The global LPG market reached a volume of around 325.44 million metric tons in 2020. The market is expected to reach 354.06 million metric tons by 2027 while growing at a CAGR of 1.7% in the forecast period of 2021-2026.
LPG is a fuel constituting hydrocarbon gas; specifically, propane and butane, has emerged as a clean and efficient source of energy and is known for its lower carbon emission than other fossil fuels. LPG market has been on the rise for a few years now in regional markets such as that of Europe, owing to the governments’ initiatives to decrease the carbon emissions in the atmosphere. Developed economies such as that of Europe and North America are expected to continue the growth trend in the forecast period too. The Asia Pacific regional market is expected to add to the market growth due to easy affordability, rising population, and subsequent high energy necessities. The LPG market in other regions such as Asia, the Middle East, and Africa are also expected to witness steady growth in the forecast period.
The global LPG market reached a volume of around 325.44 million metric tons in 2020. The market is expected to reach 354.06 million metric tons by 2027 while growing at a CAGR of 1.7% in the forecast period of 2021-2026.
LPG is a fuel constituting hydrocarbon gas; specifically, propane and butane, has emerged as a clean and efficient source of energy and is known for its lower carbon emission than other fossil fuels. LPG market has been on the rise for a few years now in regional markets such as that of Europe, owing to the governments’ initiatives to decrease the carbon emissions in the atmosphere. Developed economies such as that of Europe and North America are expected to continue the growth trend in the forecast period too. The Asia Pacific regional market is expected to add to the market growth due to easy affordability, rising population, and subsequent high energy necessities. The LPG market in other regions such as Asia, the Middle East, and Africa are also expected to witness steady growth in the forecast period.
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