Transparency Market Research has released a new report focusing on the global liquefied petroleum gas (LPG) market, ‘Liquefied Petroleum Gas (LPG) Market for Residential/Commercial, Petrochemical and Refinery, Industrial, Transportation and Other Applications: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020’.
According to the report, the global LPG market is expected to grow at a steady CAGR of 3.4% from 2014 to 2020. The market was worth US$233.83 billion in 2013 and is expected to grow to US$299.05 billion by 2020.
The global LPG market is dominated by the Middle East and Africa geographical segment, which led South and Central America, North America, Europe, and Asia Pacific. This is due to the emphasis on crude oil refining in the region, which was the dominant source of LPG in 2013.
According to the report, crude oil refineries produced more than 40% of the total LPG produced globally in 2013, with non-associated gas LPG production coming in second. The latter is expected to be the fastest growing category in the near future and is expected to post higher production figures than refineries during the forecast period. Associated gas is the third source of LPG.
According to end use industry, the global LPG market is divided into the categories of residential/commercial, petrochemical and refinery, industrial, transportation, and others. Residential/commercial LPG usage accounted for approximately 60% of the global LPG market in 2013. Global residential consumption of LPG is propelled by developing regions such as Asia Pacific and Africa; 90% of the total liquefied petroleum usage in Africa is residential.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/10072015/global-lpg-market-to-reach-us299-billion-by-2019-1074/