Liquefied Petroleum Gas Market To Hit Value 4.49 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on September 11th, 2023 San Francisco, 11 September 2023: The ReportLiquefied Petroleum Gas Market Size, Share & Trends Analysis Report By Source (Associated Gas), By Application (Chemical, Industrial, Autogas), By Region, And Segment Forecasts, 2023 - 2030 The global liquefied petroleum gas market size is expected to reach USD 154.49 billion by 2030, registering a CAGR of 3.7% according to a new report by Grand View Research, Inc. Growing demand for liquefied petroleum gas (LPG) from emerging countries is projected to drive the global market during the estimated period. Urbanization and industrialization have increased expressively across the world over the past few years. The flow of investments has changed from developed countries toward emerging countries owing to the low costs of labor and infrastructure. Increasing prices of fuel and growing environmental concerns have upturned the countries’ attention towards LPG to be used as an alternative fuel, which is the main factor propelling the market growth. Some of the key government mandates such as Federal Emission Standards, and the California Air Resources Board Zero Emission Vehicle Mandate are turning the automotive industry towards more advanced technologies so as to reduce carbon emission and achieve fuel economy, which will directly increase the demand for LPG across the market. Demand for LPG is anticipated to observe significant growth over the projected period on account of its numerous benefits, such as low cost, low-carbon emissions, and operational benefits. LPG is emerging as a striking option for the commercial sector, combined with low-carbon technologies and renewables to assimilate a reliable year with round the clock power supply with less carbon emissions. The residential/commercial application segment accounted for a substantial share in 2023 and is estimated to witness significant growth in the next seven years. High demand for LPG as a heating fuel and for cooking purpose in the commercial as well as residential segments has been the major factor increasing its penetration in the sector. The liquefied petroleum gas (LPG) market in the Asia Pacific conquered the global consumption and accounted for over 28.0% share of the total volume in 2023. The Asia Pacific is anticipated to witness significant growth during the forecast period. Increasing consumption of liquefied petroleum gas for domestic usage purposes, such as cooking fuel, coupled with initiatives taken by the government, mainly in India, China, and Indonesia, is projected to propel LPG demand across the region. Request sample report of Liquefied Petroleum Gas Market@https://www.grandviewresearch.com/industry-analysis/liquefied-petroleum-gas-industry/request/rs1 Growing awareness about the benefits correlated to the usage of LPG to substitute fossil fuels and the rising adoption of clean and green energy sources across developed and developing countries are some of the factors likely to boost the LPG market’s growth. Additionally, technological aspects coupled with the growing number of initiatives taken by governments to educate the rural people to substitute LPG with traditional cooking fuels such as kerosene, wood, and coal which is likely to play a vital role in the industry’s growth. Liquefied Petroleum Gas Market Report Highlights
LPG has appeared as one of the key fuel sources in commercial and residential segments for heating and cooking applications substituting conventional fuel sources such as wood and coal. However, it could be ascribed to the many benefits such as easy accessibility, non-toxic, clean, convenient, portable, and cost-efficient as compared to other fuels such as wood and coal.The abrupt onset of the COVID-19 pandemic caused a decrease in demand for liquefied petroleum gas in the commercial sector. However, the increase in demand owing to the rise in consumption of LPG for cooking due the situations like lockdowns contributed to the demand. Moreover, the usage of liquefied petroleum gas across industrial, commercial, and transportation is projected to create demand across the region. Liquefied Petroleum Gas Market Report Scope
List of Key Players of Liquefied Petroleum Gas Market
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