September 19, 2022 10:10 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Liquefied Petroleum Gas Market finds that the increased use of Liquefied Petroleum Gas Market in transport is expediting market growth. In addition, increasing awareness relating to the benefits associated with the usage of Liquefied Petroleum Gas Market as an alternative to fossil fuels is likely to expand the growth of the Global Liquefied Petroleum Gas Market during the forecast period. The Global Market revenue was valued at USD 134.2 Billion in 2021.
The Global Liquefied Petroleum Gas Market size is forecast to reach USD 177.7 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period; states Vantage Market Research, in a report, titled “Liquefied Petroleum Gas Market Size, Share & Trends Analysis Report by Source (Refinery, Associated Gas, Non-Associated Gas), by Applications (Residential, Commercial, Agriculture, Industrial, Transportation, Other Applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
List of Prominent Players in Liquefied Petroleum Gas Market:
Rise in Usage of Liquefied Petroleum Gas Market in Transportation to Drive the Market Growth
The Liquefied Petroleum Gas Market is utilized as the automotive transport fuel, where auto gas is the most extensively used non-blended substitute to conventional oil-based transport fuels, diesel, and gasoline in terms of its fleet size. Therefore, auto gas is the other name for automotive Liquefied Petroleum Gas Market. In addition, during the past decades, the use of auto gas has gradually augmented worldwide, reaching the new level of 27.1 million tonnes in 2019, with an upsurge of 1 percent over the previous year. Besides, the escalating government initiatives and support for adopting Liquefied Petroleum Gas Market to facilitate market development. Also, the growing adoption level of clean and green energy sources and technological aspects fuel market growth. Moreover, several vital participants will likely chase opportunities in this market, supplying the demand for Liquefied Petroleum Gas Market across emerging economies. As a result, all these aspects will likely increase the need for this gas during the forecast time.
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The COVID-19 outbreak has affected various industries worldwide and the Global Liquefied Petroleum Gas Market is not an exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Liquefied Petroleum Gas Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Liquefied Petroleum Gas Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Liquefied Petroleum Gas Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Liquefied Petroleum Gas Market has considered the impact of COVID-19 on the Liquefied Petroleum Gas Market globally and the subsidiaries for the Liquefied Petroleum Gas Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Liquefied Petroleum Gas Market industry for all the regions and countries based on the following data points:
1. Impact Assessment of COVID-19 Pandemic
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
The report on Liquefied Petroleum Gas Market highlights:
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Europe Dominated the Global Liquefied Petroleum Gas Market
Europe dominated the Global Liquefied Petroleum Gas Market and will continue to dominate during the forecast period. This dominance is attributable to the high population, rise in energy necessities, plenty of resource availability, and easy affordability because of government subsidies on Liquefied Petroleum Gas Market cylinders in the region. Also, the chemical sector has been showing great augmentation recently in this region. Moreover, the surge in petrochemical facilities across emerging regions such as China, India, Japan, South Korea, and Thailand is likely to drive regional market growth. In the coming years, the expansion in urbanization and modernization in this region will propel the demand for Liquefied Petroleum Gas Market in Europe.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Liquefied Petroleum Gas Market Size, Share & Trends Analysis Report by Source (Refinery, Associated Gas, Non-Associated Gas), by Applications (Residential, Commercial, Agriculture, Industrial, Transportation, Other Applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
March 2021: Abu Dhabi National Oil Company (ADNOC), the State-owned oil company of the United Arab Emirates, signed the agreement to provide Indonesian national oil company Pertamina with Liquefied Petroleum Gas Market and sulfur in a four-year deal worth about USD 2 billion. As part of the Indonesia-Emirates Amazing Week 2021, the Liquefied Petroleum Gas Market and sulfur sales contract will last for 4years with an annual contract value of about USD 500 million.
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