Liquefied Petroleum Gas Market

Liquefied Petroleum Gas Market size reached USD 114.2 billion in 2022 and is estimated to reach USD 155.1 billion in 2030 and the market is estimated to grow at a CAGR of 3.9% from 2023-2030

Liquefied Petroleum Gas Market Overview

Liquefied Petroleum Gas (LPG) is a form of clean, transportable, and efficient source of energy that is readily available and is majorly developed from natural gas and oil production. This term is applied to some specific hydrocarbons & their mixtures that are present in the gaseous state under the atmospheric ambient conditions and can be changed to the liquid state under the conditions of moderate pressure at ambient temperature.

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Major Liquefied Petroleum Gas Market Drivers

The global liquefied petroleum gas market is mainly driven by several factors, including the increasing adoption of liquified petroleum gas across several application areas such as residential and commercial areas and the rising government initiatives and subsidies for the adoption of LPG across various economies. In addition to this, various advantages associated with the usage of liquefied natural gas such as higher calorific value, reduced pollution, increased reliability as compared to the other fuels, along with enhanced portability and convenience are some other key factors propelling the growth of the global liquefied natural gas market.

Moreover, the rising inclination of customers towards using clean energy as it emits low greenhouse gas emissions, followed by the implementation of sustainable energy strategies and growing technological advancements in the LPG industry are further bolstering the growth of the global liquefied natural gas market during the forecast period. The rising population and urbanization are leading to an increase in the demand for LPG and the ability to be used in remote places where there is unavailability of ordinary gas supplies are certain factors that are thriving various opportunities for the liquefied natural gas across the world. The factors that are restraining the growth of the global liquefied natural gas market include the high cost and the rising concerns related to safety.

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Based on the source type, the Refineries segment is expected to increase at a higher CAGR during the forecast period owing to the increasing penetration of plants and refineries factories, which is leading to the majority of the production of gas from this source. In addition to this, the growing expansion in the refinery capacity and an increase in the expansion of LNG infrastructure are some other key factors fuelling the growth of the market of this segment.

Based on the application, the Residential/Commercial segment is anticipated to grow at a higher compound annual growth rate over the forecast period due to the increasing usage of liquified natural gas from the residential & commercial sectors as a result of the increasing reliance on LPG for cooking purposes. Furthermore, the rising government subsidies and initiatives to increase the adoption of liquified natural gas are further bolstering the growth of this segment.

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Regional – Segment Analysis

Based on the region, Asia-Pacific is expected to dominate the market during the forecast period owing to the rise in the adoption of liquified natural gas and the growing government initiatives for the enhancement of the overall distribution services and infrastructure of LPG. In addition to this, the rising population is leading to an increase in the energy demand, which is further accelerating the demand for the liquified natural gas in the residential sectors. All these factors are surging the growth of the market in this region.

Top Market Players

Various notable players operating in the market include China Petroleum & Chemical Corporation, Petroliam Nasional Berhad (PETRONAS), Exxon Mobil Corporation, China National Petroleum Corporation, Royal Dutch Shell, Phillips 66 Company, Valero Marketing and Supply Company, Bharat Petroleum Corporation Limited, Chevron Corporation, and Qatar Petroleum, among others.

Key Developments:

• • In 2020, Exxon Mobil Corporation entered into an agreement with Indian Oil Corp, to support in supplying natural gas in containers to the Indian cities outside of the pipeline network. Through this agreement, the company planned to develop reliable and strong pathways for the gas to move resourcefully and rapidly wherever required.
  • In 2019, Qatar Petroleum signed an agreement with Wanhua Chemical Group, a producer of petrochemical. In this agreement, the company will sell around 800,000 metric tons per year of LPG over a period of ten years. Through this agreement, the company shows its marketing strategy to surge the direct sales of petroleum products with the end-users, majorly in China.

Segments covered in the Report:

The global liquefied petroleum gas market has been segmented on the basis of source type, application, and region. Based on the source type, the market is segmented into associated gas, refineries, and non-associated gas. Based on the application, the market is segmented into chemical, residential/commercial, auto fuel, industrial, refineries, and others.

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Report Coverage	Details
Market Revenues (2022)	USD 114.2 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD billion)
Market Segment	By Source Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	China Petroleum & Chemical Corporation, Petroliam Nasional Berhad (PETRONAS), Exxon Mobil Corporation, China National Petroleum Corporation, Royal Dutch Shell, Phillips 66 Company, Valero Marketing and Supply Company, Bharat Petroleum Corporation Limited, Chevron Corporation, and Qatar Petroleum, among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Liquefied Petroleum Gas Market by Source Type

• • Associated Gas
  • Refineries
  • Non-Associated Gas

Global Liquefied Petroleum Gas Market by Application

• • Chemical
  • Residential/Commercial
  • Auto Fuel
  • Industrial
  • Refineries
  • Others

Global Liquefied Petroleum Gas Market by Region

• • North America Liquefied Petroleum Gas Market (Option 1: As a part of the free 25% customization)

    • by Source Type
    • by Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Liquefied Petroleum Gas Market (Option 2: As a part of the free 25% Customization)

    • by Source Type
    • by Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Liquefied Petroleum Gas Market (Option 3: As a part of the free 25% Customization)

    • by Source Type
    • by Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Liquefied Petroleum Gas Market (Option 4: As a part of the free 25% Customization)

    • by Source Type
    • by Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Liquefied Petroleum Gas Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • China Petroleum & Chemical Corporation
  • Petroliam Nasional Berhad (PETRONAS)
  • Exxon Mobil Corporation
  • China National Petroleum Corporation
  • Royal Dutch Shell
  • Phillips 66 Company
  • Valero Marketing and Supply Company
  • Bharat Petroleum Corporation Limited
  • Chevron Corporation
  • Qatar Petroleum