Global Liquified Petroleum Gas Market

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 News

  • 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.
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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).

The 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 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. '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)'

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.

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.

Among the various regions contributing to the 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 market.

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Global Liquified Petroleum Gas Market

Report ID: SQMIG10B2085

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