Australia Liquefied Petroleum Gas Market Report and Forecast 2024-2032

Australia Liquefied Petroleum Gas Market Outlook

The Australia liquefied petroleum gas market size was valued at USD 5.02 billion in 2023. The market is further projected to grow at a CAGR of 3.6% between 2024 and 2032, reaching a value of USD 6.91 billion by 2032.

Key Takeaways

• Australia's LPG fleet consists of 700,000 vehicles, ranking it as the fifth largest in the world.

• The country's LPG consumption data indicates that Australia consumed 24.84 thousand barrels per day in 2022, with an average consumption of 49.47 thousand barrels per day from 1980 to 2022.

• Australia is self-sufficient in meeting its natural LPG requirements, with about 80% of LPG derived from gas fields and 20% from refining crude oil at Australia's seven refineries.

Some of the factors driving Australia liquefied petroleum gas market growth include the growing demand for LPG across various applications such as household, commercial, and industrial sectors, the supportive government initiatives promoting energy efficiency and sustainability, and the significant growth opportunities presented by infrastructure expansion. The production of LPG in Australia is predicted to grow beyond 5,024 kt by 2029, with reserves capable of satisfying the domestic market for over 20 years.

Additionally, the dominance of natural gas liquids in the LPG market due to their cleaner fuel characteristics have led to Australia liquefied petroleum gas market development. The Australian Bureau of Agricultural and Resource Economics (ABARE) forecasts that production of naturally occurring LPG will double by 2030, with large-scale natural gas projects expected to increase LPG production beyond ABARE's estimates.

With the increasing availability of high-efficiency electrical appliances, market players in Australia are exploring technological options to deliver zero-emissions gas to consumers. As per industry reports, this focus on emission reduction and technological innovation have guided the growth of the market.

LPG is being employed as a fuel for vehicles, offering a cleaner and more environmentally friendly alternative to traditional gasoline or diesel. Australia has a robust infrastructure for LPG distribution, with over 3,200 retail outlets across the nation, enabling easy access to LPG refuelling stations. This has contributed to the success of transportation sector's shift towards LPG.

LPG serves as a crucial raw material in the petrochemical industry, contributing to the manufacturing of plastics, chemicals, and other essential products. The segment's growth is fuelled by the petrochemical sector's need for reliable and efficient energy sources, positioning LPG as a key component in this industry. In agriculture, LPG is used for heating, drying, and powering equipment, enhancing productivity and efficiency on farms.

Market Segmentation

Australia Liquefied Petroleum Gas Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments

Market Breakup by Source

• Associated Gas

• Non-Associated Gas

• Refinery

Market Breakup by Application

• Refinery and Petrochemical

• Industrial

• Agriculture

• Commercial

• Residential

• Transportation

• Others

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Australian Capital Territory

• Western Australia

• Others

Competitive Landscape

Market players are focused on exploring technological options to deliver low-emissions or zero-emissions gas to consumers.

• BP Australia Pty Limited

• Shell Australia Pty Limited

• BOC Australia

• Elgas Ltd.

• Coregas Pty Ltd

• Others

Key Highlights of the Report