The global liquefied petroleum gas (LPG) market reached a value of US$ 128.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 164.4 Billion by 2027, exhibiting a CAGR of 3.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Liquefied petroleum gas (LPG) is a clean, non-toxic, renewableand portable energy source, whichfinds numerous domestic and industrial applications. It comprises a mixture of flammable hydrocarbon gases, including propane,butane, and isobutane. It is stored and supplied in large gas cylinders, tanks, and steel vessels. Besides this, it burns readily in the air and has higher heat energy in comparison to natural gas. As a result, LPG finds extensive applications inthe chemical, automotive,household, and manufacturing sectors.
Liquefied Petroleum Gas Market Trends:
The growing global population is resulting in increasing energy consumption across the globe.This, coupled with increasing infrastructural developments across the globe,represents one of the key factors positively influencing the market. Along with this, the growing concerns about carbon emissions and rising pollution levels are leading to the rising adoption of clean energy sources by individuals. Moreover, the rising requirement forLPG as auto emission gas in the automotive industry is contributing to the market growth. Additionally, governments of various countries are spreading awareness and educating the rural population about the importance of substituting traditional sources of energy, such as coal, wood, and kerosene, with LPG.They are also launching favorable policies and offering tax concessions and subsidies to suppliers, which is creating a favorable market outlook. Furthermore, continuous improvements in the extraction and refining technologies for natural gases are strengthening the market growth. Besides this, increasing investments by leading market players in research and development (R&D) activities to introduce more enhanced productsare expected to drive the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global liquefied petroleum gas (LPG) market, along with forecasts at the global, regional, and country levels from 2022-2027. Our report has categorized the market based on source, application, and supply mode.
Breakup by Source:
- Associated Gas
- Non-Associated Gas
Non-associated gas represents the largest market segment due to a significant rise in the production of LPG from non-associated gas sources.
Breakup by Application:
- Refinery and Petrochemical
The residentialsector holds the majority of the global liquefied petroleum gas market share due to the increasing use of LPGin space and water heating, cooking, and power generation.
Breakup by Supply Mode:
- Bulk and On-site
Breakup by Region:
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Europe exhibits a clear dominance in the market due to the growing awareness among individuals about the reduction of carbon emissions in the region.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are 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., Shell PLC, and Valero Energy Corporation.
|Base Year of the Analysis
||Source, Application, Supply Mode, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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 and Valero Energy Corporation
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