According to the latest report by IMARC Group, titled “ Liquefied Petroleum Gas (LPG) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 ,” offers a comprehensive analysis of the industry, which comprises insights on the global energy harvesting system market share . The global liquefied petroleum gas (LPG) market size reached US$ 128.4 Billion in 2021 . Looking forward, IMARC Group expects the market to reach US$164.4 Billion by 2027, exhibiting a CAGR of 3.8% during 2022-2027.
Liquefied petroleum gas (LPG) is an odorless, colorless, flammable gas, which is formulated with a blend of butane, ethane, ethylene, propane, and volatile hydrocarbons. It is extensively deployed in automobiles, centralized heating solutions, chemical feedstock, and hot water systems. The LPG gasses are also utilized as a vaporized charge and refrigerant for supplanting chlorofluorocarbons (CFCs) in order to protect the ozone layer.
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Global Liquefied Petroleum Gas (LPG) Market Trends:
Rising environmental consciousness represents one of the primary factors driving the global market growth. In line with this, LPG is used as an effective alternative to fossil fuels, which is contributing to its widespread utilization across industries. Additionally, significant growth in the automotive industry is creating a positive outlook for the market. Since LPG is used as an autogas in the automotive industry for reducing carbon emissions, this is acting as a major growth-inducing factor. Other factors, such as the implementation of various government initiatives to promote the usage of LPG, are driving the market toward further growth.
Global Liquefied Petroleum Gas (LPG) Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
The report has segmented the market on the basis on region, source, application and supply mode.
Breakup by Source:
Breakup by Application:
Breakup by Supply Mode:
Breakup by Region:
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