Liquified Petroleum Gas (LPG) Market to Grow at a CAGR of 3.38% during the forecast period 2022-2035

NEW YORK - Nov. 29, 2022 - PRLog -- According to ChemAnalyst report, "Global Liquified Petroleum Gas (LPG) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2035", Over the forecast period, the Liquified Petroleum Gas (LPG) market is expected to reach approximately 509 million tonnes in 2035 at a CAGR of 3.38%. The Liquified Petroleum Gas (LPG) market is expected to grow through the projected period to fulfil the rising demands from the Domestic, Industry, Transport, Refinery, Chemicals, and other end-use sectors.

Liquified Petroleum Gas (LPG) market is a flammable gas which is used as a fuel. It is a mixture of different carbon-based compounds like butene, propene, propane, and butane. It is extracted by drilling of oil and gas wells. It is often filled in cylinders operating under low pressure in domestic residences. It is used as fuel and frequently transported via pipelines. Because it contains no sulphur, it burns cleanly, making as an eco-friendly gas. Applications for it include the production of steam, cooking gas, ethylene production as a raw material, propellant gas for aerosols, outdoor barbecues, and portable warmers.

The Liquified Petroleum Gas (LPG) global market is driven by its excellent characteristics such as clean burning and easy to store and handle. Domestic sector is the primary driver for expanding the global Liquified Petroleum Gas (LPG) market. In 2021, the domestic sector accounted for more than 44% of the global Liquified Petroleum Gas (LPG) market and is expected to dominate the market in the forecast period. With the growing population, the LPG demand is expected to rise due to applications preparing food, heaters, and hot water systems. Its growing use in the Transport sector such as the internal combustion engines is expected to further push the demand of LPG.

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The Liquified Petroleum Gas (LPG) market is segregated based on end-use, sales channel, and region. Most of the Liquified Petroleum Gas (LPG) production companies are situated in Asia Pacific region. IRPC Refinery in Thailand is leading as the producer of LPG.

Major players functional in the IRPC Refinery, ExxonMobil, Indian Oil Corporation Limited, JXTG Nippon Oil & Energy, GASCO, Reliance Petroleum Limited, Bharat Petroleum Corporation Limited, Saudi Aramco., and others.