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Global Liquefied Petroleum Gas (LPG) Market Size was valued at USD 103.7 billion in 2022. The Liquefied Petroleum Gas (LPG) market industry is projected to grow from USD 108.4 Billion in 2023 to USD 153.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.60% during the forecast period (2023 - 2032). Growing awareness of the benefits of utilizing LPG to replace fossil fuels as well as rising acceptance of clean and green energy sources in both developed and developing nations, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Two factors that are likely to assist the expansion of the LPG market are the growing public awareness of the benefits of utilizing LPG to replace fossil fuels and the rising usage of clean, green energy sources in developed and emerging countries. The industry's growth is also anticipated to be significantly influenced by technological reasons and the growing number of government initiatives targeted at encouraging rural communities to convert from LPG to conventional cooking fuels like kerosene, wood, and coal.
The market is expected to grow as a result of the increased demand for liquefied petroleum gas as a car emission gas and the growing population. Additionally, the high cost of installation for liquefaction process technology and equipment could affect demand and restrain market growth throughout the course of the research period. Because liquefied petroleum gas has long-term benefits as a cooking fuel, it is anticipated that increased government initiatives in countries like India, Indonesia, and China would encourage the use of the fuel in the coming years.
When paired with low-carbon and renewable technologies, LPG is seen as an appealing option for commercial assets since it allows for the integration of a continuous, 24/7 electricity supply throughout the year while lowering carbon emissions. Market expansion is projected to be fueled by the liquefied petroleum gas industry's expanding R&D in the upcoming years.
Demand is anticipated to rise during the projection period as more people travel to regions including Africa, Asia Pacific, and Central and South America, where LPG is commonly used for cooking. For example, liquefied petroleum gas is used for more than 60% to 75% of domestic functions, such as cooking and heating, in India.Thus, driving the Liquefied Petroleum Gas (LPG) market revenue.
The global Liquefied Petroleum Gas (LPG) market segmentation,based on Source, includes refinery, associated gas, and non-associated gas.The non-associated gas industry had the largest market share in 2022. Depending on the geography, different fuels have different sources; for example, in North America, most of the gas comes from natural gas processing plants. Asia Pacific relies on its refineries for production. One of the primary locations where gas is produced globally are refineries. Increased refining capacity is expected to improve product supply over the coming years, especially in Saudi Arabia, Brazil, India, and China.
The global Liquefied Petroleum Gas (LPG) market segmentation, based on Application, includes residential, commercial, agriculture, industrial, transportation, and others.The commercial sector had the largest market share in 2022. A sizable share of the LPG market was made up of applications for commercial and residential use combined. Liquefied petroleum gas is an extremely important source of cooking fuel in regions like Asia-Pacific, Central America, and South America.
Government subsidies and programs that support the product as the primary replacement fuel for traditional fuels like wood and coal have been important drivers in the market penetration. Due to their minimal contribution to the ozone layer's deterioration, liquefied petroleum gas is also replacing chlorofluorocarbon and hydrofluorocarbon as a refrigerant in many applications. In addition to cooking applications, this has increased the prospects for application in the commercial and residential areas.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.The Asia Pacific Liquefied Petroleum Gas (LPG) marketdominated this market in 2022 (45.80%). Population growth, the availability of plentiful resources, the strong need for energy, and simple affordability due to the availability of government subsidies on LPG cylinders have been the key drivers of expanding market penetration. The growing petrochemical capacities in China, Thailand, South Korea, India, and China also support this. Moreover, In the Asia-Pacific region, the Indian Liquefied Petroleum Gas (LPG) market had the quickest rate of growth while China's Liquefied Petroleum Gas (LPG) market had the greatest market share.
Further, the major countries studiedin the market reportare The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The North America Liquefied Petroleum Gas (LPG) Market is expected to register fastest growth from 2023 to 2032.In North America, the liquefied petroleum gas market is thought to have significant development potential, with the United States functioning as the region's primary LP gas exporter. In 2018, the United States produced 10,000 metric tonnes of LP gas from its refineries and roughly 234 thousand metric tonnes from natural gas. According to the Energy Information Administration, the United States produced an average of 91.4 billion cubic feet per day in 2020, or about 33.4 trillion cubic feet (Tcf) of dry natural gas, indicating that natural gas is the primary fuel used to manufacture LP gas. Further, In the North American area, the U.S. Liquefied Petroleum Gas (LPG) market had the biggest market share, while the Canada Liquefied Petroleum Gas (LPG) market had the quickest rate of expansion.
EuropeLiquefied Petroleum Gas (LPG) market accounts for a significant market share. By participating in various summit meetings like COP21, many countries are considering lowering their carbon emissions into the atmosphere. For instance, India is driving the adoption of substitute cooking fuels. Further, In the European region, the German Liquefied Petroleum Gas (LPG) market had the biggest market share, and the U.K. Liquefied Petroleum Gas (LPG) market had the quickest rate of growth.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Liquefied Petroleum Gas (LPG) market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Liquefied Petroleum Gas (LPG)sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Liquefied Petroleum Gas (LPG) industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Liquefied Petroleum Gas (LPG) sector.Major players in the Liquefied Petroleum Gas (LPG) market, including Saudi Arabian Oil Co., China Gas Holdings Ltd., Chevron Corporation, Bharat Petroleum Corporation Limited, FlagaGmbh, Repsol, Kleenheat, Total Se, Reliance Industries Limited, and Exxon Mobil Corporation, are attempting to increase market demand by investing in research and development operations.
JGC Holdings Corp (JGC) provides engineering contracts. It offers engineering, procurement, and construction services for a number of engineering contracts and projects in the industries of oil and gas development, petroleum refining, natural gas processing, petrochemicals, clean energy, and power generation. The company also provides management and maintenance for projects at all stages. It also undertakes investments in a range of industries, including resource development, oil-related projects, alternative fuels, and the creation of water and power. It also offers environmental protection and pollution control services. Additionally, it creates urban infrastructure and petroleum refinery catalysts. Projects are being worked on by the organization in a variety of countries around the Americas, Africa, Asia-Pacific, Eastern Europe, and the Middle East. JGC's headquarters are in Yokohama-shi, Kanagawa, Japan.
Indian Oil Corp Ltd (IOCL) is an integrated oil and gas business. The company engages in natural gas and petroleum product sales as well as oil and gas exploration, production, refining, and pipeline transportation. Additionally, it operates in a sizeable amount of alternative energy business in addition to producing and selling petrochemicals. Among the refined petroleum products offered by IOCL are high-speed diesel, jet fuel, light petroleum gas, gasoline, bitumen, heavy fuel oil, naphtha, lubricants, and greases. The company founded subsidiaries in the USA, the Netherlands, Sweden, Mauritius, the United Arab Emirates, and Sri Lanka. The Indian government owns this Maharatnacompany. IOCL is headquartered in New Delhi, India. In order to increase its capacity to bottle LPG by around 53%, or to 8 crore cylinders annually by 2030, Indian Oil Corp (IOC) announced plans to develop three more plants in Northeast India in February 2022. This was done in order to meet the region's growing demand. Additionally, it is estimated that the facility expansion will cost between INR 325 and 350 crore total.
· Saudi Arabian Oil Co.
· China Gas Holdings Ltd.
· Chevron Corporation
· Bharat Petroleum Corporation Limited
· FlagaGmbh
· Repsol
· Kleenheat
· Total Se
· Reliance Industries Limited
· Exxon Mobil Corporation
March 2021: Total Oil India Private Ltd. has introduced the most latest LPG cutting gas product, which was developed exclusively for the metal cutting business. This product is made in a large LPG factory located in Bangalore, Namakkal, and Madurantacam. The company's product portfolio is expanded with the release of this item.
May 2020: In Nigeria, Royal Dutch Shell plc opened a cutting-edge LNG processing facility. Once operational, the facility will increase the Bonny Island complex's present yearly output of 30 million tonnes by around 8 million tonnes. This joint venture is owned by the Nigerian National Petroleum Corporation (NNPC), Royal Dutch Shell plc, Total, 15%, and ENI (10.4%).
· Refinery
· Associated Gas
· Non-associated Gas
· Residential
· Commercial
· Agriculture
· Industrial
· Transportation
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 103.7 Billion |
|
Market Size 2023 |
USD 108.4 Billion |
|
Market Size 2032 |
USD 153.6 Billion |
|
Compound Annual Growth Rate (CAGR) |
4.60% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Source, Application, and Region |
|
Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
|
Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Saudi Arabian Oil Co., China Gas Holdings Ltd., Chevron Corporation, Bharat Petroleum Corporation Limited, FlagaGmbh, Repsol, Kleenheat, Total Se, Reliance Industries Limited, and Exxon Mobil Corporation |
|
Key Market Opportunities |
Increasing government initiatives |
|
Key Market Dynamics |
Growing awareness about the benefits correlated to the usage of LPG to substitute fossil fuels and the rising adoption of clean and green energy sources across developed and developing countries |
The global Liquefied Petroleum Gas (LPG) market size was valued at USD 103.7Billion in 2022.
The global market is projected to grow at a CAGR of 4.60% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the global market
The key players in the market are Saudi Arabian Oil Co., China Gas Holdings Ltd., Chevron Corporation, Bharat Petroleum Corporation Limited, FlagaGmbh, Repsol, Kleenheat, Total Se, Reliance Industries Limited, and Exxon Mobil Corporation
The Non-associated GasSource dominated the market in 2022.
The CommercialApplicationhad the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65318
Published on :
Sep 2023
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