The worldwide liquefied petroleum gas market is sliced on account of consumers, sources and geographies. The consumers market includes commercial/residential, industrial, petrochemicals and refinery, conveyance, industrial and others. Rising demand for liquefied petroleum gas in all these sectors is predicted to drive the demand for the liquefied petroleum gas market.
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The sources market consists of refineries, non-associated gas and associated gas. The geographies liquefied petroleum gas market includes Europe, rest of the world, North America and Asia Pacific. Boosting demand for the market owes to augmenting demand for LPG across these regions. Liquefied petroleum gas, also known as LPG, refers to propane and butane.
LPG contains hydrocarbon gases. These gases are combustible. LPG is utilized as a fuel in cooking devices, vehicles and heating equipment. It is also utilized as an aerosol propellant and cooling agent. LPG takes the place of chlorofluorocarbons, preventing further damage to the ozone layer. When utilized particularly for automobiles as fuel, LPG is also referred to as auto gas.
It is made by the purification of petroleum and is almost wholly obtained from fossil fuel resources. The liquefied petroleum gas market is rising stably and is estimated to follow similarly during the future years. The market is intentionally positioned in such a way so that it can benefit from the rising demand for gas across the emergent regions of the globe.
LPG is an inexpensive and cleaner choice for meeting the demands of energy worldwide. The various benefits of LPG augur well for the liquefied petroleum gas market and steer further demand for it. Some of the benefits include cleanliness, accessibility, effectivity, convenience, safety and transportability. The market is also propelled ahead by the manufacture levels of crude oil and natural gas.
For the liquefied petroleum gas market, expansion has noticed a shift from the West to the Far East and Middle East. However, around half of the entire demand for LPG stems from the commercial-residential consumer sector of the market. The worldwide market is predicted to attain about USD 291 billion by 2020.
Rising worldwide population, together with supportive regulatory backup and subventions is estimated to be the most significant factor, driving further demand for the liquefied petroleum gas market. Inadequate application foundation is considered to be a hindrance for the participants of the market. The demand for LPG for auto fuel purposes is estimated to attain about 29.1 million tons by 2020.
The worldwide liquefied petroleum gas market was estimated at around 261.7 million tons in 2013. It is projected to reach about 357 million tons by 2020. The consumers market was leaded by commercial-residential in 2013. It made up for nearly 50 percent of the worldwide volume. Refineries dominated the sources market in 2013. They made up for nearly 45 percent of the liquefied petroleum gas market.
Asia Pacific leaded the market in 2013. It captured about 36 percent of the entire market that year. Alongside being the biggest liquefied petroleum gas market, the region is also anticipated to grow at the fastest pace through the forecast period.
Information Source: Grand View Research