Europe LPG Market Report and Forecast 2024-2032

Europe LPG Market Outlook

The Europe LPG market attained a volume of about 46.79 million tonnes in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5.80% to reach nearly 77.68 million tonnes by 2032.

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Rising Demand for LPG in the Transportation Industry Bolstering the Market Growth in Europe

The rising use of LPG as an alternative fuel in the transportation industry in the region is driving the growth of the market. With the growing demand for vehicles with a low total cost of ownership, the demand for LPG-fuelled vehicles is rising. Moreover, various governments in the region are introducing favourable initiatives to bolster the use of LPG in the transportation industry. Vehicles with internal combustion engines (ICEs) are increasingly retrofit with LPG to enhance decarbonisation and cost-benefits, which is adding to the growth of the market. The rising utilisation of LPG in large vehicles and fleet management solutions is further invigorating the industry growth.

The extensive availability of LPG across Europe is surging its demand in various end-use industries, hence propelling the growth of the market. The flexibility offered by supply chains of LPG is increasing its accessibility, especially in remote areas, which is fuelling the market growth. The growing attempts by government bodies to decarbonise remote and rural areas is propelling the market for LPG. As remote areas in the region rely on conventional energy sources like coal and heating oil for cooling and heating activities, the enhanced accessibility and cost-effectiveness provided by LPG is leading to a surge in its demand, which is providing further impetus to the market growth.

LPG: Market Segmentation

LPG, variously known as liquid petroleum gas, is flammable hydrocarbons fuel gas that primarily constitutes butane and propane. It is obtained during the production of natural gas and is an efficient and portable energy source. LPG finds its use in versatile applications in the residential, industrial, and automotive sectors, among others.

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The major applications of LPG are:

• Household
• Commercial
• Others

The commercial segment is further divided into HoReCa, industrial, and mobility.

The EMR report looks into the regional markets of LPG in Europe like Germany, the United Kingdom, France, Spain, Russia, Italy, Netherlands, and Belgium, among others.

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Growing Concerns Regarding Climate Change to Propel the Europe Market for LPG

The market for LPG in Europe is being driven by the growing concerns regarding rapid climate change in the region. Various governments in the region are increasingly focussing to achieve zero net carbon emissions, due to which the demand for LPG in both domestic and commercial applications is surging, hence driving the market growth. With the growing trend of green industrial revolution in the region, the utilisation of LPG is increasing. Moreover, the increasing investments to expand the LPG infrastructure across the region are expected to provide lucrative growth opportunities to the industry in the coming years.

The growing interests in bioLPG as a direct renewable replacement for conventional energy sources are anticipated to propel the market growth. As bioLPG can be effectively used in existing LPG appliances, its demand for cost-effective decarbonisation is growing, which is projected to aid the market growth. The increasing potential of bioLPG as a clean off-grid fuel source for rural manufacturers and mobile caterers in the region is predicted to invigorate the industry growth. In addition, the growing preference for a blend of bioLPG and LPG for commercial, industrial, and transportation activities are estimated to aid the industry growth. With the increasing investments in bioLPG by the leading companies, the market is poised to significantly expand in the forecast period.

Key Industry Players in the Europe LPG Market

The report presents a detailed analysis of the following key players in the Europe LPG market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• BP Plc
• Total S.A.
• DCC Plc
• UGI International
• SHV Energy
• Exxon Mobil Corporation
• Chevron Corporation
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report