ALBANY, N.Y., Dec. 16, 2020
- The liquefied petroleum gas market is likely to grow at a decent CAGR of ~5% during assessment period 2020–2030. This growth is attributed to increased demand from various end-use industries and rising environmental concerns.
- Asia Pacific liquefied petroleum gas market is foreseen to expand at promising pace during forecast period.
ALBANY, N.Y., Dec. 16, 2020 /PRNewswire/ -- Liquefied petroleum gas refers to a flammable mixture of hydrocarbon gases that are utilized as a fuel in diverse end-use industries. This gas is created from fossil fuels at the time of natural gas and petroleum crude oil refining. Liquefied petroleum gas is popularly used in various industries as well as in households across the globe owing to its ability to burn relatively clean and release sulfur emission in lesser amounts.
Analysts at TMR are of the opinion that the global liquefied petroleum gas market will show growth at a healthy pace during the assessment period. Some of the important factors driving market growth are increased demand for energy-efficient unconventional fuel options, towering environmental concerns, rising acceptance in domestic sectors and households of many countries, and favorable functional properties of liquefied petroleum gas.
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Key Findings of Liquefied Petroleum Gas Market Report
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Liquefied Petroleum Gas Market: Key Driving Factors and Promising Avenues
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Liquefied Petroleum Gas Market: Competitive Assessment
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The liquefied petroleum gas market can be segmented as follows:
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Oil Storage Market - Asia Pacific dominated the global oil storage market in 2019. It is likely to be a highly attractive region of the global oil storage market during the forecast period. The oil storage market in the region is estimated to expand at a significant pace between 2020 and 2030, due to the rise in urbanization and globalization. In Asia Pacific, China has the largest commercial and strategic oil storage facilities. It is followed by Japan. Japan provides oil storages facilities on lease to various petroleum companies. India, Malaysia, and South Korea are expanding their existing oil storage facilities. The price of crude oil has reduced marginally due to sudden drop in global consumption. This, in turn, has led to an increase in demand for storage facilities across the globe.
Hydrogen Generator Market - The global hydrogen generator market is estimated to reach ~US$ 2 Bn by 2030, expanding at a CAGR of ~6% during the forecast period. Among processes, the steam reforming segment holds a leading share of the global hydrogen generator market. The steam reforming technology is used almost exclusively to produce hydrogen. The segment is expected to create an incremental opportunity of US$ 491.91 Mn between 2020 and 2030. The hydrogen generator market in North America is estimated to expand at a substantial pace during the forecast period, owing to the increase in sales of fuel cell electric vehicles (FCEVs) and fuel cell buses in the region.
Butanes Market - Butanes are primarily used in liquefied petroleum gas (LPG). The demand for butane is directly proportional to the rise in demand for LPG, since two-thirds of the butane produced globally is used in LPG. Presently there are many factors driving the global market for butanes. According to the report, the surging demand for LPG as a domestic fuel in commercial and residential sectors is the major factor attributed to the growth of the global butanes market. The market demand for butane is also fueled by the growing ethylene capacity in the Middle East, since butane is also used as petrochemical feedstock required for producing ethylene and other derivatives. However, fluctuations in the volatile crude oil market and growing regulatory issues owing to environmental concerns have appeared as major hindrances limiting the growth of butanes market.
Petroleum & Diesel Retail Market - The petroleum and diesel retail market is driven by the flourishing automobile industry all over the globe which is driving the demand for energy fuels particularly, diesel and petroleum. In any case, instability in costs of raw petroleum is the major factor which based on which, the final retailing cost of diesel and petroleum is decided in any nation. The business of a retailer is influenced by government measures and activities, costs of raw petroleum w.r.t finished product, and the geographical factors. Most retail outlets over the globe are monitored by national oil organizations of their nations. The drivers with respect to public sector units can be characterized into standards of security, fiscal drivers, regulations, and environmental policies. Fiscal drivers include taxes, for example, company taxes and fuel duty and rates in business that influence the business of PFS. The evaluation by the Voice of America depends on the execution of the retail outlet. The final expenses of retail incorporate roughly around 60% of VAT and fuel duty.
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