According to the latest report by IMARC Group, titled "Liquefied Petroleum Gas (LPG) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global liquefied petroleum gas (LPG) market size reached US$ 128.4 Billion in 2021. Liquified petroleum gas (LPG) is a flammable mixture of hydrocarbon gases that includes propane and butane. It is considered to be a clean and efficient source of energy that is portable and commonly used as fuel across various application segments. It is obtained during the process of oil and natural gas production and is liquefied through pressurization. It is stored and supplied in canisters, cylinders and bulk storage tanks for various domestic and industrial applications. It is extensively being utilized as the preferred energy source across the chemical, automotive and manufacturing sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Liquefied Petroleum Gas (LPG) Market Trends:
The market is primarily driven by the increasing environmental consciousness among the masses. The rising concerns regarding carbon emissions and growing pollution levels across the globe have led to the increasing adoption of clean energy sources by individuals. This, coupled with the escalating popularity of LPG as the preferred alternative to fossil fuels, is providing a thrust to the market growth. Moreover, the growing requirement of LPG as auto emission gas in the automotive sector is acting as a major growth-inducing factor. The market is further driven by the numerous initiatives undertaken by the government of various countries to promote the use of LPG. They are launching favorable policies and offering subsidies and tax concessions to suppliers in an attempt to increase its uptake significantly. They are also undertaking initiatives to spread awareness and educate the rural population regarding the importance of substituting traditional sources of energy, such as coal, wood and kerosene, with LPG. The considerable improvements in the extraction and refining technologies for natural gases are also creating a positive outlook for the market. Some of the other factors contributing to the market growth include rising population, rapid urbanization and the increasing production of nonconventional gases. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 3.8% during 2022-2027.
- On the basis of the source, the market has been divided into refinery, associated gas and non-associated gas.
- Based on the application, the market has been classified into residential, commercial, refinery and petrochemical, transportation, and others.
- On the basis of the supply mode, the market has been bifurcated into packaged, and bulk and on-site.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Bharat Petroleum Corporation Limited, bp p.l.c., Chevron Corporation, China Gas Holdings Limited, Exxon Mobil Corporation, Origin Energy Limited, Petroliam Nasional Berhad, Phillips 66 Company, Repsol S.A., Royal Dutch Shell plc, and Valero Energy Corporation.
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