The Global Liquefied Petroleum Gas Market was valued at $236.8 billion in 2014 and is estimated to grow to $288.7 billion by 2019, at a CAGR of 4.0% from 2014 to 2019.
Browse through the TOC of global liquefied petroleum gas market for an in-depth analysis of the industry trends and segments, with help of various tables and figures.
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The global liquefied petroleum gas market is classified into source, application, and region. The sources of LPG are refineries, non-associated gases, and associated gases. The major applications of LPG discussed in the report are residential/commercial, chemical, industrial, and auto gas, among others. The geographical analysis of the global LPG market has been on the basis of the major regions, such as North America, Eurasia, Asia-Pacific, Middle East & Africa, and Latin America.
The growing demand for cleaner fuel sources, energy-efficiency, and lower carbon emissions are significant factors driving the growth of the global liquefied petroleum gas market. On the other hand, factors such as high cost of LPG distribution, potential risk of explosion, and inconsistent LPG prices may restrict the market growth in the coming years. However, the increasing governmental promotions for the use of LPG offers new growth opportunities for LPG market players.
In 2014, Asia-Pacific held the largest share with 32.7% of the global liquid petroleum gas market, followed by North America with 24.6%. The residential/commercial application of LPG is estimated to grow at the fastest CAGR of 3.6% during the forecast period of 2014 to 2019, which is simultaneously followed by the auto gas segment. Among the sources of LPG, the refineries segment is expected to account for a major market share, whereas the non-associated source is expected to grow at the fastest CAGR during the given forecast period.
Gazprom (Russia), PetroChina Co. Ltd. (China), Sinopec (China), Saudi Aramco (Saudi Arabia), Royal Dutch Shell plc (Netherlands), Petronas (Malaysia), Exxon Mobil Corp. (U.S.), BP plc (U.K.), Petron Corp. (Philippine), and Phillips 66 (U.S.) are considered as the major players to have contributed in the growth of the global liquid petroleum gas market.
The Latin America Liquefied Petroleum Gas Market is segmented on the basis of sources includes associated gases, non-associated gases, and refineries. Associated gases are related to crude oil extraction, while non-associated gases are independent of crude oil. The market research report offers a comprehensive overview of market share, value chain analysis, and other market dynamics, including drivers, restraints, and upcoming opportunities.
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