IMARC Group, a leading market research company, has recently releases report titled “Liquefied Petroleum Gas (LPG) Market Report by Source (Refinery, Associated Gas, Non-Associated Gas), Application (Residential, Commercial, Refinery and Petrochemical, Transportation, and Others), Supply Mode (Packaged, Bulk and On-site), and Region 2023-2028” The study provides a detailed analysis of the industry, including the global liquefied petroleum gas (LPG) market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the liquefied petroleum gas (LPG) market?
The global liquefied petroleum gas (LPG) market size reached US$ 134.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 170.3 Billion by 2028, exhibiting a growth rate (CAGR) of 3.6% during 2023-2028.
What is liquefied petroleum gas (LPG)?
Liquefied petroleum gas (LPG) is a versatile hydrocarbon fuel commonly used for heating, cooking, and automotive purposes. Comprising mainly of propane and butane, LPG is obtained during the refining of crude oil or extracted from oil and gas streams. Being stored under pressure in liquid form, it turns to gas when released, making it suitable for a myriad of applications. In residential settings, it is often employed for cooking and heating, while in the industrial sector, it is utilized for processes that require clean and efficient burning. Moreover, in regions where natural gas distribution infrastructure is limited, LPG serves as a reliable alternative energy source. Given its portability and ease of storage, LPG has gained immense traction as an essential fuel in various sectors, holding significant importance in global energy consumption patterns.
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What are the growth prospects and trends in the liquefied petroleum gas (LPG) industry?
The global liquefied petroleum gas (LPG) market is primarily driven by the escalating demand for cleaner energy solutions, as LPG emits fewer pollutants compared to other fossil fuels. Additionally, the increasing product adoption in developing countries, particularly for cooking and heating, further propels market growth. In line with this, the push toward greener transportation solutions in the automotive sector is catalyzing the demand for LPG as an alternative fuel due to its lower greenhouse gas emissions. Besides this, the rapid expansion of LPG infrastructure, coupled with rising investments in storage facilities, pipelines, and distribution networks, is facilitating its broader accessibility and use, thereby fostering market growth. Furthermore, the emergence of innovative LPG-based technologies and applications, including its use in power generation, is propelling the market growth. Along with this, the rising global energy needs and a heightened emphasis on sustainability are also expected to stimulate market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Source:
- Associated Gas
- Non-Associated Gas
Breakup by Application:
- Refinery and Petrochemical
Breakup by Supply Mode:
- Bulk and On-site
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
- Royal Dutch Shell PLC
- Valero Energy Corporation.
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