According to the research report titled ‘Global Liquefied Petroleum Gas (LPG) Market Size study with COVID-19 Impact, by Type (Refinery, Associated Gas, Non - Associated Gas), by Application (Residential/Commercial, Chemical, Industrial, Auto fuel, Refinery, Offshore) and Regional Forecasts 2020-2027‘, available with Market Study Report, global liquefied petroleum gas (LPG) market is anticipated to register substantial growth during 2020-2027.
 

Advantages such as less greenhouse emissions, alongside consumer preference for easy transportation are expected to drive global liquefied petroleum gas (LPG) market during the forecast period. Liquefied petroleum gas (LPG) is the prevalent fuel used in various sectors such as residential/commercial, refinery industrial, chemical, auto fuel, and offshore.
 

Furthermore, various benefits of LPG such as eco-friendly nature and high heating consistency make it favorable for cooking, thereby contributing to its market share in developing countries like India. LPG doesn’t contain Sulphur and releases only 81% of carbon dioxide that oil does. As compared to other energy alternatives such as coal, LPG only releases 70% of the carbon dioxide, which is influencing global liquefied petroleum gas (LPG) market demand during the forecast period.
 

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Increasing prevalence of COVID-19 has caused temporary shutdown of industrial and commercial activities, causing 2% decline in natural gas demand across the globe in 2020, as per the Economic Times. Despite that, rising government initiatives to increase LPG consumption over other fuels such as kerosene, petrol, coal, and wood are stimulating the industry growth. However, high installation cost for equipment and machineries required in gas liquidation process is the major factor restraining global liquefied petroleum gas (LPG) market size.
 

Based on application spectrum, global liquefied petroleum gas (LPG) industry is segmented into auto fuel, residential/commercial, industrial, refinery, offshore and chemical. With regards to gas type, the industry is bifurcated into non-associated gas, associated gas, and refinery.
 

From regional frame of reference, global liquefied petroleum gas (LPG) market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. As per the report, Asia Pacific held majority industry share in the recent past and is anticipated to witness highest growth rate over 2020-2027, mainly due to high consumption and demand of cooking gas in residential sector. Extensive usage in chemical industries, rising awareness regarding cost effectiveness, and reduction in greenhouse gas emissions are expected to contribute to the industry growth in APAC.
 

Major players operating in global liquefied petroleum gas (LPG) marketplace include PJSC Rosneft Oil Company, China National Petroleum Corporation (CNPC), Total S.E., Royal Dutch Shell PLC, PJSC Lukoil Oil Company, China Petroleum & Chemical Corporation (Sinopec), PJSC Gazprom, Exxon Mobil Corporation, Reliance Industries Limited, and Chevron Corporation.