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efied petroleum gas (LPG) marketis expected to reach USD 147.76 billion by 2024, according to a new report by Grand View Research, Inc. Increasing government initiatives to promote the use of LPG as an auto fuel especially in emerging economies is expected to boost the global market. Also, on account of various benefits offered by the product Tremaine Edmunds Jersey , such as low-carbon emissions, low cost, and operational benefits, its demand is expected to witness significant growth over the forecast period.
Liquefied petroleum gas is increasing as an attractive option for commercial properties combined with renewable and low-carbon technologies to integrate a reliable year-round power supply with carbon savings.
Refinery was the biggest source of LPG and accounted for over 40% of the total volume in 2015 and is expected to exceed a total volume of 165 million tons by 2024. The source of the fuel varies with area, for instance, the majority of the product demand in North America is derived mostly from natural gas processing Josh Allen Jersey , whereas Asia Pacific is dependent on refineries for its production. LPG produced from non-associated gas is expected to show significant growth over the forecast period due to increase in shale gas resources specifically in the U.S. and China.
Access Research Report of LPG Market@ Further key findings from the report suggest:
The global liquefied petroleum gas (LPG) market demand was 278 million tons in 2015 and is expected to exceed 380 million tons by 2024, growing at a CAGR of 3.6% from 2016 to 2024Non-associated gas reserves are expected to witness the fastest growth over the forecast period in terms of market volume. The segment is expected to reach a total demand exceeding 118 million tons by 2024.Residential & commercial application segment was valued over USD 55 billion in 2015 and is estimated to witness the fastest growth in next eight years. High demand as a chief cooking and heating fuel in residential as well as commercial sectors has been the major factor responsible for market penetration in the segment.Auto fuel accounted for over 10% of the global LPG demand in 2015 and is anticipated to reach a total volume exceeding 30 million tons by 2024, growing at an estimated CAGR of 3.6% from 2016 to 2024Asia Pacific liquefied petroleum gas market dominated the global consumption and accounted for over 33% of the total volume in 2015. Asia Pacific is anticipated to witness a high CAGR of over 4.9% during the forecast period. Increasing consumption of LPG in domestic usage such as cooking fuel coupled with government initiatives mainly in China, India, and Indonesia is expected to boost LPG demand in the region.Key industry participants in operating in the global LPG market include Aygaz AS, Bayegan Jim Kelly Jersey , China Gas Holdings Ltd., Chevron, Sinopec, ExxonMobil, Oman Oil Company, Petredec LPG Custom Buffalo Bills Jerseys , Phillips 66, Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation Ltd. Browse more reports of this category by Grand View Research at:� Grand View Research has segmented the global liquefied petroleum gas (LPG) market on the basis of source, application and region:
Global LPG Source Outlook (Volume, Million Tons; Revenue, USD Billion Throwback Buffalo Bills Jerseys , 2014 –�2024)
RefineryAssociated GasNon-associated Gas Global LPG Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 –�2024)
ResidentialCommercialChemicalIndustrialAuto FuelRefineryOthers Global LPG Regional Outlook (Volume, Million Tons; Revenue, USD Billion Authentic Buffalo Bills Jerseys , 2014 –�2024)
North AmericaEuropeAsia PacificCentral & South AmericaMiddle East & Africa Access Press Release of LPG Marke About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. Thempany provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries Buffalo Bills Jerseys For Sale , from technology to chemicals, materials and healthcare.
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