Liquefied Petroleum Gas Market to Reach USD 247.71 Billion in 2030

► Global Liquefied Petroleum Gas Market Set to Soar, Driven by Regional Growth and Strategic Consolidations

The global liquefied petroleum gas (LPG) market is poised for substantial growth, with projections estimating its value to reach USD 279.63 billion by 2034, growing at a CAGR of 5.72% from 2025 to 2034. This surge is attributed to increasing demand across residential, commercial, and industrial sectors, coupled with strategic mergers and acquisitions shaping the competitive landscape.

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► Competitive Landscape

The global LPG market is characterized by the presence of major players such as Royal Dutch Shell, ExxonMobil Corporation, Phillips 66, Reliance Industries Ltd., and Chevron Corporation. These companies are actively engaged in strategic initiatives, including mergers, acquisitions, and infrastructure development, to strengthen their market positions.

► Regional Insights

♦ United States: Consolidation and Growth in the LPG Sector
In North America, the LPG market held a significant share of 43.2% in 2023, with the United States and Canada being primary producers and exporters. The majority of North America's total natural gas liquids (NGL) production contributes to LPG manufacturing.

A notable development is Sunoco's acquisition of Canadian fuel distributor Parkland for approximately $9.1 billion, creating the largest independent fuel distributor in the Americas. This move signifies a trend towards consolidation in the North American LPG market, aiming to enhance distribution capabilities and expand geographic presence.

♦ Asia Pacific: Opportunities in a Rapidly Expanding Market
The Asia Pacific region is expected to witness significant growth, with a projected CAGR of 5.2% during the forecast period. Factors such as population growth, abundant resource availability, and high energy needs, along with government subsidies on LPG cylinders, are driving the market. In 2019, the region's demand for LPG from related gas was 18.92 million tonnes.

India, in particular, has made strides by providing 80 million free cooking gas connections, bolstering domestic LPG consumption. Investments in LPG distribution pipelines and terminals are expected to further support consumption during the forecast period.

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♦ Middle East and Africa: Trends in Storage and Infrastructure Development
The Middle East and Africa (MEA) LPG market generated a revenue of USD 8,004.7 million in 2023, with an expected CAGR of 5% from 2024 to 2030. Residential and commercial applications dominated the market, while the chemical segment is anticipated to register the fastest growth.

Key developments include Taifa Gas Investment SEZ Limited's construction of a 30,000-metric-ton LPG storage facility in Mombasa, Kenya, aiming to reduce East Africa's reliance on imported LPG. Additionally, ISISAN expanded its factory to meet growing import and export demands, enhancing production capabilities.

♦ Europe: Updation Amidst Energy Transition
Europe's LPG market is projected to grow from USD 125.01 billion in 2024 to around USD 219.51 billion by 2034, at a CAGR of 5.79%. The region's focus on reducing carbon emissions and transitioning to cleaner energy sources is driving LPG consumption, particularly in residential and commercial applications.

The European Union's plan to halt Russian gas imports by the end of 2027 is prompting countries to seek alternative energy sources, including LPG, to ensure energy security.

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► Market Segmentation: In-Depth Analysis:

by Source

Refinery
Associated Gas
Non - Associated Gas

The market for liquefied petroleum gas is divided into three segments: non-associated gas, associated gas, and refinery. With 54.61% of the market in 2023, the Non-Associated Gas category was the largest. Increased production of liquefied petroleum gas from the non-associated gas source, which is drawn from natural gas wells, is responsible for the segment's rise. The LPG industry has expanded as a result of the US's expanding shale gas output and gas processing facilities.

by Application

Residential
Commercial
Refinery and Petrochemical
Transportation
Others

The segments of the liquefied petroleum gas market are transportation, refinery and petrochemical, residential, commercial, and others. In 2023, the residential segment accounted for 40.13% of the market, the highest share. The demand for liquefied petroleum gas is rising due to residential uses such cooking, electricity generation, and space and water heating. It provides numerous benefits, such as affordability, energy efficiency, and environmental friendliness, all of which are anticipated to support the expansion of the LPG market throughout the course of the forecast period.

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► Learn about the top players driving innovation in the Market :

1. Chevron Corporation
2. Indian Oil Corporation Ltd.
3. Royal Dutch Shell
4. Vitol
5. Sinopec
6. Hindustan Petroleum Corporation Ltd. (HPCL)
7. Valero Marketing and Supply Company
8. Tasweeq
9. Oil & Natural Gas Corporation Ltd. (ONGC)
10. Reliance Industries Ltd. (RIL)
11. Total SA
12. Petroleos de Venezuela
13. Oman Oil Company
14. Petredec Ltd.
15. Qatargas
16. Aygez
17. ExxonMobil Corporation
18. Bharat Petroleum Corporation Ltd. (BPCL)
19. China Gas Holdings Ltd.
20. Phillips 66
21. Repsol
22. Saudi Arabian Oil Co.
23. FLAGA Gmbh
24. Kleenheat

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