USD 101.73 billion
Liquified Petroleum Gas Market Size, Share, Growth Analysis, By Type(Propane, Butane and Propane - Butane Blend.), By Application(Residential, Commercial, Industrial, and Autogas.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2085 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Liquified Petroleum Gas Market Insights
Liquified Petroleum Gas Market size was valued at USD 101.73 billion in 2021 and is poised to grow from USD 106 billion in 2022 to USD 147.32 billion by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).
Liquefied Petroleum Gas (LPG) market is driven by its versatility and environmentally friendly attributes. LPG, composed primarily of propane and butane, is a clean-burning and efficient source of energy widely used for residential, commercial, industrial, and transportation applications. The global LPG market has experienced steady expansion due to its adoption as a cleaner alternative to traditional fossil fuels, especially in regions with stringent emission regulations. The growing demand for LPG is its application as a cooking fuel in residential households. In developing countries, the transition from traditional biomass fuels to LPG for cooking has gained momentum due to its convenience, safety, and reduced indoor air pollution. Governments and international organisations have also been actively promoting LPG as a clean cooking solution, further propelling market growth.
The rising industrialization in developing nations and the steady demand from developed economies have contributed to the increased consumption of LPG in this sector. As a lower carbon-emitting fuel compared to gasoline and diesel, LPG has gained traction as an alternative fuel option for vehicles. In some regions, incentives and supportive policies from governments have encouraged the conversion of vehicles to run on LPG, further bolstering market growth.
US Liquified Petroleum Gas Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Propane
Fastest Growth
Growth Rate
4.2% CAGR
Global Liquified Petroleum Gas Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Liquified Petroleum Gas Market Segmental Analysis
The Global Liquified Petroleum Gas Market is segmented based on type, application, and region. Based on type, the market can be segmented into Propane, Butane and Propane - Butane Blend. Based on application, the market is segmented into Residential, Commercial, Industrial and Autogas. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Liquified Petroleum Gas Market Analysis by Type
Among the three types of Liquefied Petroleum Gas (LPG) - Propane, Butane, and Propane-Butane, Propane emerges as the most dominant type in the global LPG market. Propane has consistently held a significant market share due to its widespread usage in various applications, including residential, commercial, and industrial sectors.
On the other hand, the fastest-growing type in the global LPG market is the Propane-Butane Blend. This blend offers a balanced combination of both Propane and Butane, providing enhanced properties and versatility for consumers and industries alike. The Propane-Butane Blend's rapid growth is attributed to its efficient energy output and adaptability to a wide range of applications, such as cooking, heating, transportation, and as a feedstock in petrochemical production.
Liquified Petroleum Gas Market Analysis by Application
Among the various applications of Liquefied Petroleum Gas (LPG) in the global market, the most dominant application is Residential Usage. LPG is extensively used in residential settings for cooking, heating, and various household purposes. Its convenience, cost-effectiveness, and lower environmental impact compared to traditional fuels have contributed to its widespread adoption in households around the world.
On the other hand, the fastest growing application of LPG is Autogas. Autogas refers to the use of LPG as a fuel for vehicles. The increasing concerns over air pollution and the push for cleaner transportation options have led to a rise in the adoption of Autogas as an alternative to gasoline and diesel. The automotive industry's shift towards more sustainable and eco-friendly fuels has been a significant driver behind the rapid growth of LPG as a vehicular fuel.
Global Liquified Petroleum Gas Market By Type
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Liquified Petroleum Gas Market Regional Insights
Among the various regions contributing to the Global Liquefied Petroleum Gas (LPG) market, Asia-Pacific emerges as the most dominant region. The Asia-Pacific region, encompassing countries such as China, India, Japan, and South Korea, has witnessed substantial growth in LPG consumption over the years. The increasing use of LPG in residential, commercial, industrial, and automotive applications has driven the demand in this region. Additionally, favourable government policies, economic development, urbanisation, and the growing population have further fueled the consumption of LPG in various sectors, solidifying Asia-Pacific's dominance in the global market.
On the other hand, the Middle East & Africa region stands out as the fastest growing region in the Global LPG market. Countries in this region, such as Saudi Arabia, UAE, Nigeria, and Egypt, have been witnessing a surge in LPG demand due to a shift towards cleaner and more sustainable fuel sources. LPG is being increasingly used as a substitute for traditional fuels like wood and coal in residential cooking, thereby driving its growth. Furthermore, the petrochemical industry's expansion and increased LPG export capabilities in the Middle East have also contributed to the region's rapid growth in the LPG market.
Global Liquified Petroleum Gas By Geography
- Largest
- Fastest
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Liquified Petroleum Gas Market Dynamics
Liquified Petroleum Gas Market Drivers
Rising Adoption in Automotive Sector
- LPG is gaining popularity as an automotive fuel due to its lower emissions, affordability, and widespread availability. Many countries are incentivizing the conversion of vehicles to run on LPG, contributing to its increased Usage in the transportation sector.
Liquified Petroleum Gas Market Restraints
Geopolitical Factors
- The LPG market can be influenced by geopolitical events, trade policies, and international relations. Supply disruptions or trade barriers can affect LPG availability and pricing on a global scale.
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Liquified Petroleum Gas Market Competitive Landscape
The global Liquefied Petroleum Gas (LPG) market is characterised by intense competition among various players operating in the industry. LPG is a versatile energy source widely used for residential, commercial, industrial, and automotive applications, making it a crucial part of the global energy mix. As a result, numerous companies, ranging from international conglomerates to regional players, are actively involved in the production, distribution, and marketing of LPG worldwide.
Liquified Petroleum Gas Market Top Player’s Company Profiles
- ExxonMobil (US)
- Royal Dutch Shell (Netherlands and UK)
- BP plc (UK)
- TotalEnergies (France)
- Chevron Corporation (US)
- Saudi Aramco (Saudi Arabia)
- ConocoPhillips (US)
- Gazprom (Russia)
- Sinopec (China)
- PetroChina (China)
- National Iranian Oil Company (Iran)
- Indian Oil Corporation Limited (India)
- Kuwait Petroleum Corporation (Kuwait)
- ADNOC - Abu Dhabi National Oil Company (UAE)
- Petronas (Malaysia)
- Pemex (Mexico)
- ENI S.p.A (Italy)
- Sonatrach (Algeria)
- Equinor (Norway)
- Woodside Petroleum (Australia)
Liquified Petroleum Gas Market Recent Developments
- In May 2023, Shell announced that it would be investing USD 1 billion in a new LPG import terminal in the United States. The terminal is expected to be completed in 2025 and will help to meet the growing demand for LPG in the US market.
- In April 2023, Petronas announced that it had signed a deal to supply LPG to China. The deal is worth USD 1.5 billion and will see Petronas supply LPG to China for the next five years.
- In March 2023, Saudi Aramco announced that it would be increasing its LPG production by 50%. The increase in production is expected to meet the growing demand for LPG in the global market.
- In February 2023, BP announced that it would be investing USD 500 million in a new LPG plant in the Netherlands. The plant is expected to be completed in 2024 and will help to meet the growing demand for LPG in Europe.
- In January 2023, ExxonMobil announced that it would be expanding its LPG production capacity in the United States. The expansion is expected to meet the growing demand for LPG in the US market.
Liquified Petroleum Gas Key Market Trends
- Increasing Focus on Clean Energy Solutions: As the world seeks to transition towards more sustainable energy sources and reduce greenhouse gas emissions, LPG has emerged as a cleaner alternative to traditional fossil fuels. LPG is a low-carbon energy source with lower carbon dioxide emissions compared to coal and oil, making it an attractive option for various applications, including residential, commercial, and industrial sectors. Additionally, the flexibility and portability of LPG, along with its easy transportation and storage capabilities, contribute to its growing popularity as a versatile energy solution. Governments and industries across the globe are recognizing the environmental benefits of LPG and are implementing policies and initiatives to encourage its use as part of their efforts to combat climate change and promote a greener energy landscape.
Liquified Petroleum Gas Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global Liquefied Petroleum Gas (LPG) market analysis, the increasing demand for clean and efficient fuel alternatives in various industries, including residential, commercial, automotive, and industrial sectors, is a key driver for market growth. LPG is a versatile and environmentally friendly energy source, offering advantages such as reduced greenhouse gas emissions, easy storage, and high energy density. The market for LPG is driven by the rising global energy demand, urbanisation, and government initiatives promoting clean energy solutions. LPG is widely used for cooking, heating, transportation, and industrial processes, making it a preferred choice in regions where access to traditional energy sources is limited. In terms of regional analysis, Asia Pacific is a significant market for LPG due to its rapid industrialization, increasing population, and growing urbanisation. The region's shift towards cleaner energy options, coupled with supportive government policies, fosters the demand for LPG. Europe is also a prominent region, driven by strict emission regulations and the growing adoption of LPG as a low-carbon fuel for transportation and heating purposes. Furthermore, North America is witnessing steady growth in the LPG market, influenced by the increasing adoption of LPG in the residential and industrial sectors. The Middle East and Africa region also present growth opportunities, supported by the abundance of LPG reserves and the rising demand for cleaner energy sources.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 101.73 billion |
| Market size value in 2031 | USD 147.32 billion |
| Growth Rate | 4.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Liquified Petroleum Gas Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Liquified Petroleum Gas Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Liquified Petroleum Gas Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Liquified Petroleum Gas Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Liquified Petroleum Gas Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Liquified Petroleum Gas Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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