Liquefied Petroleum Gas Market – Increase in Usage of LPG in Transportation and Growing Government Initiatives is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 4.8% from 2022 to 2028

Liquefied Petroleum Gas
  • Liquefied Petroleum Gas Market

As stated in our extensive report; the Global Liquefied Petroleum Gas Market accounted forUSD 134.2 Billionin the year 2021.

The increasing demand for Liquefied Petroleum Gas from various operations is propelling the growth of the Liquefied Petroleum Gas Market globally. The government initiative to use the Liquefied Petroleum Gas in place of conventional gases is expected to provide a lucrative opportunity for the Global Liquefied Petroleum Gas Market. The Liquefied Petroleum Gas is cost-effective and convenient, making it one of the most used gases for various applications such as air conditioning, heating, cooking, transportation, Olympic torch, and cigarette lighters.

The domestic supply of Liquefied Petroleum Gas is segmented to take one of the most significant shares of the Global Liquefied Petroleum Gas Market growth. The Liquefied Petroleum Gas is used by almost each household today. The government initiative for utilization of Liquefied Petroleum Gas in ruler areas has been proven very beneficial for the Liquefied Petroleum Gas Market. People started to use Liquefied Petroleum Gas instead of other cooking fuels such as kerosene, coal, and wood which led to increasing demand for Liquefied Petroleum Gas. And the increasing demand further leads to the Liquefied Petroleum Gas Market growth.

The infrastructure expansion is expected to raise the global demand for Liquefied Petroleum Gas. As a result, the utilization of Liquefied Petroleum Gas as an alternative for fossil fuels is expected to gain momentum in the Global Liquefied Petroleum Gas Market. Furthermore, the growing automotive industry and advancements in refining technology and natural gas extraction are expected to boost the Global Liquefied Petroleum Gas Market. Therefore, increasing utilization of Liquefied Petroleum Gas in the vehicle is estimated to grow the Liquefied Petroleum Gas in the forecasted period. In addition, the Liquefied Petroleum Gas Market is expected to grow globally owing to the increasing demand of Liquefied Petroleum Gas for various operations.

The Global Liquefied Petroleum Gas Market based on the region is divided into and the rest of the world. However, the has been dominating the Liquefied Petroleum Gas Market over the past few years and is expected to grow more in the future. Furthermore, the Liquefied Petroleum Gas Market is estimated to grow in the forecasted period owing to the increasing awareness of reducing carbon emissions. Therefore, the Liquefied Petroleum Gas is estimated to grow at an exponentially increasing compound annual growth rate in the region.

Some of the key and prominent players in the Global Liquefied Petroleum Gas Market include- Saudi Arabian Oil Co., China Gas Holdings Ltd., Chevron Corporation, Bharat Petroleum Corporation Limited, Flaga Gmbh, Repsol, Kleenheat, Total SE, Reliance Industries Limited, Exxon Mobil Corporation and others.