Liquefied Petroleum Gas market is expected to reach almost $289bn by 2019, a recent report has found.
The Global Liquefied Petroleum Gas Market was valued at $236.8bn in 2014 and is estimated to grow to $288.7bn by 2019, at a combined annual growth rate of 4% from 2014 to 2019.
Growing demand for cleaner fuel sources, energy-efficiency, and lower carbon emissions are significant factors driving the growth of the global LPG market, the report said.
It added that high cost of LPG distribution, potential risk of explosion, and inconsistent LPG prices may restrict the market growth in the coming years.
However, it said that thanks to increasing governmental promotions for the use of LPG, new growth opportunities for LPG market players will arrise.Â
In 2014, Asia-Pacific held the largest share with 32.7% of the global market, followed by North America with 24.6%.
Refineries are expected to account for a major market share with key players like Saudi Aramco, Russia’s Gazprom and PetroChina among others, set to make significant gains.Â
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