The global liquefied petroleum gas (LPG) market size reached US$ 134.6 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 170.3 Billion by 2028, exhibiting a growth rate (CAGR) of 3.6% during 2023-2028.
Liquefied petroleum gas (LPG) is a clean, non-toxic, renewableand portable energy source, whichfinds numerous domestic and industrial applications. It comprises a mixture of flammable hydrocarbon gases, including propane,butane, and isobutane. It is stored and supplied in large gas cylinders, tanks, and steel vessels. Besides this, it burns readily in the air and has higher heat energy in comparison to natural gas. As a result, LPG finds extensive applications inthe chemical, automotive,household, and manufacturing sectors.
Liquefied Petroleum Gas Market Trends:
The growing global population is resulting in increasing energy consumption across the globe.This, coupled with increasing infrastructural developments across the globe,represents one of the key factors positively influencing the market. Along with this, the growing concerns about carbon emissions and rising pollution levels are leading to the rising adoption of clean energy sources by individuals. Moreover, the rising requirement forLPG as auto emission gas in the automotive industry is contributing to the market growth. Additionally, governments of various countries are spreading awareness and educating the rural population about the importance of substituting traditional sources of energy, such as coal, wood, and kerosene, with LPG.They are also launching favorable policies and offering tax concessions and subsidies to suppliers, which is creating a favorable market outlook. Furthermore, continuous improvements in the extraction and refining technologies for natural gases are strengthening the market growth. Besides this, increasing investments by leading market players in research and development (R&D) activities to introduce more enhanced productsare expected to drive the market.
Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global liquefied petroleum gas (LPG) market report, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on source, application, and supply mode.
Breakup by Source:
Non-associated gas represents the largest market segment due to a significant rise in the production of LPG from non-associated gas sources.
Breakup by Application:
Refinery and Petrochemical
The residential sector holds the majority of the global liquefied petroleum gas market share due to the increasing use of LPGin space and water heating, cooking, and power generation.
Breakup by Supply Mode:
Bulk and On-site
Breakup by Region:
Middle East and Africa
Europe exhibits a clear dominance in the market due to the growing awareness among individuals about the reduction of carbon emissions in the region.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Bharat Petroleum Corporation Limited, BP P.L.C., Chevron Corporation, China Gas Holdings Ltd., Exxon Mobil Corporation, Origin Energy Limited, Petroliam Nasional Berhad, Phillips 66 Company, Repsol S.A., Shell PLC, and Valero Energy Corporation.
Key Questions Answered in This Report:
What was the size of the global liquefied petroleum gas (LPG) market in 2022?
What is the expected growth rate of the global liquefied petroleum gas (LPG) market during 2023-2028?
What are the key factors driving the global liquefied petroleum gas (LPG) market?
What has been the impact of COVID-19 on the global liquefied petroleum gas (LPG) market?
What is the breakup of the global liquefied petroleum gas (LPG) market based on the source?
What is the breakup of the global liquefied petroleum gas (LPG) market based on the application?
What are the key regions in the global liquefied petroleum gas (LPG) market?
Who are the key players/companies in the global liquefied petroleum gas (LPG) market?