Liquefied Petroleum Gas Market Share, Size, Analysis, Growth, Industry Statistics and Forecast 2030

Category: Business

The global liquefied petroleum gas market was valued at ~US$ 185 Bn in 2019 and is anticipated to expand at a CAGR of ~5% during the forecast period. Among sources, the refinery segment dominated the global liquefied petroleum gas market in 2019, as refineries is a major source of liquefied petroleum gas worldwide. Moreover, investments in oil and gas refineries are rising so as to meet the increasing demand. Based on end user, the residential/commercial segment accounted for a dominant share of the global liquefied petroleum gas market in 2019. This can be primarily ascribed to increase in urbanization and modernization. The traditional use of solid fuel for cooking is reducing. The liquefied petroleum gas market in Asia Pacific is estimated to expand at a substantial pace during the forecast period, owing to high investments in the oil & gas industry and establishment of numerous offshore exploration facilities in the region.