LPG Market Projected to Reach USD 153.8 Billion by 2032, at a 4.50% CAGR – Report by Market Research Future (MRFR)
Liquefied petroleum gas (LPG) Market Growth Boost by Increasing Government Initiatives and Rising Demand
New York, US, June 09, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Liquefied petroleum gas (LPG) Market Research Report Information By Source, Application and Region – Market Forecast Till 2032”, The market for liquefied petroleum gas (LPG) was estimated to be worth 103.5 billion dollars in 2022. During the forecast period (2023 – 2032), the liquefied petroleum gas (LPG) market industry is anticipated to expand from USD 108.2 billion in 2023 to USD 153.8 billion. This represents a compound yearly growth rate (CAGR) of 4.50%.
Liquefied petroleum gas (LPG) Market Overview:
The primary market factors accelerating market expansion include the growing adoption of clean and green energy sources in both developed and emerging nations, as well as the benefits of using LPG to replace fossil fuels.
The market is expected to grow as a result of the increased demand for liquefied petroleum gas as a car emission gas and the growing population. Additionally, the high cost of installation for liquefaction process technology and equipment could affect demand and restrain market growth throughout the course of the research period. Because liquefied petroleum gas has long-term benefits as a cooking fuel, it is anticipated that increased government initiatives in countries like India, Indonesia, and China would encourage the use of the fuel in the coming years.
When paired with low-carbon and renewable technologies, LPG is seen as an appealing option for commercial assets since it allows for the integration of a continuous, 24/7 electricity supply throughout the year while lowering carbon emissions. Market expansion is projected to be fueled by the liquefied petroleum gas industry’s expanding R&D in the upcoming years. In North America, the liquefied petroleum gas market is thought to have significant development potential, with the United States functioning as the region’s primary LP gas exporter. In 2018, the United States produced 10,000 metric tonnes of LP gas from its refineries and roughly 234 thousand metric tonnes from natural gas. According to the Energy Information Administration, the United States produced an average of 91.4 billion cubic feet per day in 2020, or about 33.4 trillion cubic feet (Tcf) of dry natural gas, indicating that natural gas is the primary fuel used to manufacture LP gas. The North American liquefied petroleum gas (LPG) market was led by the U.S., which had the biggest market share, and Canada, which had the quickest rate of growth.
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Market Competitive Analysis
Key Companies in the market include:
- Saudi Arabian Oil Co.
- China Gas Holdings Ltd.
- Chevron Corporation
- Bharat Petroleum Corporation Limited
- Flaga Gmbh
- Total Se
- Reliance Industries Limited
- Exxon Mobil Corporation
- Among others.
Leading industry players are spending a lot of money on R&D to diversify their product offerings, which will spur further growth in the liquefied petroleum gas (LPG) market. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The liquefied petroleum gas (LPG) business must provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
Liquefied petroleum gas Market USP Covered
Demand is anticipated to rise during the projection period as more people travel to regions including Africa, Asia Pacific, and Central and South America, where LPG is commonly used for cooking. For example, liquefied petroleum gas is used for more than 60% to 75% of domestic functions, such as cooking and heating, in India. Consequently, Liquefied Petroleum Gas (LPG) market income is increased.
|Market Size 2032||2032: USD 153.8 Billion|
|CAGR during 2023-2032||4.50% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Source, Application, and Region|
|Key Market Opportunities||Increasing government initiatives|
|Key Market Dynamics||Growing awareness about the benefits correlated to the usage of LPG to substitute fossil fuels and the rising adoption of clean and green energy sources across developed and developing countries|
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Depending on the geography, different fuels have different sources; for example, in North America, most of the gas comes from natural gas processing plants. Asia Pacific relies on its refineries for production. One of the primary locations where petrol is manufactured globally are refineries.
Increased refining capacity is expected to improve product supply over the coming years, especially in Saudi Arabia, Brazil, India, and China. Additionally, a sizable share of the LPG market was made up of applications for both commercial and residential use. Liquefied petroleum gas is an extremely important source of cooking fuel in regions like Asia-Pacific, Central America, and South America.
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LPG Market Segmentation
Source, application, and geography make up the segments of the liquefied petroleum gas (LPG) market.
Based on source, the liquefied petroleum gas market is segmented into refinery, associated gas, and non-associated gas. The non-associated gas segment accounted for the largest market share in 2022.
Residential, commercial, agricultural, industrial, transportation, and other applications are included in the Liquefied Petroleum Gas Market segmentation based on application. The commercial sector had the largest market share in 2022.
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LPG Market Regional Analysis:
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, the Asia Pacific Liquefied Petroleum Gas (LPG) market held a commanding 45.80% of the market. Population growth, the availability of plentiful resources, the strong need for energy, and simple affordability due to the availability of government subsidies on LPG cylinders have been the key drivers of expanding market penetration. The growing petrochemical capacities in China, Thailand, South Korea, India, and China also support this.
Additionally, the Indian market had the highest rate of growth in the Asia-Pacific area, while China’s Liquefied Petroleum Gas (LPG) market had the largest market share.
From 2023 to 2032, the Liquefied Petroleum Gas (LPG) Market in North America is anticipated to develop at the fastest rate. The considerable market share belongs to the liquefied petroleum gas (LPG) market in Europe. By participating in various summit meetings like COP21, many countries are considering lowering their carbon emissions into the atmosphere. For instance, India is driving the adoption of substitute cooking fuels. Additionally, the U.K. Liquefied Petroleum Gas (LPG) market grew at the highest rate in the European region, with the German Liquefied Petroleum Gas (LPG) market having the greatest market share.
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