This report provides exclusive insights into the COVID-19 impact on the LPG Petroleum Gas Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the LPG Petroleum Gas Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of LPG Petroleum Gas Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on LPG petroleum gas market provides an in-depth analysis of segments and sub-segments in global as well as regional LPG petroleum gas market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional LPG petroleum gas market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global LPG petroleum gas market. According to the report, the global LPG petroleum gas market is projected to grow at a CAGR of 3.1% over the forecast period of 2018-2024.
LPG petroleum gas is popularly known, as cooking gas. It is a mixture of hydrocarbon that is in the gaseous state at normal temperature but can be liquefied at moderate pressure and can be stored in cylinders as a liquid under pressure. There are a number of gases that fall under the “LPG” that includes propane, butane (n-butane) and isobutene (i-butane). LPG is frequently used for fuel in heating, cooking, and vehicles, as well as for refrigerants, aerosol propellants, and petrochemical feedstock. LPG is highly inflammable and must, therefore, be stored away from sources of ignition and in a well-ventilated area, so that any leak can disappear safely. LPG storage depots may consist of very large storage spheres, known as Horton Spheres. However, at the time of production, mercaptan is a chemical compound added to it to give familiar foul smell for easy detection of gas in case of leakage. The main advantage of LPG petroleum gas is, it reduces the interior air pollution by 90% in comparison to traditional ways of burning biomass. Since LPG is almost twice the weight of air and it tends to settle down at floor level, particularly in depressions. Hence, care has to be taken in placing the gas installations in the house. Also, the fact that one cc. of liquid LPG multiplies into about 270 cc. of gaseous LPG and helps it to spread very rapidly in the atmosphere.
Rising consumption of autogas has resulted in increased adoption of LPG which is driving the growth of the LPG petroleum gas market. Favorable government initiatives and subsidies to promote the petroleum product as the major alternative fuel to conventional counterparts including coal and wood fuel are boosting the market growth. However, improper use and lack of maintenance of LPG cylinders lead to accidents are the factors likely to restrain the growth of the LPG petroleum gas market. Furthermore, advancements in technologies in improving the energy efficiency of the existing equipment along with initiatives taken by the government to educate the suburban and rural populations regarding the benefits of LPG are projected to provide several growth opportunities for the key players in the LPG petroleum gas market over the years to come.
Among the Geographies, Asia-Pacific held the largest demand due to high population base and expanding population abundant resource availability coupled with easy affordability owing to the presence of government subsidies on cylinders. Moreover, North America and Europe are anticipated to witness sluggish growth owing to the increasing consumer awareness towards reducing reliance on fossil fuels to gain the overall carbon credits. In addition, within the U.S., the extra production of LPG will be routed to the region of Latin America in the coming years owing to the rising demand from the commercial and domestic sectors.
The report on global LPG petroleum gas market covers segments such as source and application. On the basis of source, the global LPG petroleum gas market is categorized into the refinery, associated gas and non-associated gas. On the basis of application, the global LPG petroleum gas market is categorized into residential, chemical, industrial, transportation and commercial.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024
The report provides profiles of the companies in the global LPG petroleum gas market such as SHV Energy N.V., Repsol S.A., Copagaz Distribuidora de Gas Ltda, China Gas Holdings Limited, Kleenheat Gas Pty Limited, Origin Energy, UGI Corporation, Royal Dutch Shell plc, Exxon Mobil Corporation, and British Petroleum Plc.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global LPG petroleum gas market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of LPG petroleum gas market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the LPG petroleum gas market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the LPG petroleum gas market to understand the present and future trends in this market and formulate their strategies accordingly.