LPG stands for liquefied petroleum gas, like fossil fuels, it is derived from crude oil and natural gas, LPG is composed of hydrocarbons containing three or four carbon atoms. The common components of liquefied petroleum gas are propane (C3H8) and butane (C4H10), small concentrations of other hydrocarbons may also be present, propane and butane are chemically very similar but small differences in their properties mean that they are particularly suited for specific uses.

The global demand for energy continues to rise, driven by population growth, urbanization, and economic development. LPG serves as a versatile and readily available source of energy, meeting the energy needs of residential, commercial, and industrial sectors. The growing demand for LPG as a cleaner and more efficient fuel option is driving its rapid growth.

The report “Liquefied Petroleum Gas Market, By Source (Natural Gas Liquid, Refinery, Associated Gas and Non-associated Gas) By Application (Residential, Commercial, Agriculture, Industrial, Transportation and Others) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032" 

Key Highlights:

• In August 2021, Prime Minister Narendra Modi launched Ujjwala 2.0 which is the second phase of the Pradhan Mantri Ujjwala Yojana by handing over liquefied petroleum gas (LPG) connections in Uttar Pradesh’s Mahoba city through video conferencing. The Prime Minister virtually handed out free gas connections to about 10 women and Uttar Pradesh’s chief minister Yogi Adityanath handed over the documents to the women on behalf of the PM.
• In October 2021, The Indian Oil Corporation (IOC) launched ‘Indane composite cylinders’ of liquefied petroleum gas (LPG) in Pune, claiming that they are lighter than conventional cylinders and helps customers to know the level of gas in advance. Although the cylinders have been introduced in a number of places, Pune marks Maharashtra's debut. Because of the translucent body's ability to correctly monitor the LPG level against light and confirm the amount of LPG delivered, the cylinders will make it easy for customers to schedule their next refill.

Analyst View:

The growing concern over climate change and air pollution is leading to stricter environmental regulations. LPG, being a cleaner-burning fuel with lower emissions compared to other fossil fuels, is well-positioned to meet these regulatory requirements. The market is expected to benefit from the increasing focus on sustainability and the adoption of cleaner energy sources. LPG, as a versatile and accessible energy source, is likely to experience increased demand, particularly in regions where natural gas infrastructure is limited.

 Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Liquefied Petroleum Gas Market, By Source (Natural Gas Liquid, Refinery, Associated Gas and Non-associated Gas) By Application (Residential, Commercial, Agriculture, Industrial, Transportation and Others) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”

Key Market Insights from the report:

Liquefied Petroleum Gas Market accounted for US$ 166.35 billion in 2022 and is estimated to be US$ 288.0 billion by 2032 and is anticipated to register a CAGR of 7.4%. The Liquefied Petroleum Gas Market is segmented based on Type, Process, Application and Region.

• Based on Source, Liquefied Petroleum Gas Market is segmented into Natural Gas Liquid, Refinery, Associated Gas and Non-associated Gas
• Based on Application, Liquefied Petroleum Gas Market is segmented into Residential, Commercial, Agriculture, Industrial, Transportation and Others
• By Region, the Liquefied Petroleum Gas Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Liquefied Petroleum Gas Market:

The prominent players operating in the Liquefied Petroleum Gas Market includes, Exxon Mobil Corporation, Chevron Corporation, Bharat Petroleum Corporation Limited, Reliance Industries Limited, Phillips 66 Company, Qatargas Operating Company Limited, BP Plc., China Petroleum and chemical corporation, Saudi Arabia Oil Company, Sinopec Shanghai Petrochemical Company.

To know more

Contact Us:

Sales

Prophecy Market Insights

U.S: 1 860 531 2574

RoW: 91 7775049802

Email- sales@prophecymarketinsights.com

Website- www.prophecymarketinsights.com

Blog- www.prophecyjournals.com