The LPG Market size was valued at US$ 157.48 Bn. in 2023. Global LPG Market is estimated to grow at a CAGR of 6.7% over the forecast period.
LPG Market Overview
Liquefied petroleum gas (LPG) is a non-renewable, clean, and non-toxic energy source widely used in both residential and industrial settings. Comprising flammable hydrocarbons like propane, butane, and isobutane, LPG is stored in steel containers, large cylinders, and tanks. It burns efficiently, producing more heat energy than natural gas, and offers benefits such as clean combustion, adjustable flame temperatures, and low sulfur content, making it suitable for heating, cooking, and automotive uses.
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Market Forecast and Key Dynamics:
Growing awareness of LPG as a cleaner fossil fuel alternative and its increasing adoption worldwide are expected to drive global market growth. Technological advancements and government efforts to replace traditional cooking fuels like coal, wood, and kerosene with LPG in rural areas will also contribute significantly. Additionally, factors such as rising population, urbanization, and the use of LPG in automotive emission reduction will further boost the LPG market.
LPG Market Regional Insights
In 2023, Europe led the LPG market with a 76.3% share. The demand for LPG in residential and commercial sectors is set to grow significantly, driven by its increasing use in the automotive industry. The European LPG Association reports over 47 million LPG-powered vehicles in Europe, representing about 7.1% of the passenger car fuel mix. Additionally, LPG is gaining popularity in construction, food and beverage, manufacturing, residential, agriculture, and transportation sectors, supported by government efforts to cut carbon emissions and the EU’s target to achieve climate neutrality by 2050.
LPG Market Segmentation
By Sources
Associated Gas
Non-Associated Gas
By Applications
Automobile fuel
Residential
Commercial
Industrial
Others
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LPG Market Key Players
Saudi Aramco (Saudi Arabia)
Sinopec (China)
ADNOC (United Arab Emirates)
CNPC (China)
Exxon Mobil (US)
Reliance Industries (India)
KNPC (Kuwait)
Phillips66 (US)
Bharat Petroleum Corporation Ltd. (India)
Pemex (Mexico)
Qatar Petroleum (Qatar)
Equinor (Norway)
Chevron (US)
ConocoPhillips Company (US)
SHV Energy (NL)
Valero Energy (US)
UGI Corporation (US)
Royal Dutch Shell PLC (UK)
Key questions answered in the LPG Market are:
- What is LPG?
- What was the LPG market size in 2021?
- What is the growth rate of the LPG Market?
- Which are the factors expected to drive the LPG market growth?
- What are the different segments of the LPG Market?
- What growth strategies are the players considering to increase their presence in LPG?
- What are the upcoming industry applications and trends for the LPG Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the LPG Market?
- What segments are covered in the LPG Market?
- Who are the leading companies and what are their portfolios in LPG Market?
- What segments are covered in the LPG Market?
- Who are the key players in the LPG market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by Different Segment | 2022-2027
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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