Liquefied petroleum gas (LPG) is a flammable mixture of hydrocarbon gases that is used as fuel in heating appliances, vehicles, aerosol propellant, refrigerant and cooking equipment etc. In terms of cost and environmental benefits, LPG is way ahead of conventional fuels such as coal and wood. In fact, the gas is considered a revolutionary fuel solution for various sectors, such as industries, residential, chemical, automotive and refinery. This is why LPG has a substantial market share in the residential and auto fuel sector, and the demand for LPG is expected to rise in the forecast period as well. Government initiatives to encourage the commercialization of LPG as cooking and auto fuel is the primary reason behind market growth. However, the volatility of crude oil prices is restricting market growth. The major players dominating the market are British Petroleum Plc, China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Chevron Corporation, China National Petroleum Corporation, Petroleum Nasional Bhd, Phillips 66, Royal Dutch Shell and Valero Energy. In 2013, Shell, South Gas Company and Mitsubishi Corporation entered into a joint venture to start a new company called Basrah Gas Company to produce LPG and other natural gases.
The global LPG market is segmented based on source, application and geography. Based on source, the market is further segmented into refineries, associated gas and non-associated gas. Based on application, the market is further segmented into commercial, chemical, industrial, auto fuel, refineries and other. Based on geography, the market is further segmented into Europe, North America, Asia Pacific and LAMEA.
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MARKET BY APPLICATIONS
MARKET BY GEOGRAPHY
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