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Global LPG Market to Reach 354.06 Million Metric Tons by 2026, Aided by the Growing Adoption of the Product

According to a new report by EMR titled, ‘Global LPG Market Report and Forecast 2021-2026’, the global market for LPG attained a volume of about 325.44 million metric tons in 2020. The industry is further expected to grow at a CAGR of 1.7% in the forecast period of 2021-2026 to reach a volume of 354.06 million metric tons by 2026.

Europe and North America are the key markets for liquified petroleum gas. Several efforts put in by governments across the globe to promote LPG to reduce carbon footprint are driving the LPG industry and is expected to continue support the market growth in the coming yeasr. LPG also provides economic benefits to the consumers owing to its lower costs and better efficiency.

The demand for LPG fuels has dipped owing to the COVID-19 epidemic. The leading manufacturers in the LPG industry are tackling this by employing AI technology and data analytics to drive logistics, increase efficiencies, and lower costs. Total S.E (OTCMKTS: TTFNF) and Indian Oil Corporation Ltd (NSE: IOC), announced the joint venture in LPG and fuel additive businesses. In 2020, Chevron Corporation (NYSE: CVX) announced the acquisition of Noble Energy, Inc. (NASDAQ: NBL). This move is expected to strengthen its position in the energy industry. Phillips 66 (NYSE: PSX), Exxon Mobil Corporation (NYSE: XOM), and BP plc (LON: BP) are also some of the notable key players in the global LPG industry.

Market Analysis by Source, Application, Distribution Channel, and Region:

  • The market based on the source can be divided into refinery and gas processing.
  • The market can be broadly categorised based on its applications into residential, petrochemical, industrial, transport, and commercial, among others.
  • The distribution channels for LPG include institutional and retail.
  • The regional markets for LPG include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing environmental concerns and efforts to reduce carbon emissions are driving the LPG industry globally.
  • The growing consumption of LPG in the automobiles industry is fuelling its demand.
  • The growing petrochemical industry is boosting the demand for liquified petroleum gas.
  • Population growth across the world and the subsequent necessity for fuel is further aiding the market.
  • Furthermore, the utilisation of LPG for domestic applications is also aiding the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for LPG for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the sources, applications, distribution channels, and regions of LPG.
  • It assesses the regional price trends for the (2016-2020) and (2021-2026) periods. 
  • The market report also analyses the trade data by covering the major importing and exporting countries. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global LPG market are BP Plc, Exxon Mobil Corporation, Chevron Corporation, Phillips 66 Company, China Petroleum & Chemical Corporation, Total S.A., DCC Plc, and Bharat Petroleum Corporation Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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