2013
and is predicted to reach US$299.05 bn by 2020. It is predicted to
expand at a CAGR of 3.40% from 2014 to 2023. The title of the report
is, “Liquefied Petroleum Gas (LPG) Market - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
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Report Overview @
Liquid
petroleum gas (LPG) is also called referred to as butane or propane
and is a flammable mixture made composed of a number of hydrocarbon
gases. It is utilized as a fuel within heating appliances, vehicles,
and cooking equipment, among others. This gas, when utilized as a
vehicle fuel, is often known as auto gas. This gas is extensively
utilized as a refrigerant and an aerosol propellant and replaces
chlorofluorocarbons for reducing the damage caused to the ozone
layers. It has a number of other uses, especially its utilization in
cylinders across various markets in the form of a fuel container in
the sectors of hospitality, agriculture, recreation, construction,
fishing, sailing, and calefaction. It also serves as a fuel for
central heating, water heating, and cooking and is extremely
cost-effective in nature.
The
report states that the rising consumption of auto gas has resulted in
the increased utilization of LPG, hence boosting market growth. In
addition, the increasing population base in regions such as that of
Latin America, Asia Pacific, and Africa utilizing easily available
and cheap LPG in the form of fuel is also stimulating the growth of
the market. The rising trade opportunities owing to the expansion of
the Panama Canal and the predictable production of shale gas within
regions of Latin America and Asia Pacific are amongst the prime
growth opportunities in the market for LPG. On the other hand, the
unpredictable prices of crude oil result in price uncertainty of LPG
prices, thus restraining market growth.
The
increasing usage of LPG as primary cooking fuel in a number of
economies in Asia Pacific, Latin America, and Africa, on account of
the cost benefits it offers, is the key driving factor behind the
growth of the global LPG market across the world. Researchers expect
the demand for LPG to remain escalating substantially over the next
few years. However, the volatility in crude oil prices may limit this
otherwise increasing demand to some extent in the near future.
The
segments of the global LPG market depending upon source are
refineries, non-associated gas, and associated gas. Amongst all, the
segment of non-associated gas is expected to hold the leading share
of the market over the forecast period.
In
terms of end-use, the segments into which the global LPG market is
divided are petrochemical and refinery, transportation, residential
and commercial, industrial, and others. Of them, the segment of
residential and commercial led in 2013 with a share of over 60% in
the market. LPG is majorly used as a cooking fuel and also for
lighting and eating in the residential and commercial segment.
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As
mentioned in the report, the prime players operating in the market
for LPG are Exxon Mobil Corporation, British Petroleum plc.,
Kleenheat Gas Pty Limited, Origin Energy, Kleenheat Gas Pty Limited,
Copagaz Distribuidora De Gas Ltda, SHV Energy N.V., and Repsol S.A.,
among others.
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