Liquefied Petroleum Gas Market: Global Industry Analysis and Forecast (2021-2027) Trends, Statistics, Dynamics, Segmentation by Source, Application, and Region

Liquefied Petroleum Gas Market was valued at US $ 134.6 Bn. in 2020. Global Liquefied Petroleum Gas Market size is estimated to grow at a CAGR of 6.29%.

Liquefied Petroleum Gas Market Overview:

Liquified petroleum gas (LPG) is a non-renewable energy source that is commonly used in home and industrial applications as a portable, clean, and non-toxic energy source. It is categorized as highly flammable, and it's also a carcinogen and mutagen if it includes more than 0.1% Butadiene. It is made up of flammable hydrocarbon gases and volatile hydrocarbons like propane, butane, and isobutane, and it is kept in steel vessels, big gas cylinders, and tanks. More than 60% of total LPG production is recovered directly from oil and gas sources, removing the necessity for real refining. The remaining 40% is produced as a by-product of crude oil processing, either during distillation or after treatment. LPG has several advantages, such as being clean-burning, producing no soot, having readily regulated flame temperatures, and having a low sulfur content, making it ideal for heating, cooking, and automotive applications. The LPG typically contains 90% Propane and less than 10% butane. The volume of gas expands to 270 times the volume of liquid in LPG. As a result, 1 liter of liquid propane expands to 270 liters of gaseous propane. LPG has an energy content of around 25MJ per liter. One gallon of propane has 91,547 BTU (60°F) of LPG energy. Liquefied Petroleum Gas Market To know about the Research Methodology:- Request Free Sample Report 2020 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed especially with the impact of lockdown by region.

Liquefied Petroleum Gas Market Dynamics:

Liquified Petroleum Gas Market Outlook in 2021: Natural gas markets across the globe have faced substantial supply-demand tensions in the first months of 2021, following a record reduction in global demand of 75 billion cubic meters (bcm) in 2020. According to the report, it is expected a 3.2% y-o-y increase in gas demand across the globe, sufficient to offset the losses of 2020. Most of the growing demand for gas is in Asia and other fast-growing markets. After a gradual decline in the first half of the year 2021, the North American LPG market continued to rise in the second quarter. The constant rising of Brent Crude Oil kept the offers significantly higher. Brent crude oil prices were averaged US$ 73 per barrel in June 2021, an increase of US$ 5 per barrel above May's prices. The demand for domestic applications remained stable, but recovering industrial infrastructure in the US Gulf region has fuelled the industrial purposes. Prices in the US market improved steadily during the period, with the quarterly average of LPG prices averaging US$ 221 per tonne in the second quarter of 2021, an increase of USD 16 per tonne. In the third quarter of 2021, region markets experienced an exponential rise in LPG prices, owing to increased demand from downstream sectors and upstream price instability. The aggressive attempts by several governments in the region to minimize extreme energy use and carbon emissions encouraged petrochemical producers to use LPG as a feedstock to modify run rates, pushing LPG demand higher. Liquefied Petroleum Gas prices have risen as a result of limited supplies and increased demand. For instance, in India, positive revisions in LPG prices by SABIC in the last week of all three months in this time frame further boosted its prices in the region, as India imports a large portion of the LPG gas. During this time, EX-Depot Mumbai prices raised from USD 630.37/MT to USD 883.72/MT. The demand for LPG in Europe was primarily concentrated among domestic consumers, as increased demand from industrial and household applications, along with electricity generation applications, has boosted overall LPG use. In the second quarter of 2021, LPG prices in Germany were US$ 210.6 per tonne, with overall pricing exhibiting a modest fall during the quarter. Liquefied Petroleum Gas Market 1

Growing Uses of Liquified Petroleum Gas across the globe:

LPG has emerged as prominence in the commercial and residential sectors as a viable alternative to traditional fuel sources such as wood and coal for heating and cooking. When compared to other fuels such as wood and coal, it might be attributed to numerous advantages such as easy accessibility, non-toxic, clean, convenient, portable, and cost-effectiveness. The rise in population in regions such as Africa, Asia Pacific, and Central and South America is expected to fuel demand during the forecast period, as individuals in those regions use LPG as cooking fuel. For instance, in India, liquefied petroleum gas is used for approximately 60% to 75% of domestic tasks, such as heating and cooking. Liquefied Petroleum Gas Market 2 The growing infrastructural improvements across the globe are primarily driving the liquified petroleum gas market growth. The growing environmental awareness among the public regarding the advantages of using LPG as a viable alternative to fossil fuels is boosting the LPG market growth. In accordance with this, market growth is being fueled by strong growth in the automobile industry. LPG is commonly used as an autogas, and it is a clean and efficient energy source with low carbon emissions. It is stored in pressurized cylindrical canisters, for usage in agricultural, hospitality, construction, and sailing purposes. The advancements and penetration of new technology in natural gas extraction and refining technology are boosting the market growth. In addition, several government programs to promote the use of LPG in place of coal, wood, and kerosene for household cooking, along with rising urbanization, particularly in developing countries, such as India and China are expected to uplift the LPG market growth during the forecast period.

Liquefied Petroleum Gas Market Segment Analysis:

Based on the Source, the Liquefied Petroleum Gas Market is segmented into Refinery, Associated Gas, and Non - Associated Gas. The Non - Associated Gas segment held the largest market share, accounting for 54.61% in 2020. The segment growth is attributed to increased production of liquefied petroleum gas from the non-associated gas source, which is extracted from natural gas wells. The growing shale gas production along with increasing gas processing plants in the US has resulted in growth in the LPG market. Liquefied Petroleum Gas Market 3 Based on the Application, the Liquefied Petroleum Gas Market is segmented into Residential, Commercial, Refinery and Petrochemical, Transportation, and Others. The Residential segment held the largest market share, accounting for 40.13% in 2020. Residential applications such as space and water heating, cooking, and power production are driving up demand for liquefied petroleum gas. It offers a wide range of advantages like cost-effectiveness, energy efficiency, and environmental friendliness, which in turn are expected to fuel the LPG market growth during the forecast period.

Liquefied Petroleum Gas Market Regional Insights:

North America region held the largest market share accounted for 43.2% in 2020. In 2019, North America produced more than 300 million metric tonnes of natural gas-derived NGLs and 17 million metric tonnes of LPG from crude oil refineries, accounting for a major portion of global LPG production. The United States and Canada are the region's primary producers and exporters. The majority of North America's total NGL production goes into the manufacturing of LPG. In addition, the contribution of crude oil refineries in the United States, Canada, and Mexico to LPG production makes the region one of the leading producers of LPG. Liquefied Petroleum Gas Market 4 The Asia Pacific region is expected to witness significant growth at a CAGR of 5.2% during the forecast period. The population growth, abundant resource availability, and high energy needs, along with easy affordability, thanks to government discounts and subsidies on LPG cylinders are driving the LPG market growth in the region. Increased petrochemical capacity in India, China, India, Thailand, and South Korea are also expected to uplift the LPG market during the forecast period. In 2019, Asia Pacific's demand for liquefied petroleum gas from related gas was 18.92 million tonnes. For instance, India had accomplished its goal of providing 80 million free cooking gas connections to Indians, and that demand in 2020 will hinge on the government's ability to keep the market at reasonable costs. The investment in liquefied petroleum gas receiving distribution pipelines (over 14 million mt/year) and terminals (over 12 million mt/year) is expected to help India's LPG consumption during the forecast period. The objective of the report is to present a comprehensive analysis of the global Liquefied Petroleum Gas Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Liquefied Petroleum Gas Market dynamic, structure by analyzing the market segments and projecting the Liquefied Petroleum Gas Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Liquefied Petroleum Gas Market make the report investor’s guide.

Liquefied Petroleum Gas Market Scope: Inquire before buying

Liquefied Petroleum Gas Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 134.6 Bn.
Forecast Period 2021 to 2027 CAGR: 6.29% Market Size in 2027: US $ 206.3 Bn.
Segments Covered: by Source • Refinery • Associated Gas • Non - Associated Gas
by Application • Residential • Commercial • Refinery and Petrochemical • Transportation • Others

Liquefied Petroleum Gas Market, by Region

• North America • Europe • Asia Pacific • Latin America • The Middle East and Africa

Liquefied Petroleum Gas Market Key Players

• Chevron Corporation • Indian Oil Corporation Ltd. • Royal Dutch Shell • Vitol • Sinopec • Hindustan Petroleum Corporation Ltd. (HPCL) • Valero Marketing and Supply Company • Tasweeq • Oil & Natural Gas Corporation Ltd. (ONGC) • Reliance Industries Ltd. (RIL) • Total SA • Petroleos de Venezuela • Oman Oil Company • Petredec Ltd. • Qatargas • Aygez • ExxonMobil Corporation • Bharat Petroleum Corporation Ltd. (BPCL) • China Gas Holdings Ltd. • Phillips 66 • Repsol • Saudi Arabian Oil Co. • FLAGA Gmbh • Kleenheat

Frequently Asked Questions:

1] What segments are covered in the Liquefied Petroleum Gas Market report? Ans. The segments covered in the Liquefied Petroleum Gas Market report are based on Source, Application. 2] Which region is expected to hold the highest share in the Liquefied Petroleum Gas Market? Ans. The North America region is expected to hold the highest share in the Liquefied Petroleum Gas Market. 3] What is the market size of the Liquefied Petroleum Gas Market by 2027? Ans. The market size of the Liquefied Petroleum Gas Market by 2027 is US$ 206.3 Bn. 4] What is the forecast period for the Liquefied Petroleum Gas Market? Ans. The forecast period for the Liquefied Petroleum Gas Market is 2020-2027. 5] What was the market size of the Liquefied Petroleum Gas Market in 2020? Ans. The market size of the Liquefied Petroleum Gas Market in 2020 was US$ 134.6 Bn.
1. Global Liquefied Petroleum Gas Market Size: Research Methodology 2. Global Liquefied Petroleum Gas Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Liquefied Petroleum Gas Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Liquefied Petroleum Gas Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Liquefied Petroleum Gas Market Size Segmentation 4.1. Global Liquefied Petroleum Gas Market Size, by Source (2020-2027) • Refinery • Associated Gas • Non - Associated Gas 4.2. Global Liquefied Petroleum Gas Market Size, by Application (2020-2027) • Residential • Commercial • Refinery and Petrochemical • Transportation • Others 5. North America Liquefied Petroleum Gas Market (2020-2027) 5.1. Global Liquefied Petroleum Gas Market Size, by Source (2020-2027) • Refinery • Associated Gas • Non - Associated Gas 5.2. Global Liquefied Petroleum Gas Market Size, by Application (2020-2027) • Residential • Commercial • Refinery and Petrochemical • Transportation • Others 5.3. North America Liquefied Petroleum Gas Market, by Country (2020-2027) • United States • Canada • Mexico 6. European Liquefied Petroleum Gas Market (2020-2027) 6.1. European Liquefied Petroleum Gas Market, by Source (2020-2027) 6.2. European Liquefied Petroleum Gas Market, by Application (2020-2027) 6.3. European Liquefied Petroleum Gas Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Liquefied Petroleum Gas Market (2020-2027) 7.1. Asia Pacific Liquefied Petroleum Gas Market, by Source (2020-2027) 7.2. Asia Pacific Liquefied Petroleum Gas Market, by Application (2020-2027) 7.3. Asia Pacific Liquefied Petroleum Gas Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Liquefied Petroleum Gas Market (2020-2027) 8.1. The Middle East and Africa Liquefied Petroleum Gas Market, by Source (2020-2027) 8.2. The Middle East and Africa Liquefied Petroleum Gas Market, by Application (2020-2027) 8.3. The Middle East and Africa Liquefied Petroleum Gas Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Liquefied Petroleum Gas Market (2020-2027) 9.1. Latin America Liquefied Petroleum Gas Market, by Source (2020-2027) 9.2. Latin America Liquefied Petroleum Gas Market, by Application (2020-2027) 9.3. Latin America Liquefied Petroleum Gas Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Chevron Corporation 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Indian Oil Corporation Ltd. 10.3. Royal Dutch Shell 10.4. Vitol 10.5. Sinopec 10.6. Hindustan Petroleum Corporation Ltd. (HPCL) 10.7. Valero Marketing and Supply Company 10.8. Tasweeq 10.9. Oil & Natural Gas Corporation Ltd. (ONGC) 10.10. Reliance Industries Ltd. (RIL) 10.11. Total SA 10.12. Petroleos de Venezuela 10.13. Oman Oil Company 10.14. Petredec Ltd. 10.15. Qatargas 10.16. Aygez 10.17. ExxonMobil Corporation 10.18. Bharat Petroleum Corporation Ltd. (BPCL) 10.19. China Gas Holdings Ltd. 10.20. Phillips 66 10.21. Repsol 10.22. Saudi Arabian Oil Co. 10.23. FLAGA Gmbh 10.24. Kleenheat

About This Report

Report ID 44363
Category Energy & Power
Published Date Jan 2020
Updated Date Dec 2021
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