Global Liquefied Petroleum Gas Industry: Key Statistics and Insights in 2024-2032

Summary:

• The global liquefied petroleum gas market size reached US$ 139.9 Billion in 2023.
• The market is expected to reach USD 192.4 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.
• Europe leads the market, accounting for the largest liquefied petroleum gas market share.
• Non-associated gas accounts for the majority of the market share in the source segmentas it offers enhanced reliability, efficiency, and lower environmental impact. 
• Residential holds the largest share in the liquefied petroleum gas industry.
• On the basis of supply mode, the market has been bifurcated into packaged and bulk and on-site.  
• The rising demand for clean fuel is a primary driver of the liquefied petroleum gas market.
• Rapid urbanization and industrialization and the thriving automotive sector are reshaping the liquefied petroleum gas market.

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Industry Trends and Drivers:

• Growing Demand for Clean Fuel:

The escalating demand for cleaner fuels like liquefied petroleum gas (LPG) due to the increasing focus on reducing carbon emissions is propelling the market growth. LPG is a low-carbon and efficient fuel that produces fewer pollutants as compared to traditional fossil fuels, such as coal or diesel. Its versatility in household cooking, heating, and industrial applications makes it an attractive option for reducing environmental footprints. In addition, governing agencies of various countries are encouraging the adoption of LPG in residential and commercial sectors to meet emission reduction targets and tackle urban air pollution. As a result, the demand for LPG is rapidly increasing, particularly in emerging economies where energy consumption is rising. This trend is further supported by international regulations aimed at curbing greenhouse gas (GHG) emissions.      

• Rapid Urbanization and Industrialization:

The rising demand for LPG on account of rapid urbanization and industrialization, especially in developing countries, is contributing to the market growth. As urban areas expand, more households and businesses are relying on LPG for cooking, heating, and other energy needs. The growing adoption of LPG as a clean and efficient fuel for both domestic and industrial purposes is offering a favorable market outlook. In addition to residential use, the industrial sector, particularly in manufacturing and energy-intensive industries, is turning to LPG because of its cost-effectiveness and low emissions. This shift is catalyzing the demand for LPG as countries focus on improving energy access and reducing the environmental impact of traditional fuels. Industrial growth and urban infrastructure development are creating a robust demand for LPG, making it a key component in the global energy mix.

• Thriving Automotive Sector:  

The use of LPG in the automotive sector is gaining momentum as countries are seeking more sustainable and cost-effective transportation solutions. LPG is an alternative fuel for vehicles, especially in commercial fleets like taxis, buses, and delivery trucks. With the need to reduce vehicular emissions and fuel costs, LPG-powered vehicles are becoming an attractive option due to their lower emissions of carbon dioxide, nitrogen oxide, and particulate matter than diesel or gasoline-powered engines. Governing authorities are implementing incentives, such as tax breaks and subsidies, to encourage the adoption of LPG in transportation. Moreover, the increasing development of LPG refueling infrastructure in key regions is making it more convenient for drivers to switch to LPG-powered vehicles.   

Liquefied Petroleum Gas Market Report Segmentation:

Breakup By Source:

• Refinery
• Associated Gas
• Non-Associated Gas

Non-associated gas accounts for the majority of shares as it offers enhanced reliability, efficiency, and lower environmental impact.

Breakup By Application:

• Residential
• Commercial
• Refinery and Petrochemical
• Transportation
• Others

Residential dominates the market due to the rising utilization of LPG for cooking, heating, and as a portable energy source.   

Breakup By Supply Mode:

• Packaged
• Bulk and On-site

On the basis of supply mode, the market has been bifurcated into packaged and bulk and on-site.   

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Europe enjoys the leading position owing to a large market for liquefied petroleum gas driven by the increasing focus on reducing carbon emissions.   

Top Liquefied Petroleum Gas Market Leaders:

The liquefied petroleum gas market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• Bharat Petroleum Corporation Limited 
• BP P.L.C.
• Chevron Corporation
• China Gas Holdings Ltd.
• Exxon Mobil Corporation
• Origin Energy Limited
• Petroliam Nasional Berhad
• Phillips 66 Company
• Repsol S.A.
• Royal Dutch Shell PLC
• Valero Energy Corporation

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