San Francisco, Oct. 10, 2016 (GLOBE NEWSWIRE) -- The global liquefied petroleum gas (LPG) market is expected to reach USD 147.76 billion by 2024, according to a new report by Grand View Research, Inc. Increasing government initiatives to promote the use of LPG as an auto fuel especially in emerging economies is expected to boost the global market. Also, on account of various benefits offered by the product, such as low-carbon emissions, low cost, and operational benefits, its demand is expected to witness significant growth over the forecast period.
Liquefied petroleum gas is increasing as an attractive option for commercial properties combined with renewable and low-carbon technologies to integrate a reliable year-round power supply with carbon savings.
Refinery was the biggest source of LPG and accounted for over 40% of the total volume in 2015 and is expected to exceed a total volume of 165 million tons by 2024. The source of the fuel varies with area, for instance, the majority of the product demand in North America is derived mostly from natural gas processing, whereas Asia Pacific is dependent on refineries for its production. LPG produced from non-associated gas is expected to show significant growth over the forecast period due to increase in shale gas resources specifically in the U.S. and China.
Browse full research report with TOC on “Liquefied Petroleum Gas (LPG) Market Analysis By Source (Refinery, Associated Gas, Non-Associated Gas), By Application (Residential/Commercial, Chemical, Industrial, Auto Fuel, Refinery) And Segment Forecast To 2024” at:http://www.grandviewresearch.com/industry-analysis/liquefied-petroleum-gas-industry
Further key findings from the report suggest:
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Grand View Research has segmented the global liquefied petroleum gas (LPG) market on the basis of source, application and region:
Global LPG Source Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 - 2024)
Global LPG Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 - 2024)
Global LPG Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 - 2024)
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