LPG Market Overviews
The LPG Market size was valued at US$ 157.48 Bn. in 2023. Global LPG Market is estimated to grow at a CAGR of 6.7% over the forecast period.
Liquified petroleum gas (LPG) is a non-renewable energy source, which is extensively used in home and industrial applications as a portable, clean, and non-toxic energy source. It's made up of flammable hydrocarbon gases and volatile hydrocarbons like propane, butane, and isobutane, and it's kept in steel vessels, big gas cylinders, and tanks. LPG burns easily in the air and produces more heat energy than natural gas. It also has a number of other advantages, such as being clean-burning, producing no soot, having readily regulated flame temperatures, and having a low sulfur content, making it ideal for heating, cooking, and automotive applications. In addition, LPG is less expensive than other traditional fuels since the majority of its energy is converted to heat, and it can be transported and stored. This all advantages are equally responsible in the growth of LPG market.
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LPG Market Scope and Methodology:
Increased awareness of the benefits of using LPG as a fossil fuel alternative, along with increased adoption of a clean energy source among individuals in established and developing nations, are expected to boost the global liquefied petroleum gas market growth through the forecast period. In addition, technological advancements, along with an increase in government attempts to educate rural populations on how to replace traditional cooking fuels such as coal, wood, and kerosene with LPG, are expected to contribute significantly to the market's growth. In addition, the growing population, urbanization, and demand for LPG as an auto emission gas are expected to propel the LPG market growth.
LPG Market Regional Insights
The European region has dominated the market with a 76.3% share in 2023. LPG demand in residential and commercial applications is expected to increase significantly throughout the Europe region. The growing adoption of LPG in the Automobile industry also driving LPG Market growth in Europe. For example, according to the European LPG Association, there are over 47 million LPG-powered vehicles in Europe, accounting for around 7.1% of the passenger car fuel mix.
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LPG Market Segmentation
By Source, the LPG Market is segmented into Refiners, Associated Gas, and Non-Associated Gas. The Refiners segment dominated the market share with 54.1% in 2023. Refineries are one of the most important sources of various gases production. An increase in the number of refinery factories and plants along with growing refining capacity, particularly in Saudi Arabia, Brazil, India, and China, is likely to boost product supply through the forecast period.
LPG Market Key Players
Saudi Aramco (Saudi Arabia)
Sinopec (China)
ADNOC (United Arab Emirates)
CNPC (China)
Exxon Mobil (US)
Reliance Industries (India)
KNPC (Kuwait)
Key questions answered in the LPG Market are:
- What is LPG ?
- What was the LPG market size in 2023?
- What is the growth rate of the LPG Market?
- Which are the factors expected to drive the LPG market growth?
- What are the different segments of the LPG Market?
- What growth strategies are the players considering to increase their presence in LPG ?
- What are the upcoming industry applications and trends for the LPG Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the LPG Market?
- Who are the leading companies and what are their portfolios in LPG Market?
- What segments are covered in the LPG Market?
- Who are the key players in the LPG market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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