Liquefied Petroleum Gas (LPG) Market

SKU: DM2516 | Last Updated On: Oct 01 2022 | Available Formats

> Global Liquefied Petroleum Gas (LPG) Market Expected to reach a high CAGR of 5.0% By 2029: DataM Intelligence

Global Liquefied Petroleum Gas (LPG) Market is segmented By Product Type (Associated Gas, Refinery, Non-Associated Gas), By Application (Industrial, Commercial, Chemical, Auto fuel, Refineries, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] The Global Liquefied Petroleum Gas (LPG) Market is expected to grow at a high CAGR of 5.0% during the forecasting period (2022-2029).

Liquefied Petroleum Gas (LPG) Market - Strategic Insights

Metrics

Details

Market CAGR

 5%

Segments Covered

By Product Type, By Application and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

To Get a Free Sample Click here

Liquefied petroleum gas (LPG) is a flammable mixture of hydrocarbon gases extracted from the byproduct of crude petroleum.  The hydrocarbons gases are comprised of butane, propane, isobutene, and other mixtures of gases. These gases are stored in the liquid form in the steel container under pressure, fueling in cooking equipment, heating appliances, and vehicles. These LPG gases are being used in refrigeration systems as an aerosol propellant and a refrigerant by replacing chlorofluorocarbons, which are harmful gas to the environment.  LPG gas has similar property and calorific value as compared to petrol hence used in vehicles as fuel. 

Market Dynamics:

The market is driven by the rising demand for increasing autogas, vehicles and the rising demand for LPG cylinders for cooking in semi-urban and rural populations. According to the World LPG Association, the global autogas consumption in 2017 was around 27 million tonnes and is projected to reach around 31 Million tonnes by 2030, with 18% higher than the 2017 year. Furthermore, the global LPG market is driven by strong governmental support for residential and commercial purposes like cooking and in the automobile industry. Stronger support from governments, vehicle manufacturers, and the LPG industry The associated social, economic, and environmental benefits are estimated at over US$54 billion, Reducing the environmental impact of road transport drastically in the face of rising demand for mobility  Demand has been growing steadily in recent years, reaching around 27 million tonnes in 2017,

There is a rise in the launch of new innovative technology implemented with liquefied petroleum gases for the automobile vehicles for reducing the cost of traveling as compared to petrol vehicles may create a huge opportunity for the growth of the LPG market. For instance, in May 2019, Bajaj Company had launched the four-wheeler vehicle quadricycle’s Qute model based on Liquid Petroleum Gas (LPG).

Segment Analysis

The global Liquefied petroleum gas (LPG) market is segmented based on product type, application, and region.

The global Liquefied petroleum gas (LPG) market is bifurcated into Associated Gas, Refinery, and Non-Associated Gas in terms of product type. Among this Refinery, the segment has the highest share in 2019 due to increasing infrastructure development to extract oils for fulfilling the global demand. As per the International Energy Agency (IEA), the global oil refinery production is expected to reach 5.9 million barrels per day due to a surge in the global population demand for commercial and residential purposes.

Similarly, the Associated Gas and Non-Associated Gas segment are also increasing at the fastest pace due to the surge in global demand for liquefied petroleum gas (LPG), with a surge in the autogas vehicles raising the global population. According to the Organization of the Petroleum Exporting Countries (OPEC), the global population was 7.5 billion in 2015 and is projected to reach around 9.2 billion by 2040.

Further, based on the application, the global LPG market is divided into industrial, commercial, Chemical, auto fuel, and others. This commercial segment has the highest market share in 2019 as a surge in the utilization of liquefied petroleum gas (LPG) with stronger government supports and subsidies to promote natural resource usage. For instance, India's Government has been subsidized the LPG cylinder during the Covid-19 pandemic in 2020.

The Chemical auto fuel segment is expected to witness positive market growth due to the growing demand for Liquefied petroleum gas (LPG) used in automobiles, chemical factories, and food processing companies. According to the International Association for Natural Gas Vehicles (IANGV), considering the European Community plans and ongoing developments in Asia, the global number of NGVs could reach 15 million by 2010 and 50 million by 2020.

Geographical Presentation

By region, the global Liquefied petroleum gas (LPG) market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Asia Pacific is the dominating region for the global liquefied petroleum gas (LPG) market. It is expected to grow at the highest CAGR during the forecasted period due to strong government support and adoption for commercial purposes with a surge in population. The drastic market growth is expected to witness in countries such as China, India, and the UAE due to the rapid economic growth because of the rising adoption of domestic and non-domestic purpose LPG cylinders in these countries. According to the Petroleum Planning and Analysis Cell (PPAC), on 1st April 2020, the LPG gas consumer in India has been reached around 97% compared to 94% in the previous year. India ranks fourth worldwide for the biggest importer of natural gas consumption, with infrastructure spending for pipeline network was valued at around USD 60 billion in 2020.

North America is the second-largest region for the growth of the LPG market owing to an increase in the adoption of these gases for automobile vehicles with the presence of infrastructures of LPG gas stations followed by the European region. According to the International Energy Agency (IEA), Europe has the highest presence of LPG stations of around 33532 in 2019, with the highest number of stations in Poland of around 7500.

Competitive Analysis

The global Liquefied petroleum gas (LPG) market is highly competitive with several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Valero Energy, Philips 66, CNPC, ExxonMobil Corporation, Royal Dutch Shell, Chevron Corp., Reliance Industries Ltd. (RIL), Sinopec, Bharat Petroleum, Petroleos de Venezuela are the leading market players with significant market share.

Companies are entering into collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, in October 2019, The French oil and gas company total acquired a 37.4% share in Adani Gas Ltd for around USD 600 million.

Trending Topics

Petroleum Liquid Feedstock Market

Petrochemical Heaters Market

Petrochemical Catalyst Recovery Market

FAQ

What is the Liquefied Petroleum Gas (LPG) Market growth?

The market is growing at a CAGR of 5%.

What is Liquefied Petroleum Gas (LPG) Market size in 2021

The Liquefied Petroleum Gas (LPG) Market size was valued at USD YY million in 2021.

Who are the key players in Liquefied Petroleum Gas (LPG) Market?

Royal Dutch Shell, Chevron Corp., Reliance Industries Ltd. (RIL), Sinopec, Bharat Petroleum.

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report



Note*: For "Bundle/Bulk" Subscription of Reports,
please contact: [email protected]

Get your free sample proposal with a single click!

linkedinpinterest