According to the report, global liquefied petroleum gas (LPG) market was valued at approximately USD 267.88 billion in 2017 and is expected to generate revenue of around USD 346.33 billion by the end of 2024, growing at a CAGR of around 3.75% between 2018 and 2024.
Urbanization and rising needs amongst consumers in developing nations are promoting the demand for real estate, infrastructure, cars, electronic goods followed by energy resources. The demand for LPG will continue to rise followed by its consumption particularly in the developing countries where the transportation industry is undergoing rapid growth and development. In developing nations, there is a noteworthy growth in the number of vehicles followed by the development of waterways, airways, and railway transport systems. Thus, the usage of automobiles amongst the population in the developing countries is one of the crucial factors escalating the demand for LPG. Also, the demand is further boosted by the growing industrial sector, specifically the oil, gas, and chemical industry because of the increasing number of refineries.
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In addition, several initiatives taken by the government in the developing nations like Indonesia, China, and India to substitute traditional cooking fuels such as coal, wood, and kerosene with liquefied petroleum gas (LPG) will fuel market growth in the upcoming years. Governments across the world are promoting LPG as auto emission gas because it emits lesser quantities of carbon-dioxide gas into the air causing less pollution. Communicating information widely to the public using different media and promotional tools is another crucial element for the growth of LPG market. Well-informed consumers can aid efficient and responsible organizations to minimize costs, thus contributing to the growth of a vibrant and competitive LPG market.
The liquefied petroleum gas (LPG) market is segmented on the basis of the source into the refinery, associated gas, and non-associated gas. Refinery held major revenue share in 2017. The growth is attributed to the number of refinery factories and plants growing for natural gas processing. In developing nations like India, Thailand, and China, increasing population and their developing economy has resulted in greater consumption of primary energy resources, such as oil, natural gas, and coal.
Based on end-user, the liquefied petroleum gas (LPG) market has been segmented as residential/commercial, petrochemical and refinery, industrial, and transportation. The residential/commercial sector is expected to hold the largest market share in the upcoming years. The usage of LPG in commercial and residential sectors is increasing day by day. Mainly in the developing countries, the benefits offered by LPG as compared to the traditional ways of cooking such as kerosene, coal, and wood are unfavorable in nature as LPG accounts for sustainability and causes less pollution thereby maintaining the ecological balance of the Earth.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are regional segments of the global liquefied petroleum gas (LPG) market. The Asia Pacific held significant revenue share in 2017 and is expected to continue its regional supremacy over the forecast period. The growth is attributed to the increasing usage of LPG in commercial and residential sectors in the region. According to the Ministry of Natural Gas and Petroleum India, the increase in the availability of natural gas followed by its simultaneous development, transmission, and distribution LPG can meet the needs and demands for each of the sectors such as power, fertilizer and CGD sectors, as well as industrial and commercial establishments in the upcoming years.
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Some of the industry players operating in the liquefied petroleum gas (LPG) market include Chevron Corporation, British Petroleum Plc, Petroleum National BHD, China Petroleum & Chemical Corporation, Royal Dutch Shell, Exxon Mobil Corporation, China National Petroleum Corporation, Phillips 66, and Valero Energy, among others.
This report segments the global liquefied petroleum gas (LPG) market as follows:
Global Liquefied Petroleum Gas (LPG) Market: Source Segment Analysis
- Associated Gas
- Non-Associated Gas
Global Liquefied Petroleum Gas (LPG) Market: End-User Segment Analysis
- Petrochemical and Refinery
Global Liquefied Petroleum Gas (LPG) Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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