Increase in demand for LPG from various applications such as commercial, residential, and industrial along with supportive government initiatives to encourage the commercialization of LPG drive the growth of the global liquefied petroleum gas market. During the Covid-19 pandemic, manufacturing and processing activities in the oil & gas sector were hampered due to lockdown restrictions, lack of workforce, and shortage of raw materials.
Portland, OR, Oct. 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global liquefied petroleum gas market generated $130.1 billion in 2020, and is projected to reach $243.4 billion by 2030, witnessing a CAGR of 6.5% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in demand for LPG from various applications such as commercial, residential, and industrial along with supportive government initiatives to encourage the commercialization of LPG drive the growth of the global liquefied petroleum gas market. However, high installation cost of refineries and rapid development of the renewable energy sector restrain the market growth. On the other hand, surge in investments toward oil & gas exploration and production activities create new opportunities in the coming years.
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Manufacturing and processing activities in the oil & gas sector were hampered due to lockdown restrictions, lack of workforce, and shortage of raw materials. Moreover, ban on import and export activities created a supply-demand gap for liquefied petroleum gas.
Owing to disruptions in the industrial, transportation, and commercial sectors due to lockdown, the demand for liquefied petroleum gas reduced considerably. However, the demand is expected to recover post-lockdown.
Manufacturing and processing activities would get back on track as lockdown restrictions are lifted off and the supply chain is restored.
The report offers detailed segmentation of the global liquefied petroleum gas market based on source, application, and region.
Based on source, the non-associated gas segment accounted for the highest share in 2020, contributing to more than half of the total share, and is expected to continue its lead position throughout the forecast period. However, the associated gas segment is projected to witness the highest CAGR of 7.0% from 2021 to 2030.
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Based on application, the residential segment contributed to the highest share in 2020, accounting for nearly two-fifths of the total share of the global liquefied petroleum gas market, and is projected to continue its leadership status during the forecast period. However, the industrial segment is estimated to register the highest CAGR of 8.4% from 2021 to 2030.
Based on region, LAMEA held the highest share in 2020, contributing to more than one-third of the total market share, and is estimated to continue its leadership status by 2030. However, Europe is expected to portray the largest CAGR of 7.5% during the forecast period.
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Leading players of the global liquefied petroleum gas market analyzed in the research include Saudi Arabian Oil Co., Chevron Corporation, China Gas Holdings Ltd., FLAGA GmbH, Bharat Petroleum Corporation Limited (BPCL), Kleenheat, Repsol, Reliance Industries Limited, Total SE, and Exxon Mobil Corporation.
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