DUBLIN, Nov. 25, 2022 /PRNewswire/ -- The "Bio LPG Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The Bio LPG market was evaluated at around US$229.629 million during the year 2020 and is expected to grow at a CAGR of 42.21% to reach a market value of US$2,701.420 million by 2027.
The demand for bio-LPG is increasing because of its clean fuel properties, providing equivalent calorific value to that of fossil fuels such as diesel and petrol. Bio LPG reduces hazardous emissions such as Carbon Monoxide, Hydrocarbons, and Nitrogen dioxide.
In the industrial and commercial settings, the increase in the number of pubs, restaurant outlets, hotels, farms, and warehouses in remote areas which require conventional fuels for daily operations increases the need for bio-LPG. The utility of bio-LPG is greater for public and commercial spaces such as hospitals, sports complexes, grounds, and other commercial places. It enables firms to reduce the negative impact on the environment while being efficient in terms of cost.
There are more projects to be undertaken in bio-LPG as it is a fuel made from waste material, which can lead to the reduction of carbon emissions from industry and retail sectors.
For instance, at National LPG Conclave 2020, the Indian Oil company is expected to introduce bio-LPG to the Indian market by 2023. The firm has invested in developing a concept facility to convert biomass to liquified petroleum gas and bio-LPG, intending to offset 10-20% of the country's demand from LPG to bio-LPG.
Reducing Carbon Footprint across the Retail and Industrial Sectors
With the increase in air pollution, bio-LPG can act as a clean alternative to support industrial applications such as processing, assembling in manufacturing industries, steam generation in power or energy industries to drive the turbine, and propel basic industrial functions required in all industries such as cogeneration, heating, cooling, lighting, and facilitate air conditioning throughout the premises.
In the infrastructure sector, energy is utilized for space heating, lighting, and cooking, for which consumers prefer renewable sources of energy. The transformation to renewable energy will drive up the demand for bio-LPG. For instance, Avanti Gas, based out of the UK, helps businesses and homes reduce their carbon footprint by 95%; the firm has its vision in line with the UK government's mission to phase out the use of fossil fuels by 2050. The firm offers bio-LPG at source and provides an account of carbon dioxide emissions that the customers save from the environment.
The European government regards bio-LPG as a replacement for LPG appliances and vehicles that remains widely in use throughout Europe. The fuel is an asset for the environment as it replaces solid and liquid combustible and emitting fuels such as coal and lamp oil. As per the data by the European Commission, there are 40 million households in rural areas of the conventional gas grid that currently depends upon conventional fuels for limited purposes.
Apart from this, the other drivers to the bio-LPG market are falling energy costs when energy is produced in huge volumes enabling an economy of scale; setting up of bio-LPG facilities will increase employment opportunities, and the aim of making energy will be made available to all. These measures will lead to improved air quality, create a buffer for energy, and greater economic gain in the long run if implemented at the global level.
The bio-LPG production is extensive, with significant contributions from the United States and European Nations. The US mainly uses corn and soybean waste and residuals for generating biofuels and related by-products, and bio-LPG as a derivative from Biofuels. Brazil comes after the US as the country is known for producing bio-diesel and bio-LPG from the residuals of sugar cane. Germany, Argentina, and China also remain pivotal for the bio-LPG industries contributing to the production of bio-LPG.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Bio LPG Market Analysis, By Feedstock
6. Bio LPG Market Analysis, By End-User
7. Bio LPG Market Analysis, By Geography
8. Competitive Environment and Analysis
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/o91v3m
Research and Markets
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SOURCE Research and Markets
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