Press release
Liquefied Petroleum Gas (LPG) Market Size to Reach US$ 170.3 Billion by 2028 at 3.6% CAGR
Liquefied Petroleum Gas (LPG) Market 2023
Report Highlights
How big is the liquefied petroleum gas (LPG) market?
The global liquefied petroleum gas (LPG) market size reached US$ 134.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 170.3 Billion by 2028, exhibiting a growth rate (CAGR) of 3.6% during 2023-2028.
What is a liquefied petroleum gas (LPG)?
Liquefied petroleum gas (LPG) is a flammable hydrocarbon gas mixture consisting primarily of propane (C3H8) and butane (C4H10), derived from natural gas processing and crude oil refining. It is produced by extracting natural gas or refining crude oil, and impurities such as sulfur, water, and other contaminants are removed to provide a clean and stable LPG product. It is then processed and liquefied under moderate pressure to convert into a liquid state for easy storage, transportation, and distribution. It is also employed as a fuel for heating, cooking, and numerous industrial applications for its high energy content and portability. In addition, several advantages of LPG include clean-burning characteristics, versatility, and enhanced efficiency. It also substitutes traditional fuels such as coal, wood, and oil due to its lower emissions and easy storage alternatives in tanks or cylinders, making it suitable for residential and commercial use. As a result, liquefied petroleum gas is widely adopted in various industrial applications such as metal cutting, welding, and drying and as a fuel for forklifts and vehicles across the globe.
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What are the growth prospects and trends in the liquefied petroleum gas (LPG) industry?
The market is primarily driven by the escalating product demand as a cooking fuel in the residential, industrial, and commercial sectors. Additionally, rapid urbanization, a growing population, and rising disposable incomes are contributing to the market growth. In line with this, the transportation sector is shifting toward LPG as an alternative automotive fuel that offers cost advantages, lower emissions, and easy conversion of vehicles, thus influencing the market growth. Also, the widespread adoption of LPG in public transportation, taxis, and commercial fleets, with the establishment of refueling infrastructure, is also driving the demand for LPG. Moreover, several technological advancements in LPG equipment, appliances, and industry, such as smart meters, remote monitoring systems, advanced LPG burners, and efficient vaporizers, are improving efficiency, user experience, and safety representing another major growth-inducing factor.
Along with this, the growing digitization and the incorporation of the Internet of Things (IoT) sensors and connectivity that allow remote monitoring, predictive maintenance, real-time data analysis, and improved supply chain management is propelling the market growth. Besides this, the growing shift toward cleaner and sustainable fuels in industries such as automotive, hospitality, and agriculture due to growing environmental awareness to mitigate greenhouse gas (GHG) emissions, climate change, particulate matter, and sulfur to improve air quality is accelerating the market growth. Furthermore, the introduction of sustainable packaging solutions, such as composite cylinders produced from lightweight materials, and the implementation of several government initiatives to offer clean cooking solutions to improve access to LPG is also creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Source:
Refinery
Associated Gas
Non-Associated Gas
Breakup by Application:
Residential
Commercial
Refinery and Petrochemical
Transportation
Others
Breakup by Supply Mode:
Packaged
Bulk and On-site
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Bharat Petroleum Corporation Limited
BP P.L.C.
Chevron Corporation
China Gas Holdings Ltd.
Exxon Mobil Corporation
Origin Energy Limited
Petroliam Nasional Berhad
Phillips 66 Company
Repsol S.A.
Royal Dutch Shell PLC
Valero Energy Corporation.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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