IMARC Group, a leading market research company, has recently releases report titled “Liquefied Petroleum Gas (LPG) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 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 a liquefied petroleum gas (LPG)?
Liquefied petroleum gas (LPG) is a flammable hydrocarbon gas mixture consisting primarily of propane (C3H8) and butane (C4H10), derived from natural gas processing and crude oil refining. It is produced by extracting natural gas or refining crude oil, and impurities such as sulfur, water, and other contaminants are removed to provide a clean and stable LPG product. It is then processed and liquefied under moderate pressure to convert into a liquid state for easy storage, transportation, and distribution.
It is also employed as a fuel for heating, cooking, and numerous industrial applications for its high energy content and portability. In addition, several advantages of LPG include clean-burning characteristics, versatility, and enhanced efficiency. It also substitutes traditional fuels such as coal, wood, and oil due to its lower emissions and easy storage alternatives in tanks or cylinders, making it suitable for residential and commercial use. As a result, liquefied petroleum gas is widely adopted in various industrial applications such as metal cutting, welding, and drying and as a fuel for forklifts and vehicles across the globe.
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What are the growth prospects and trends in the liquefied petroleum gas (LPG) industry?
The market is primarily driven by the escalating product demand as a cooking fuel in the residential, industrial, and commercial sectors. Additionally, rapid urbanization, a growing population, and rising disposable incomes are contributing to the market growth. In line with this, the transportation sector is shifting toward LPG as an alternative automotive fuel that offers cost advantages, lower emissions, and easy conversion of vehicles, thus influencing the market growth. Also, the widespread adoption of LPG in public transportation, taxis, and commercial fleets, with the establishment of refueling infrastructure, is also driving the demand for LPG. Moreover, several technological advancements in LPG equipment, appliances, and industry, such as smart meters, remote monitoring systems, advanced LPG burners, and efficient vaporizers, are improving efficiency, user experience, and safety representing another major growth-inducing factor. Along with this, the growing digitization and the incorporation of the Internet of Things (IoT) sensors and connectivity that allow remote monitoring, predictive maintenance, real-time data analysis, and improved supply chain management is propelling the market growth.
Besides this, the growing shift toward cleaner and sustainable fuels in industries such as automotive, hospitality, and agriculture due to growing environmental awareness to mitigate greenhouse gas (GHG) emissions, climate change, particulate matter, and sulfur to improve air quality is accelerating the market growth. Furthermore, the introduction of sustainable packaging solutions, such as composite cylinders produced from lightweight materials, and the implementation of several government initiatives to offer clean cooking solutions to improve access to LPG is also creating a positive market outlook.
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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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