Global Liquefied Petroleum Gas Market 2019-2023 | Increasing Government Support to Drive Growth | Technavio

January 9, 2019

LONDON--(BUSINESS WIRE)--Jan 9, 2019--The global liquefied petroleum gas (LPG) market research report by predicts the market to post a CAGR of close to 3% during the period 2019-2023.

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Technavio predicts the global liquefied petroleum gas (LPG) market to post a CAGR of close to 3% by 2023. (Graphic: Business Wire)

A key driver for the global liquefied petroleum gas market is the increasing government support for LPG adoption. The use of LPG has been growing across various sectors globally because of the rising focus on reducing GHG emissions and ensuring sustainable energy for all. There has been substantial support from the government in the form of initiatives and subsidies to further boost the adoption of LPG. For instance, the fifth Annual Asia LPG Summit took place in the International Convention City Bashundhara, Bangladesh. The summit aimed at conveying the importance of building a safe and sustainable future of energy sector in Bangladesh, emphasizing the role of LPG.

As per Technavio, the adoption of LPG as marine fuel will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

This report is available at a USD 1,000 discount for a limited time only:

Global liquefied petroleum gas market: Adoption of LPG as marine fuel

The IMO has introduced low sulfur regulation to reduce sulfur emissions from ships, which will be effective from January 1, 2020. All ship owners are expected to reduce their sulfur emissions by 85%. Hence, ships need to use fuel oil with low sulfur content, which has led to the development of a future market for LPG as a marine fuel. The use of LPG can assist ship owners in reducing pollutant emissions.

“The use of LPG virtually eliminates sulfur emissions, thereby enabling ship owners to comply with low sulfur regulations. The reduction of NOx emissions can also be achieved depending on the engine technology. For instance, in case of a two-stroke diesel engine, the NOx emissions could be reduced to 80%-90% with the use of heavy fuel oil,” says a senior research analyst at Technavio.

Global liquefied petroleum gas market: Segmentation analysis

This liquefied petroleum gas market analysis report segments the market by end-user (residential, petrochemical, industrial and commercial, transport, and others) and geography (the Americas, APAC, and EMEA).

The residential segment held the largest liquefied petroleum gas market share in 2018, accounting for nearly 40% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.

The APAC region led the market in 2018 with more than 44% of the market share, followed by the Americas and EMEA respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.

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Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

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SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 01/09/2019 08:56 AM/DISC: 01/09/2019 08:56 AM


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