From
cars to cooking, life without liquefied petroleum gas (LPG) would
have been unimaginable to most of us. Cooking on stovetops has been
the most popular form of cooking meals since time immemorial. This
form of cooking is preferred by most of the countries around the
world. LPG is a reliable source of energy supply for many homes and
commercial enterprises. Chefs from across the globe also prefer
cooking with LPG as it provides immediate heat on ignition and does
not have a particular warming-up timeframe. LPG can also be
controlled with just a few changes in settings. To put it simply, LPG
has emerged as the most efficient fuel for cooking, among other
applications.
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Urbanization
Fuels the Global Liquefied Petroleum Gas Market
The
global LPG market also finds encouragement in government initiatives
that are aimed at bringing down levels of pollution by using LPG as a
primary fuel for cars. With a thriving automobile sector and
increasing car rental activities in various regions across the globe,
the worldwide LPG market is surely expanding by leaps and bounds.
Urbanization
is another factor that has led to the augmentation of the LPG market.
More and more people are moving to urban areas to access modern
amenities and the rural population is replacing biomass with LPG as
fuel for cooking. This trend, albeit beneficial in some parts of the
world, has created a huge challenge for developing economies such as
India. To cater to the growing demand for LPG for a huge population
base poses a Herculean task for the government. This proves that the
changing dynamics of the global liquefied petroleum gas market has
large-scale repercussions on the global economy.
Autogas
to Take the Global Liquefied Petroleum Gas Market by Storm
Some
of the important components of the end-user segment of the global
liquefied petroleum gas market are residential, commercial,
petrochemical and refinery, industrial, transportation, and others.
Out of these segments, autogas is expected to witness a great boom in
the coming few years. Autogas is LPG that is used as fuel for
transportation. With western countries adopting ways of curbing air
pollution, they are slowly replacing traditional fuels with LPG both
for big and small vehicles. The trend has been rapidly catching up in
European countries such as Germany, Poland, and Turkey as well. As
the necessity and pressure to fight global warming escalates, more
and more nations in Asia Pacific such as Japan and South Korea have
also turned to autogas. As a result, several car rental services are
converting fleets to autogas-fueled vehicles; this not only offers
cleaner energy but also proves to be an economical option. Owing to
these reasons, the autogas segment is expected to grow at a CAGR of
5.2% from 2014 to 2020.
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Oil
Refining Segment Rules the Global Liquefied Petroleum Gas Market
The
global liquefied petroleum gas market is further fragmented according
to its sources such as refinery, associated gas, and non-associated
gas. The production of LPG derived from refineries accounted for 41%
of the global LPG production in 2013. However, analysts predict that
the non-associated gas segment is expected to contribute the largest
share of production to the global LPG market in the coming years. The
Middle East will continue to be the highest LPG producing region.
Petrochemical units are bound to greedily consume huge volumes of LPG
produced in their own region as they inch towards developing
infrastructure. The U.S. too will earn great income from LPG exports
after the nation experienced a boom in the shale gas sector.
Some
of the key players in the global liquefied petroleum gas market are
UGI Corporation, ExxonMobil, and Royal Dutch Shell. The operations of
these players and policies of countries that govern gas production
and trade will decide the state of the global liquefied petroleum gas
market in the next few years.
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Press Release Of Liquefied Petroleum Gas (LPG) Market
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