LPG Market size was valued at US $ 157.08 Bn. in 2023 and the total revenue is expected to grow at 6.5 % through 2024 to 2030, the LPG market is reaching nearly US $ 244.11 Bn. in 2030.LPG Market Overview:
Liquefied petroleum gas (LPG) is a low-carbon, long-lasting, and energy-efficient fuel. It benefits consumers, businesses, and the environment because it is a green, low-carbon, efficient, and innovative energy source. The ranking of LPG in the Product complexity index is 950th. LPG world trade in 2023 is US$ 300 Bn, the top importers were China (US $ 47.8 Bn), Japan (US $ 42.3 Bn), and India (the US $ 16.4 Bn). The top exporter was Qatar (US $ 44.2 Bn), Australia (US $ 34.1 Bn), and the United States (the US $ 32.3 Bn). LPG is more cost-effective than other traditional fuels since most of its energy is converted to heat, and it can be transported, stored, and utilised in a variety of applications, including cooking, heating, air conditioning, and transportation, as well as cigarette lighters and the Olympic torch.To know about the Research Methodology :- Request Free Sample Report
LPG Market Dynamics:
In 2023 the total LPG consumption growth recorded is 7.7% and cumulative growth is 5.4% in April 20-Feb 21. In Feb 2023 Out of all five regions, North America has the highest share in LPG sales of 31.8%. The global liquefied petroleum gas industry is expanding due to increased demand for LPG from various operations. Furthermore, from 2024 to 2030, the implementation of strict government environmental rules will be a major driver of market growth. However, the LPG market's growth is being hampered by the rapid development of the renewable energy sector and the inconsistency of domestic LPG supplies. Government measures to promote the use of LPG over traditional fuels and the increased usage of gas in automobiles, on the other hand, are expected to create lucrative growth prospects for key companies to maintain their market positions in the future years. Increasing car gas usage, as well as huge semi-urban and rural populations in Africa, Latin America, and Asia-Pacific, is some of the factors driving LPG demand. This product is used as cooking fuel by the indigenous population in these areas. In India, for example, LPG is used as cooking fuel by over 80% of all home households. Government schemes (such as the Pradhan Mantri Ujjwala Yojna) and initiatives such as streamlining subscription processes and payments, cylinder delivery, and cylinder subsidies to wean people off of hazardous cooking fuels like firewood and coal have resulted in increased adoption of the gas mix as a dome.The combustible nature of LPG is a key stumbling block for the market. As a result, it is kept in enormous pressurised cylindrical or spherical tanks. Furthermore, the gas's flammability adds to the expenses of storage, transportation, and distribution to end-users. Another aspect that has a negative impact on the market is the price volatility of crude oil feedstock, which has hampered market growth. The expansion of marine commerce of this fuel is predicted to be driven by the construction of petrochemical projects (propane dehydrogenation project [PDH] and steam crackers) and new production lines. Moreover, other LPG-producing regions, including Canada, Australia, and Angola, are projected to start up new gas exploration and production projects. This is estimated to support gas exports, creating market opportunities on the worldwide stage.
LPG Market Segments Analysis:
The LPG market is sub-segmented into Source and Application. Based on the Source, the market is sub-segmented into Refineries, Associated Gas, and Non-Associated Gas. In 2023, the Non-Associated Gas segment was dominant and held the largest market share of 54%. For example, natural gas processing units make for the majority of gas production in North America, whereas refineries make for the majority of gas production in Asia-Pacific. Refineries are one of the most important sources of different gases production on a global platform. In the future years, rising refining capacity, particularly in Saudi Arabia, Brazil, India, and China, is expected to increase the supply of the product. Based on Application, the market is sub-segmented into Automobile Fuel, Residential/Commercial, Industrial, and Others. In 2023, the Residential/Commercial segment was dominant and held the largest market share of 51.20%. The segment's growth has been driven by promising government subsidies and initiatives to promote the product as a feasible alternative to traditional fuels like wood and coal. Thanks to a little impact on ozone depletion, liquefied petroleum gas is also replacing chlorofluorocarbon and hydrofluorocarbon as a refrigerant. This has resulted in increased application opportunities in the residential/commercial segment, particularly in the areas of ventilation and heating, in addition to cooking. The industry is expected to grow during the forecast period, with a net global industry of more than US $ 0.00681 billion by 2030.Regional Insights:
LPG is generated naturally, intermingled with petroleum and natural gas deposits. Natural gas contains LPG, water vapour, and other impurities that must be removed before it can be transferred as a saleable product through pipelines. Natural gas purification accounts for approximately 55% of LPG processed in the United States. The remaining 45 percent is derived from crude oil refining. Because a significant portion of US LPG is sourced from petroleum, LPG contributes less to reduce the country's reliance on foreign oil than certain other alternative fuels. However, because more than 90% of the LPG used in the country is manufactured here, LPG does contribute to addressing the national security component of the country's total petroleum reliance problem. In 2023, Asia Pacific accounted for a major portion of the market. The primary aspects driving regional market expansion have been population increase, abundant resource availability, and high energy needs, as well as easy affordability thanks to government discounts on LPG cylinders. Increased petrochemical capacity in India, China, India, Thailand, and South Korea helps to maintain this trend. The expansion of marine commerce of this fuel is predicted to be driven by the construction of petrochemical projects (propane dehydrogenation project [PDH] and steam crackers) and new production lines. Moreover, other LPG-producing regions, including Canada, Australia, and Angola, are projected to start up new gas exploration and production projects. This is estimated to support gas exports, creating market opportunities on the worldwide stage. The mature economies of Europe and North America are expected to grow significantly in the coming years as people become more aware of the need to reduce carbon emissions. In terms of revenue, Germany is predicted to grow at a CAGR of 4.0 %in Europe. The objective of the report is to present a comprehensive analysis of the global LPG 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 report also helps in understanding the global LPG market dynamics, structure by analyzing the market segments and projecting the global LPG market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global LPG market make the report investor’s guide.LPG Market Scope: Inquire before buying
LPG Market Report Coverage Details Base Year: 2023 Forecast Period: 2024-2030 Historical Data: 2018 to 2023 Market Size in 2023: US $ 157.08 Bn. Forecast Period 2024 to 2030 CAGR: 6.5% Market Size in 2030: US $ 244.11 Bn. Segments Covered: by Source Refiners Associated gas Non-Associated gas by Application Automobile fuel Residential Commercial Industrial Others LPG Market, by Region
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)LPG Market, key player
1.Saudi Aramco 2.Sinopec 3.ADNOC 4.CNPC 5.Exxon Mobil 6.Reliance Industries 7.KNPC 8.Phillips66 9.Bharat Petroleum Corporation Ltd. 10.Pemex 11.Total Corp. 12.Qatar Petroleum 13.Equinor 14.BP Corp. 15.Gazprom Corp. 16.Chevron 17.ConocoPhillips Company 18.SHV Energy (NL) 19.Valero Energy 20.UGI Corporation 21.Royal Dutch Shell PLC 22.OthersFrequently Asked Questions:
1) What was the market size of Global LPG Market markets in 2023? Ans - Global LPG Market was worth US$ 157.08 Bn in 2023. 2) What is the market segment of the LPG Market? Ans -The market segments are based on Source and Application. 3) What is the forecast period considered for Global LPG Market? Ans -The forecast period for Global LPG Market is 2024 to 2030 4) What is the market size of Global LPG Market markets in 2030? Ans – Global LPG Market is estimated as worth US$ 244.11 Bn 5) Which region is dominated in Global LPG Market? Ans -In 2023, the Asia Pacific region dominated the Global LPG Market.
1. LPG Market: Research Methodology 2. LPG Market Introduction 2.1. Study Assumption and Market Definition 2.2. Scope of the Study 2.3. Executive Summary 3. LPG Market: Qualitative Analysis 3.1. Production and Supply Chain 3.2. Innovations in LPG Production 3.3. Impact of Technology on Market Competitiveness 3.4. Storage and Distribution Technologies 3.5. Consumer Trends and Preferences 4. LPG Market: Dynamics 4.1. LPG Market Trends by Region 4.1.1. North America LPG Market Trends 4.1.2. Europe LPG Market Trends 4.1.3. Asia Pacific LPG Market Trends 4.1.4. Middle East and Africa LPG Market Trends 4.1.5. South America LPG Market Trends 4.2. LPG Market Dynamics by Region 4.2.1. North America 4.2.1.1. North America LPG Market Drivers 4.2.1.2. North America LPG Market Restraints 4.2.1.3. North America LPG Market Opportunities 4.2.1.4. North America LPG Market Challenges 4.2.2. Europe 4.2.2.1. Europe LPG Market Drivers 4.2.2.2. Europe LPG Market Restraints 4.2.2.3. Europe LPG Market Opportunities 4.2.2.4. Europe LPG Market Challenges 4.2.3. Asia Pacific 4.2.3.1. Asia Pacific LPG Market Drivers 4.2.3.2. Asia Pacific LPG Market Restraints 4.2.3.3. Asia Pacific LPG Market Opportunities 4.2.3.4. Asia Pacific LPG Market Challenges 4.2.4. Middle East and Africa 4.2.4.1. Middle East and Africa LPG Market Drivers 4.2.4.2. Middle East and Africa LPG Market Restraints 4.2.4.3. Middle East and Africa LPG Market Opportunities 4.2.4.4. Middle East and Africa LPG Market Challenges 4.2.5. South America 4.2.5.1. South America LPG Market Drivers 4.2.5.2. South America LPG Market Restraints 4.2.5.3. South America LPG Market Opportunities 4.2.5.4. South America LPG Market Challenges 4.3. PORTER’s Five Forces Analysis 4.4. PESTLE Analysis 4.5. Technology Roadmap 4.6. Regulatory Landscape by Region 4.6.1. North America 4.6.2. Europe 4.6.3. Asia Pacific 4.6.4. Middle East and Africa 4.6.5. South America 4.7. Key Opinion Leader Analysis For LPG Market 4.8. Analysis of Government Schemes and Initiatives For the LPG Market 4.9. The Global Pandemic Impact on the LPG Market 5. LPG Market: Global Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030) 5.1. LPG Market Size and Forecast, By Source (2023-2030) 5.1.1. Refiners 5.1.2. Associated gas 5.1.3. Non-Associated gas 5.2. LPG Market Size and Forecast, By Application (2023-2030) 5.2.1. Automobile fuel 5.2.2. Residential 5.2.3. Commercial 5.2.4. Industrial 5.2.5. Others 5.3. LPG Market Size and Forecast, by Region (2023-2030) 5.3.1. North America 5.3.2. Europe 5.3.3. Asia Pacific 5.3.4. Middle East and Africa 5.3.5. South America 6. North America LPG Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030) 6.1. North America LPG Market Size and Forecast, By Source (2023-2030) 6.1.1. Refiners 6.1.2. Associated gas 6.1.3. Non-Associated gas 6.2. North America LPG Market Size and Forecast, By Application (2023-2030) 6.2.1. Automobile fuel 6.2.2. Residential 6.2.3. Commercial 6.2.4. Industrial 6.2.5. Others 6.3. North America LPG Market Size and Forecast, by Country (2023-2030) 6.3.1. United States 6.3.1.1. United States LPG Market Size and Forecast, By Source (2023-2030) 6.3.1.1.1. Refiners 6.3.1.1.2. Associated gas 6.3.1.1.3. Non-Associated gas 6.3.1.2. United States LPG Market Size and Forecast, By Application (2023-2030) 6.3.1.2.1. Automobile fuel 6.3.1.2.2. Residential 6.3.1.2.3. Commercial 6.3.1.2.4. Industrial 6.3.1.2.5. Others 6.3.2. Canada 6.3.2.1. Canada LPG Market Size and Forecast, By Source (2023-2030) 6.3.2.1.1. Refiners 6.3.2.1.2. Associated gas 6.3.2.1.3. Non-Associated gas 6.3.2.2. Canada LPG Market Size and Forecast, By Application (2023-2030) 6.3.2.2.1. In-Situ Technology 6.3.2.2.2. Ex-Situ Technology 6.3.3. Mexico 6.3.3.1. Mexico LPG Market Size and Forecast, By Source (2023-2030) 6.3.3.1.1. Refiners 6.3.3.1.2. Associated gas 6.3.3.1.3. Non-Associated gas 6.3.3.2. Mexico LPG Market Size and Forecast, By Application (2023-2030) 6.3.3.2.1. Automobile fuel 6.3.3.2.2. Residential 6.3.3.2.3. Commercial 6.3.3.2.4. Industrial 6.3.3.2.5. Others 7. Europe LPG Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030) 7.1. Europe LPG Market Size and Forecast, By Source (2023-2030) 7.2. Europe LPG Market Size and Forecast, By Application (2023-2030) 7.3. Europe LPG Market Size and Forecast, by Country (2023-2030) 7.3.1. United Kingdom 7.3.1.1. United Kingdom LPG Market Size and Forecast, By Source (2023-2030) 7.3.1.2. United Kingdom LPG Market Size and Forecast, By Application (2023-2030) 7.3.2. France 7.3.2.1. France LPG Market Size and Forecast, By Source (2023-2030) 7.3.2.2. France LPG Market Size and Forecast, By Application (2023-2030) 7.3.3. Germany 7.3.3.1. Germany LPG Market Size and Forecast, By Source (2023-2030) 7.3.3.2. Germany LPG Market Size and Forecast, By Application (2023-2030) 7.3.4. Italy 7.3.4.1. Italy LPG Market Size and Forecast, By Source (2023-2030) 7.3.4.2. Italy LPG Market Size and Forecast, By Application (2023-2030) 7.3.5. Spain 7.3.5.1. Spain LPG Market Size and Forecast, By Source (2023-2030) 7.3.5.2. Spain LPG Market Size and Forecast, By Application (2023-2030) 7.3.6. Sweden 7.3.6.1. Sweden LPG Market Size and Forecast, By Source (2023-2030) 7.3.6.2. Sweden LPG Market Size and Forecast, By Application (2023-2030) 7.3.7. Austria 7.3.7.1. Austria LPG Market Size and Forecast, By Source (2023-2030) 7.3.7.2. Austria LPG Market Size and Forecast, By Application (2023-2030) 7.3.8. Rest of Europe 7.3.8.1. Rest of Europe LPG Market Size and Forecast, By Source (2023-2030) 7.3.8.2. Rest of Europe LPG Market Size and Forecast, By Application (2023-2030) 8. Asia Pacific LPG Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030) 8.1. Asia Pacific LPG Market Size and Forecast, By Source (2023-2030) 8.2. Asia Pacific LPG Market Size and Forecast, By Application (2023-2030) 8.3. Asia Pacific LPG Market Size and Forecast, by Country (2023-2030) 8.3.1. China 8.3.1.1. China LPG Market Size and Forecast, By Source (2023-2030) 8.3.1.2. China LPG Market Size and Forecast, By Application (2023-2030) 8.3.2. S Korea 8.3.2.1. S Korea LPG Market Size and Forecast, By Source (2023-2030) 8.3.2.2. S Korea LPG Market Size and Forecast, By Application (2023-2030) 8.3.3. Japan 8.3.3.1. Japan LPG Market Size and Forecast, By Source (2023-2030) 8.3.3.2. Japan LPG Market Size and Forecast, By Application (2023-2030) 8.3.4. India 8.3.4.1. India LPG Market Size and Forecast, By Source (2023-2030) 8.3.4.2. India LPG Market Size and Forecast, By Application (2023-2030) 8.3.5. Australia 8.3.5.1. Australia LPG Market Size and Forecast, By Source (2023-2030) 8.3.5.2. Australia LPG Market Size and Forecast, By Application (2023-2030) 8.3.6. Indonesia 8.3.6.1. Indonesia LPG Market Size and Forecast, By Source (2023-2030) 8.3.6.2. Indonesia LPG Market Size and Forecast, By Application (2023-2030) 8.3.7. Malaysia 8.3.7.1. Malaysia LPG Market Size and Forecast, By Source (2023-2030) 8.3.7.2. Malaysia LPG Market Size and Forecast, By Application (2023-2030) 8.3.8. Vietnam 8.3.8.1. Vietnam LPG Market Size and Forecast, By Source (2023-2030) 8.3.8.2. Vietnam LPG Market Size and Forecast, By Application (2023-2030) 8.3.9. Taiwan 8.3.9.1. Taiwan LPG Market Size and Forecast, By Source (2023-2030) 8.3.9.2. Taiwan LPG Market Size and Forecast, By Application (2023-2030) 8.3.10. Rest of Asia Pacific 8.3.10.1. Rest of Asia Pacific LPG Market Size and Forecast, By Source (2023-2030) 8.3.10.2. Rest of Asia Pacific LPG Market Size and Forecast, By Application (2023-2030) 9. Middle East and Africa LPG Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030 9.1. Middle East and Africa LPG Market Size and Forecast, By Source (2023-2030) 9.2. Middle East and Africa LPG Market Size and Forecast, By Application (2023-2030) 9.3. Middle East and Africa LPG Market Size and Forecast, by Country (2023-2030) 9.3.1. South Africa 9.3.1.1. South Africa LPG Market Size and Forecast, By Source (2023-2030) 9.3.1.2. South Africa LPG Market Size and Forecast, By Application (2023-2030) 9.3.2. GCC 9.3.2.1. GCC LPG Market Size and Forecast, By Source (2023-2030) 9.3.2.2. GCC LPG Market Size and Forecast, By Application (2023-2030) 9.3.3. Nigeria 9.3.3.1. Nigeria LPG Market Size and Forecast, By Source (2023-2030) 9.3.3.2. Nigeria LPG Market Size and Forecast, By Application (2023-2030) 9.3.4. Rest of ME&A 9.3.4.1. Rest of ME&A LPG Market Size and Forecast, By Source (2023-2030) 9.3.4.2. Rest of ME&A LPG Market Size and Forecast, By Application (2023-2030) 10. South America LPG Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030 10.1. South America LPG Market Size and Forecast, By Source (2023-2030) 10.2. South America LPG Market Size and Forecast, By Application (2023-2030) 10.3. South America LPG Market Size and Forecast, by Country (2023-2030) 10.3.1. Brazil 10.3.1.1. Brazil LPG Market Size and Forecast, By Source (2023-2030) 10.3.1.2. Brazil LPG Market Size and Forecast, By Application (2023-2030) 10.3.2. Argentina 10.3.2.1. Argentina LPG Market Size and Forecast, By Source (2023-2030) 10.3.2.2. Argentina LPG Market Size and Forecast, By Application (2023-2030) 10.3.3. Rest Of South America 10.3.3.1. Rest Of South America LPG Market Size and Forecast, By Source (2023-2030) 10.3.3.2. Rest Of South America LPG Market Size and Forecast, By Application (2023-2030) 11. Global LPG Market: Competitive Landscape 11.1. MMR Competition Matrix 11.2. Competitive Landscape 11.3. Key Players Benchmarking 11.3.1. Company Name 11.3.2. Service Segment 11.3.3. End-user Segment 11.3.4. Revenue (2023) 11.3.5. Company Locations 11.4. Leading LPG Market Companies, by Market Capitalization 11.5. Market Structure 11.5.1. Market Leaders 11.5.2. Market Followers 11.5.3. Emerging Players 11.6. Mergers and Acquisitions Details 12. Company Profile: Key Players 12.1. Saudi Aramco 12.1.1. Company Overview 12.1.2. Business Portfolio 12.1.3. Financial Overview 12.1.4. SWOT Analysis 12.1.5. Strategic Analysis 12.1.6. Recent Developments 12.2. Sinopec 12.3. ADNOC 12.4. CNPC 12.5. Exxon Mobil 12.6. Reliance Industries 12.7. KNPC 12.8. Phillips66 12.9. Bharat Petroleum Corporation Ltd. 12.10. Pemex 12.11. Total Corp. 12.12. Qatar Petroleum 12.13. Equinor 12.14. BP Corp. 12.15. Gazprom Corp. 12.16. Chevron 12.17. ConocoPhillips Company 12.18. SHV Energy (NL) 12.19. Valero Energy 12.20. UGI Corporation 12.21. Royal Dutch Shell PLC 12.22. Others 13.Key Findings 14.Industry Recommendations 15. Terms and Glossary