Market Size of Liquefied Petroleum Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Liquefied Petroleum Gas (LPG) Market Analysis
The Liquefied Petroleum Gas Market is expected to register a CAGR of greater than 5% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.
- Over the long term, the increasing consumption of LPG on account of government initiatives to increase the usage of cleaner fuel projects is expected to drive the market.
- On the other hand, the problem in LPG storage and their non-continuous supply is expected to hinder the market's growth.
- Nevertheless, the increasing demand for LPG by the growing population and increasing focus on emission control is expected to create enormous opportunities for the liquefied petroleum gas market.
- North America dominates the market due to increased usage of LPG in recent years.
Liquefied Petroleum Gas (LPG) Industry Segmentation
Liquefied petroleum gas is a combustible mixture of hydrocarbon gases, including propane, propylene, butylene, isobutane, and n-butane. LPG is a fuel gas that is used in heating appliances, cooking equipment, and automobiles. It is called liquefied gas because it is easily transformed into a liquid.
The liquefied petroleum gas market is segmented by the source of production, application, and geography. By source of production, the market is segmented into crude oil and natural gas liquids. By applications, the market is segmented into residential, commercial & industrial, auto fuels, and others. The report also covers the market size and forecasts for the liquified petroleum gas market across major regions (North America, South America, Europe, Asia-Pacific, and Middle-East and Africa). For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Source of Production | |
| Crude Oil | |
| Natural Gas Liquids |
| Application | |
| Residential | |
| Commercial & Industrial | |
| Autofuels | |
| Other Applications |
| Geography [Market Size and Demand Forecast till 2028 (for regions only)] | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Liquefied Petroleum Gas Market Size Summary
The liquefied petroleum gas (LPG) market is poised for significant growth, driven by increasing consumption due to government initiatives promoting cleaner fuel usage. Despite challenges such as storage issues and non-continuous supply, the market is expected to benefit from rising demand fueled by population growth and a heightened focus on emission control. North America stands out as a dominant region in the LPG market, largely due to its substantial production from natural gas, which surpasses that from crude oil. The region's prominence is further bolstered by key players like the United States and Canada, which are major producers and exporters of LPG.
Globally, LPG production is predominantly derived from natural gas, with North America leading in this aspect. The extraction process from natural gas is more cost-effective than from crude oil, as it does not require oil refineries, making it a preferred method. The market is moderately fragmented, with major companies such as BP PLC, Exxon Mobil Corporation, and Indian Oil Corporation Ltd playing significant roles. Recent developments, such as infrastructure expansions and new plant constructions, underscore the industry's commitment to meeting growing demand and enhancing production capabilities. Government incentives and initiatives in regions like Canada are expected to further accelerate market growth, particularly in the transport and cooking sectors, by encouraging the use of LPG to reduce reliance on conventional fossil fuels.
Liquefied Petroleum Gas Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast, in USD billion, till 2028
-
1.3 Recent Trends and Developments
-
1.4 Government Policies and Regulations
-
1.5 Market Dynamics
-
1.5.1 Drivers
-
1.5.2 Restraints
-
-
1.6 Supply Chain Analysis
-
1.7 Porter's Five Forces Analysis
-
1.7.1 Bargaining Power of Suppliers
-
1.7.2 Bargaining Power of Consumers
-
1.7.3 Threat of New Entrants
-
1.7.4 Threat of Substitutes Products and Services
-
1.7.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Source of Production
-
2.1.1 Crude Oil
-
2.1.2 Natural Gas Liquids
-
-
2.2 Application
-
2.2.1 Residential
-
2.2.2 Commercial & Industrial
-
2.2.3 Autofuels
-
2.2.4 Other Applications
-
-
2.3 Geography [Market Size and Demand Forecast till 2028 (for regions only)]
-
2.3.1 North America
-
2.3.1.1 United States
-
2.3.1.2 Canada
-
2.3.1.3 Rest of North America
-
-
2.3.2 Europe
-
2.3.2.1 Norway
-
2.3.2.2 Netherlands
-
2.3.2.3 United Kingdom
-
2.3.2.4 Germany
-
2.3.2.5 Rest of Europe
-
-
2.3.3 Asia-Pacific
-
2.3.3.1 China
-
2.3.3.2 India
-
2.3.3.3 South Korea
-
2.3.3.4 Japan
-
2.3.3.5 Rest of Asia-Pacific
-
-
2.3.4 Middle East and Africa
-
2.3.4.1 Saudi Arabia
-
2.3.4.2 Qatar
-
2.3.4.3 South Africa
-
2.3.4.4 Rest of Middle East and Africa
-
-
2.3.5 South America
-
2.3.5.1 Brazil
-
2.3.5.2 Argentina
-
2.3.5.3 Chile
-
2.3.5.4 Rest of South America
-
-
-
Liquefied Petroleum Gas Market Size FAQs
What is the current Liquefied Petroleum Gas Market size?
The Liquefied Petroleum Gas Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Liquefied Petroleum Gas Market?
BP Plc., Sinopec Corp., Abu Dhabi National Oil Company (ADNOC), Exxon Mobil Corporation and Indian Oil Corporation Ltd. are the major companies operating in the Liquefied Petroleum Gas Market.
