LPG Market size is estimated at USD 132.1 billion in 2020 and is expected to reach USD 245.6 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030.
LPG, also known as propane, is a combustible hydrocarbon gas commonly used as non-toxic sulfur-free fuel. It is composed of propane (C3H8) and butane (C4H10) and small amounts of other hydrocarbons. The easy storage of LPG makes it a highly portable fuel and versatile source of energy for industries located in areas where pipe gas supply is not available. It is preferred over several other energy fuels due to its low sulfur and carbon emissions and environmental friendliness. LPG is commonly used in the process industry to fuel the boilers used to generate steam and boiling water. It is also used as a domestic cooking gas because it is a clean fuel with a high flash point and less greenhouse gas emissions than other fuels. LPG is made by refining natural gas or crude oil obtained from fossil fuel extraction.
Liquefied petroleum gas (LPG) is an effective, efficient, and clean-burning fuel. It provides advantages for consumers, business, and the environment because it is a green, low-carbon, effective, and innovative energy source. LPG is more affordable than other traditional fuels since most of its energy is turned into heat. It can also be transported, stored, and utilised for a variety of purposes, such as lighting cigarettes and the Olympic torch.
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Key Companies Insights
BP Plc, Exxon Mobil Corporation, ConocoPhillips and Abu Dhabi National Oil Company (ADNOC) are expected to lead in R&D investments and broad customer reach. The market is moderately fragmented, with various key players operating on an international scale. Industry participants are focusing on exploration and production of gas with improved operational characteristics to strengthen their global footprint. Considering all scenarios, BP Plc, Exxon Mobil Corporation, ConocoPhillips and Abu Dhabi National Oil Company (ADNOC) hold significant market share in the global market due to their more capable extraction processes and well-established supply chains.
Some of the key players operating in the global LPG market include:
- Exxon Mobil Corporation
- Kleenheat
- bp p.l.c.
- Bharat Petroleum Corporation Limited
- Flaga Gmbh
- Repsol
- Chevron Corporation
- Petroliam Nasional Berhad (PETRONAS)
- Phillips 66 Company
- JGC HOLDINGS CORPORATION
- China Gas Holdings Ltd.
- Shell group of companies
- Reliance Industries Limited
- Saudi Aramco
- Qatargas Operating Company Limited
- Total Se
- Others
Segments
By Source
- Refineries
- Associated Gas
- Non-Associated Gas
By End User
- Residential
- Commercial
- Agriculture
- Industrial
- Transportation
- Others
Global LPG Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global LPG market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
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FREQUENTLY ASKED QUESTIONS?
Q1. Who are the potential customers of liquefied petroleum gas (LPG) industry?
Q2. What are the emerging trends in the liquefied petroleum gas market?
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Q4. Which growth factors drives the liquefied petroleum gas market growth?
Q5. Which segment holds the maximum share of the liquefied petroleum gas market?
Q6. How can I get statistical data of top market players of liquefied petroleum gas market?
Q7. What are the key growth strategies of liquefied petroleum gas market players?
Q8. Who are the leading players in liquefied petroleum gas (LPG) market?
Q9. What is the expected market value of liquefied petroleum gas by 2030?
Q10. Which region will provide more business opportunities for liquefied petroleum gas market in coming years?
