Asia-Pacific LPG Market Expected To Register A High CAGR During The Forecast Period
Increasing government initiatives and support for
LPG adoption to aid market dynamics and increasing
emphasis on utilization of bio-LPG are expected
to drive the demand in Asia-Pacific LPG market.
According to
TechSci Research report, “Asia-Pacific LPG Market-
By Region, Competition, Forecast & Opportunities, 2028”, Asia-Pacific
LPG market, is anticipated to grow during the projection period owing to growing
acceptance of clean and green energy sources in both developed and developing
nations, as well as rising knowledge of the advantages of using liquefied
petroleum gas (LPG) as an alternative to fossil fuels, are some of the factors
that are anticipated to support market expansion.
Based on source, non-associated gas
accounted for the largest revenue share. Owing to increased LPG
production from unrelated gas wells, non-associated gas accounted for the
biggest revenue share when broken down by source. In addition, rising LPG
demand from various industrial applications is anticipated to fuel market
expansion. The sources of fuel vary by region. For instance, although the
Asia-Pacific area depends on refineries for its gas generation, the majority of
gas generation in North America is primarily from natural gas processing
provisioning. One of the most important suppliers of various gases in the globe
are refineries. Demand for liquefied petroleum gas from related gas in Asia-Pacific
was 18.92 million tonnes in 2019. A substantial portion of revenue came from
non-associated sources, which are expected to expand significantly over the
forecasted period. The shale gas boom in the United States has come about as a
significant drift, leading to excess in the international sector. Along with
rising on-site processing facilities, the market has also seen significant
field developments in oil and gas wells, namely in Russia, China, the United
States, and Canada.
Based on application segment, the chemical application
segment is expected to witness the fastest growth in terms of revenue over the
forecast period. Residents of both urban and rural areas can be shown to be
heavily dependent on liquefied petroleum gas as a source of cooking fuel in
areas such as Central and South America and Asia Pacific. In 2019, a sizeable
portion of the LPG market was accounted for by the commercial and residential
application segment. The main drivers of the category growth have been the
government's promising subsidies and measures to support the product as the
primary replacement for traditional fuels such as coal and wood. Owing to its
minimal impact on ozone layer depletion, liquefied petroleum gas is also
replacing chlorofluorocarbon and hydrofluorocarbon as a refrigerant. Due to
this, there are now more potential for applications in the commercial and
residential sector, including heating and ventilation in addition to cooking.
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In terms of country analysis,
the Asia-Pacific LPG Market is segmented into China,
Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines,
Malaysia. China's market is anticipated to increase significantly because
of the population and the industrial use. In 2019, the Asia Pacific region had
the largest market share. The main
drivers of the regional market growth have been population increase, adequate
resource availability, and high energy needs, together with simple
affordability due to the provision of government subsidies on LPG cylinders.
This is also supported by the expanding petrochemical capacities in China,
Thailand, South Korea, India, and China.
For instance, a new LPG
cutting gas product created especially for the metal cutting sector was
introduced in March 2021 by Total Oil India Private Ltd. (a subsidiary of Total
SE). At Total's LPG production plants in Bangalore, Namakkal, and
Maduranthakam, the product will be made. The company's product portfolio has
grown stronger as a result of this new introduction.
Key market players
in the Asia-Pacific LPG Market include:
- PetroChina
Company Limited
- Petroliam
Nasional Berhad (PETRONAS)
- Royal
Dutch Shell
- Total
Energies
- Reliance
Industries Limited
- Exxon
Mobil Corporation
- Chevron
Corporation
- China
Gas Holdings Ltd
- JGC
Holdings Corporation
- Bharat Petroleum Corporation
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“The Asia-Pacific
LPG market is expected to expand during the projected period. Factors such as growing
acceptance of clean and green energy sources in both developed and emerging
nations, as well as rising knowledge of the advantages of using liquefied
petroleum gas (LPG) as an alternative to fossil fuels, are some of the reasons
that are projected to support market expansion. Moreover, technological factors
together with the increasing number of government initiatives aimed at
educating rural residents to switch from conventional cooking fuels such as kerosene,
wood, and coal to LPG are projected to play a significant part in the market's
expansion, and many more factors will drive the market,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Asia-Pacific
LPG Market –Segmented by Source (Refinery, Associated Gas, and Non-associated
Gas), By Application (Residential, Commercial, Agriculture, Industrial,
Transportation, and Others), By Supply Mode (Packaged, Bulk, On-site), By
Country, Size, Share, Trends, Opportunity, and Forecast. 2018-2028”, has evaluated the future growth potential of Asia-Pacific LPG Market and
provides statistics and information on market structure, size, share, and future
growth. The report is intended 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 present in the Asia-Pacific LPG Market.
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