The Latin America liquefied petroleum gas market was valued at $24.69 billion in 2014, and is anticipated to reach $29.93 billion by 2019, at a CAGR of 3.9% from 2014 to 2019.
(PRWEB) March 02, 2015
Liquefied petroleum gas (LPG) primarily constitutes of petroleum gases, such as propane (C3H8) and butane (C4H10), along with some heavier hydrocarbon having more than four carbon atoms in its structure. As heavier hydrocarbons release more carbon dioxide (CO2) into the atmosphere, gaseous fuels having lower carbon atoms are largely preferred. The preference of consumers to LPG over other fuels is expected to be a significant market driver affecting the demand of liquefied petroleum gas in Latin America in the coming years.
Browse through the TOC of The Latin America Liquefied Petroleum Gas Market for an analysis of industry trends, segments & forecasts.
Presently, the countries in Latin America are increasingly focusing on eco-friendly sources of fuels. LPG burns very efficiently, and produces very low combustion emissions that do not create black smoke. It adheres to the stated guidelines of biodegradable fuels. Apart from its usage as a cooking gas, LPG is also used in automobiles and industrial applications. Therefore, LPG can become an excellent eco-friendly alternative to the other conventional sources. This has consequently led to the growth in the Latin American liquefied petroleum gas market.
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Furthermore, in the recent years, there has been a rise in the number of new LPG plants in this region, which has led to the increased regional supply. Considering the wide applicability of LPG across the globe, Latin America has become one of the largest exporters of LPG in the world. This will further aid the growth of the liquefied petroleum gas market in this region.
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Major countries covered in the Latin American liquid petroleum gas market report are Mexico, Brazil, and Venezuela, among others. The prominent companies operating in this market segment include Petrobras (Brazil), Exxon Mobil (U.S.), and Royal Dutch Shell (Netherland).
North America Liquid Petroleum Gas Market
The North America liquefied petroleum gas market is estimated to grow at a CAGR of 3.0% from 2014 to 2019. The mature market of the U.S. holds a major share in the North America liquefied petroleum gas market; and the Canadian segment is expected to grow at the fastest CAGR of 3.5% during the forecast period of 2014 to 2019.
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