Transparency Market Research, New York: The global liquefied petroleum gas market was valued at ~US$ 185 Bn in 2019 and is anticipated to expand at a CAGR of ~5% during the forecast period. Among sources, the refinery segment dominated the global liquefied petroleum gas market in 2019, as refineries is a major source of liquefied petroleum gas worldwide. Moreover, investments in oil and gas refineries are rising so as to meet the increasing demand. Based on end user, the residential/commercial segment accounted for a dominant share of the global liquefied petroleum gas market in 2019. This can be primarily ascribed to increase in urbanization and modernization. The traditional use of solid fuel for cooking is reducing. The liquefied petroleum gas market in Asia Pacific is estimated to expand at a substantial pace during the forecast period, owing to high investments in the oil & gas industry and establishment of numerous offshore exploration facilities in the region.
Request for Covid-19 Impact Analysis on Liquefied Petroleum Gas Market: https://www.transparencymarketresearch.com/Covid19.php
Key Drivers of Liquefied Petroleum Gas Market
Increasing demand for liquefied petroleum gas from developing countries is estimated to boost the global liquefied petroleum gas market during the forecast period. Industrialization and urbanization have increased significantly across the globe over the last few years. However, the flow of investments has shifted from developed nations toward developing countries, due to lower costs of infrastructure and labor. Environmental rules and regulations in developing countries are also not stringent. This provides an added advantage to market players. Increase in investments in industrialization and urbanization has led to rise in household income as well as disposable income of the middle class. This has resulted in rise in the adoption of liquefied petroleum gas in residential and transportation sectors.
Download PDF Brochure – https://www.transparencymarketresearch.com/sample/sample.php
The increase in awareness about environment-related issues and implementation of stringent rules and regulations by government regulatory authorities have compelled companies to look for green solutions. Recently, liquefied petroleum gas has been increasingly used as a substitute for gasoline and diesel. Liquefied petroleum gas is a clean fuel. The use of liquefied petroleum gas offers a cost-effective solution to companies. Thus, rise in the demand for liquefied petroleum gas in developing countries, such as China, India, Indonesia, Brazil, Mexico, and Nigeria, for cooking, transportation, and various other industrial uses is projected to drive the liquefied petroleum gas market in these countries during the forecast period.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/491
Asia Pacific Offers Lucrative Opportunities to Liquefied Petroleum Gas Market
Asia Pacific is anticipated to be a highly attractive region of the global liquefied petroleum gas market during the forecast period. The market in Asia Pacific is estimated to expand at a significant pace between 2020 and 2030, as the oil & gas industry in the region is booming led by rising population. The demand for oil & gas is rising especially in China, India, and Japan. Furthermore, investments in the modernization and urbanization in the region are rising. This, in turn, is estimated to drive the demand for liquefied petroleum gas in Asia Pacific during the forecast period.
Purchase Premium Research Report on Liquefied Petroleum Gas Market @ https://www.transparencymarketresearch.com/checkout.php
Major Developments in Liquefied Petroleum Gas Market
In June 2019, ExxonMobil Corporation expanded its Singapore refinery to upgrade production and strengthen the supply of LNG in order to meet the rising demand. In May 2019, ExxonMobil Corporation announced its plans to invest US$ 2 Bn in the expansion of its manufacturing facility in Baytown, Texas, the U.S. The expansion would help create 2,000 new jobs and increase the company’s production capacity.
Competition Landscape of Liquefied Petroleum Gas Market
The global liquefied petroleum gas market is moderately fragmented. Various international as well local players hold a major share of the global liquefied petroleum gas market. Major players operating in the global liquefied petroleum gas market are British Petroleum plc, ExxonMobil Corporation, Royal Dutch Shell plc, UGI Corporation, Kleenheat Gas Pty Limited, China Gas Holdings Limited, Copagaz Distribuidora De Gas Ltda, Repsol S.A, Origin Energy, and SHV Energy N.V.
Browse More Press Releases: https://www.transparencymarketresearch.com/press-releases.htm
Global Liquefied Petroleum Gas Market: Segmentation
Liquefied Petroleum Gas Market, by Technology
Liquefied Petroleum Gas Market, by Application
Liquefied Petroleum Gas Market, by Region
Browse Latest Reports by TMR: https://www.transparencymarketresearch.com/latest.htm
Explore Transparency Market Research’s award-winning coverage of the global Energy & Natural Resources Industry,
Solar Control Films Market – The global solar control films market is already a multimillion-dollar market globally. In the next few years, it is expected that this market will cross the billion-dollar mark. The key trends that will usher in a new phase for the global solar control film market are the spiraling interest in green buildings and a wider acceptance of energy efficiency standards. However, it is the automotive sector that will lend the greatest support to the growth of the global solar control film market. With the sales of vehicles growing by leaps and bounds across the world, especially in emerging countries that are racing toward urbanization, solar control film makers have lucrative opportunities to profit from.
Gas Turbine Services Market – The global gas turbine services market is divided on the basis of type of gas turbine into heavy duty gas turbine and aero derivatives. Currently, heavy duty type gas turbine is the leading segment owing to increase in the number of large gas fired plants. The industry can be further divided by rated capacity turbines are segmented into 1 to 40 MW, 40 to 120 MW, 120 to 300 MW, and above 300 MW. In terms of service, gas turbine services market is segmented into maintenance, repair and overhaul. Gas turbine services market is segmented on the basis of end user applications as original equipment manufacturer and non-original equipment manufacturer and in terms of applications, it is segmented as oil and gas, power generation and other industries.
Weather Forecasting Services Market – Increasing incidence of natural disasters due to undesired climatic changes and subsequent security concerns are propelling the weather forecasting services market. Advanced and reliable weather forecasting achieved within the stipulated time can lead to significant cost savings and also help with protection against catastrophes and natural disasters. Weather forecasting services are based on complex models due to which the industry requires trained meteorologists and geologist to operate the weather forecasting systems. Therefore, a dearth of trained workforce may hamper the market. However, technological advancements in computing system such as advanced data analytics, model development and machine learning tools and techniques are likely to provide new opportunities to players involved in weather forecasting services.
Carbon Dioxide Enhanced Oil Recovery Market – Carbon dioxide enhanced oil recovery has been widely adopted in North America for a long period of time as a method of obtaining oil from mature reserves. Hence, the market for carbon dioxide enhanced oil recovery in this region is expected to witness rapid development in the next few years. Middle East & Africa offers excellent potential for this market due to the multitude of oil reserves present in the region as well as the various mature oil wells that are yet to be explored. The market for carbon dioxide enhanced oil recovery in Asia Pacific is in its developmental stages and this technique is yet to be adopted on a full-fledged basis by a majority of the countries here. Europe is home to a reasonable number of oil reserves which is predicted to lead to the expansion of the carbon dioxide enhanced oil recovery market here in the future. However, the market in Latin America is likely to advance at a comparatively sluggish pace due to the limited oil reserves and thereby, scope of application in the region.
Explore More Upcoming Reports: https://www.transparencymarketresearch.com/upcoming.htm
About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Mr. Rohit Bhisey
Transparency Market Research
90 State Street,
Albany NY – 12207
USA – Canada Toll Free: 866-552-3453