Liquefied Petroleum Gas (LPG) Market size to grow by USD 61.19 billion from 2022 to 2027, Driven by the rising need for cleaner fuel

Jun 13, 2023

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23 Mar, 2023, 10:30 ET

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NEW YORK, March 23, 2023 /PRNewswire/ -- The global liquefied petroleum gas (LPG) market size is estimated to increase by USD 61.19 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 3.81% during the forecast period. The rising need for cleaner fuel is significantly driving market growth, and technological advances to make the use of LPG convenient and cost-effective are emerging trends in the market.

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Liquefied Petroleum Gas (LPG) Market - Segmentation AssessmentSegment OverviewTechnavio has segmented the market based on source (natural gas liquid and crude oil), end-user (residential, petrochemical, industrial and commercial, transport, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

Geography Overview

By geography, the global liquefied petroleum gas (LPG) market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global liquefied petroleum gas (LPG) market.

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Global Liquefied petroleum gas (LPG) market – Vendor AnalysisVendor Landscape - The global liquefied petroleum gas (LPG) market is fragmented with the presence of several global as well as regional vendors. A few prominent vendors that offer liquefied petroleum gas (LPG) in the market are Abu Dhabi National Oil Co., Air Liquide SA, Bharat Petroleum Corp. Ltd., BP Plc, Chevron Corp., Exxon Mobil Corp., Hindustan Petroleum Corp. Ltd., Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., Kuwait Petroleum Corp., OQ SAOC, Reliance Industries Ltd., Repsol SA, Saudi Arabian Oil Co., Shell plc, SHV Holdings, Sinopec Shanghai Petrochemical Co. Ltd., TotalEnergies SE, UGI Corp., and Valero Energy Corp. and others.

Vendor Offerings -

Liquefied Petroleum Gas (LPG) Market – Market DynamicsLeading Drivers -

The rising need for cleaner fuel is driving the Liquefied Petroleum Gas (LPG) market growth during the forecast period. LPG is a clean and effective fuel becoming more and more acknowledged with the rising demand for cleaner energy. By 2025, it is anticipated that the demand for clean energy sources will increase to over 120 million tons, driving market growth. The residential sector is expected to be a major driver of the growth since consumers look for cleaner and more effective energy solutions for their homes. The movement to use cleaner fuels for vehicles continues to gain traction. Hence, the transportation sector is also anticipated to adopt LPG in increasing numbers. Thus, factors like the increasing demand for cleaner fuel in the residential as well as transportation sectors are anticipated to drive the market growth of the LPG market during the forecast period.

Key Trends -

Technological advances to make use of LPG convenient and cost-effective is a leading trend in the Liquefied Petroleum Gas (LPG) market. LPG is being acknowledged as an efficient, easily accessible, and tradable fuel across the world. Several technological developments are carried out globally to make the use of LPG convenient and cost-effective. For instance, in 2018, 12 white papers were submitted, which included developments such as a new type of co-generation technology. The technology is designed particularly for light-commercial and residential markets by Enviro Power. The technology is affordable, easy to install and maintain, cost-efficient, provides backup power and generates electricity with a smaller carbon footprint when compared to electricity from the US grid. Hence, technological developments to make LPG cost-effective are a leading trend that drives demand for the market in focus during the forecast period.

Major challenges -

The availability of alternative fuels for residential end-user is a major challenge that may impede market growth during the forecast period. Currently, a sizable portion of the population, particularly in developing nations, views conventional fuels like kerosene, charcoal, coal, wood, animal dung, and rice husks, which are available for sale in small affordable quantities, as viable, accessible, and affordable alternatives. Consumers in developing nations hesitate to bear the cost of refilling LPG and prefer to use traditional fuels over LPG. Piped CNG and LNG are the other modern alternative options. Piped natural gases provide a continuous supply of gas to customers. Moreover, consumers are relieved of the hassles of booking, refilling, and replacing bulky LPG cylinders. Hence, the availability of various alternative fuel options will hinder the growth of the market during the forecast period.

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Liquefied Petroleum Gas (LPG) Market Scope

Report Coverage

Details

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 3.81%

Market growth 2023-2027

USD 61.19 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.4

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 42%

Key countries

US, China, India, Japan, and Germany, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Abu Dhabi National Oil Co., Air Liquide SA, Bharat Petroleum Corp. Ltd., BP Plc, Chevron Corp., Exxon Mobil Corp., Hindustan Petroleum Corp. Ltd., Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., Kuwait Petroleum Corp., OQ SAOC, Reliance Industries Ltd., Repsol SA, Saudi Arabian Oil Co., Shell plc, SHV Holdings, Sinopec Shanghai Petrochemical Co. Ltd., TotalEnergies SE, UGI Corp., and Valero Energy Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Source

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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