Press Release

Asia LPG Market to Cross $ 109 Billion by 2024

Rapid urbanization in developing countries, increasing usage of LPG in Commercial and Residential Sectors & Rising Per Capita Income to bolster Asia LPG market through 2024

According to TechSci Research report, Asia Liquefied Petroleum Gas (LPG) Market, By Source, By Application, By LPG Composition, By Country, Competition, Forecast & Opportunities, 2024”, Asia LPG market is projected to cross $ 109 billion by 2024. The growth of the Asia LPG market is majorly attributable to increasing demand for liquefied petroleum gas as a fuel for power generation in remote and off-grid locations in comparison to its less environment-friendly alternatives like coal, diesel and fuel oil. LPG is a clean and odorless fuel that emits significantly lesser amount of CO2 as compared to petrol or diesel. Due to its cost effectiveness and minimal wastage, LPG is being increasingly employed in both commercial and household sectors, worldwide. In addition to its use as a cooking fuel, LPG is utilized as a feedstock in petrochemical plants, food processing plants, metal processing plants, ceramic industries, etc. Consumption of LPG in household segment is surging in Asia, owing to the region’s huge and expanding population base. Rising LPG imports and augmenting demand for cleaner fuel, predominantly by major developing economies such as India, Indonesia & Thailand is expected to fuel LPG consumption in Asia during the forecast period as well.

Browse 34 market data Tables and 92 Figures spread through 126 Pages and an in-depth TOC on " Asia LPG Market "

https://www.techsciresearch.com/report/asia-liquefied-petroleum-gas-lpg-market/4186.html

Based on the source, Asia LPG market has been categorized into refinery, associated gases & non-associated gases. Among these, refinery category accounted for a majority market share in 2018. Non-associated gases category is expected to witness the highest growth during 2019-2024. Natural gas, natural gas liquid/condensate and shale gas producing reserves are the major sources of non-associated gas-based LPG. On the basis of country, Asia LPG market is segmented into India, Indonesia, Thailand, Vietnam, Philippines, Malaysia, Bangladesh and Myanmar. Among these countries, India dominates Asia LPG market. The growth of India LPG market is led by government's push to provide clean cooking fuel to every household through the Pradhan Mantri Ujjwala Yojana (PMUY). Moreover, rapid increase in population combined with LPG penetration in rural areas is further expected to boost the demand for LPG in India.

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“Asia LPG market is anticipated to witness positive growth over the next five years. The growth in the market can be attributed to growing demand for LPG across Asia region backed by rapid urbanization in the developing countries like India, China, Thailand, etc. Moreover, increasing usage of LPG in commercial and residential sectors along with rising per capita income would further steer growth in the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Asia Liquefied Petroleum Gas (LPG) Market, By Source, By Application, By LPG Composition, By Country, Competition, Forecast & Opportunities, 2024 has evaluated the future growth potential of Asia Liquefied Petroleum Gas (LPG) Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Asia Liquefied Petroleum Gas (LPG) Market.

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