Global Liquefied Petroleum Gas (LPG) Market: Residential and Commercial Segment to Remain Key Contributors, Says TMR
Transparency Market Research has published a new report "Liquefied Petroleum Gas (LPG) Market (Source - Refinery, Associated Gas, and Non-Associated Gas; End User - Residential/Commercial, Petrochemical and Refinery, Industrial, and Transportation) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" to its report store.
Albany, NY -- (SBWire) -- 12/08/2016 --The global liquefied petroleum gas (LPG) market is extremely fragmented with a large number of players operating in it, states a research study by Transparency Market Research (TMR). The growing number of players entering the global liquefied petroleum gas market is likely to strengthen the competition in the next few years. In 2013, the leading players in the market, namely CNPC, Sinopec, Royal Dutch Shell, ExxonMobil, BP plc, and Valero Energy collectively held a share of 20% of the global liquefied petroleum gas market. These players are emphasizing on branding and market positioning in order to attain a dominant position in the overall market. In addition, the increasing number of mergers and acquisitions for the expansion of retailing and distribution is anticipated to contribute towards the market's growth in the next few years.
As per the research study by TMR, in 2015, the global liquefied petroleum gas market in terms of consumption was worth US$259.2 bn and is likely to reach a value of US$299.1 bn by 2020. This market is anticipated to register a steady 3.40% CAGR between 2014 and 2020.
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Asia Pacific to Maintain Dominance in Terms of Liquefied Petroleum Gas Consumption
From a geographical lookout, Asia Pacific is expected to lead the global liquefied petroleum gas market on the basis of consumption and account for a share of 36.90% by the end of 2020. This scenario is expected to remain similar throughout the forecast period, states a TMR analyst. High growth of this region can be contributed to the significant contribution from India and China. In addition, the growing consumption of liquefied petroleum gas in commercial and residential sectors is anticipated to encourage the growth of the liquefied petroleum gas market in Asia Pacific.
On the basis of end use, the residential and commercial segment is anticipated to lead the global liquefied petroleum gas market in the next few years. This segment is likely to hold a share of 63.60% by the end of 2020, owing to its primary use as a cooking fuel. In addition, governments in several emerging economies are offering subsidiaries for liquefied petroleum gas as a cooking fuel, owing to which this segment is estimated to witness robust growth throughout the forecast period.
Growing Demand for Autogas to Supplement Market Growth
The growing demand for automotive liquefied petroleum gas (autogas) across the globe is one of the key factors estimated to encourage the growth of the global liquefied petroleum gas market in the next few years. In addition, the environmental benefits offered by autogas and favorable legislative policies for using autogas are some of the other factors driving the demand for liquefied petroleum gas worldwide.
Furthermore, the rising demand for liquefied petroleum gas in several developing economies for meeting lighting and cooking requirements is estimated to augment market's growth in the next few years, says a TMR analyst.
Fluctuating Crude Oil Prices to Restrict Market Growth
The leading players in the global liquefied petroleum gas market; however, are facing several challenges in the market due to the volatility in crude oil prices. These raw material fluctuations result in an uncertainty of liquefied petroleum gas price, which is expected to hamper the growth of the market. Nevertheless, the possibility of Shale gas production in Latin America and Asia Pacific region and the expansion of Panama Canal boosting trade opportunities are anticipated to accelerate the growth of the market in the coming years.
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This information is based on the findings of a research report published by Transparency Market Research (TMR), titled "Liquefied Petroleum Gas (LPG) Market ( - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2020."
The global liquefied petroleum gas market has been segmented as below:
Global Liquefied Petroleum Gas Market, by Source
Global Liquefied Petroleum Gas Market, by End Use
Petrochemical and Refinery
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