Liquefied Petroleum Gas (LPG) Market to Record an Exponential CAGR by 2024
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.
LPG
extracted from a non-associated source has been witnessing a robust
demand across the world. Analysts project the trend to remain so over
the forthcoming years. Among end users, the residential/commercial
sector have led the demand for LPG in 2013 with a share of more than
60% in the overall market and is anticipated to retain its dominance
over the forecast period.
On
the basis of geography, the report segments the market into Europe,
North America, the Middle East and Africa, Asia Pacific, and South
and Central America. Amongst these, the Middle East is the largest
producer of LPG. On the other hand, the U.S. in North America emerged
as the a net importer in 2012 and the production of LPG in North
America is predicted to rise exponentially. In addition, within the
U.S., the surplus production of LPG will be routed to the region of
Latin America in the coming years owing to the rising demand from the
commercial and domestic sectors.
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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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Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
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