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Report Overview
The global LPG market attained a volume of about 341.31 million metric tons in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 1.4% to reach 387.14 million metric tons by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
| Global LPG Market Report Summary | Description | Value |
| Base Year | MMT | 2023 |
| Historical Period | MMT | 2018-2023 |
| Forecast Period | MMT | 2024-2032 |
| Market Size 2023 | MMT | 341.31 |
| Market Size 2032 | MMT | 387.14 |
| CAGR 2018-2023 | MMT | XX% |
| CAGR 2024-2032 | MMT | 1.4% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 1.8% |
| CAGR 2024-2032 - Market by Country | India | 2.1% |
| CAGR 2024-2032 - Market by Country | Canada | 1.7% |
| CAGR 2024-2032 - Market by Application | Residential | 1.6% |
| CAGR 2024-2032 - Market by Sales Channel | Retail | 1.5% |
| Market Share by Country 2023 | India | 4.1% |
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The Liquified Petroleum Gas Industry in Europe to Be Aided by the Growing Necessity to Reduce Carbon Emissions
Europe held a significant share in the global market for LPG during the historical period of 2018-2023. This dominance can be attributed to the initiatives proposed by several European countries to decrease the carbon emissions in the atmosphere. Mature economies like Europe and North America are expected to witness a significant growth in the forecast period.
The regional market in the Asia Pacific is driven by the easy affordability, rising population, and subsequent high energy necessities. The growth in the petrochemical industry in China, India, Thailand, and South Korea is adding to the market growth. The LPG industry in Latin America, and the Middle East and Africa regions are also anticipated to witness a healthy growth in the forecast period.
LPG Industry Segmentation
Liquified petroleum gas (LPG) is a fuel constituting of a mixture of hydrocarbon gases. It contains either propane or butane or a mixture of both propane and butane. LPG has emerged as a clean and efficient source of energy. It has gained popularity owing to the lower carbon emission compared to other fossil fuels.
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Based on source, the market is classified into:
- Refinery
- Associated Gas
- Non-Associated Gas
The market can be broadly categorised based on its applications into:
- Residential
- Petrochemical
- Industrial
- Transport
- Commercial
- Others
By sales channel, the market is segmented into:
- Institutional
The EMR report looks into the regional markets of LPG like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
| CAGR 2024-2032 - Market by | Country |
| India | 2.1% |
| China | 1.7% |
| Canada | 1.7% |
| USA | 1.5% |
| Australia | 1.2% |
| Japan | 1.1% |
| UK | XX% |
| Germany | XX% |
| France | XX% |
| Italy | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
| Mexico | XX% |
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Rising Environmental Concerns to Aid the Market Growth of LPG
The global market for LPG is being driven by the rising environmental concerns. Liquified Petroleum Gas (LPG) has remarkably lower carbon emissions compared to its conventional fossil fuel alternatives. Thus, LPG has emerged as a clean and efficient energy source in various industries. LPG is being increasingly adopted in several industries, such as agriculture, commercial, and manufacturing applications. A significant rise in domestic applications was observed owing to its utilisation for heating and cooking purposes. It is also considered as a potential alternative to conventional fuels, thus, reducing the oil dependency and lowering the greenhouse effect. Furthermore, the usage in the petrochemical and automobile industry is projected to provide an impetus for the market growth. These factors are expected to aid the LPG industry in the coming years.
Key Industry Players in the Global LPG Market
The report presents a detailed analysis of the following key players in the global LPG market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- BP plc
- ExxonMobil Corporation
- Chevron Corporation
- Philips 66 Company
- China Petroleum & Chemical Corporation (Sinopec)
- Total Energies SE
- Bharat Petroleum Corporation Limited
- Novatek
- PJSC Rosneft Oil Company
- Reliance Industries Limited
- Saudi Arabian Oil Company
- Petróleo Brasileiro S.A.
- 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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Source |
|
| Breakup by Application |
|
| Breakup by Sales Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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LPG Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global Liquefied Petroleum Gas(LPG) market attained a volume of 341.31 million metric tons in 2023.
The market is expected to grow at a CAGR of 1.4% during the forecast period of 2024-2032.
The market is predicted to reach 387.14 million metric tons by 2032.
The major drivers of the market are rising disposable incomes, growing environmental concerns, rapid urbanisation, growing population, and the surging awareness regarding the importance of clean fuels.
The key trends guiding the market growth include the increasing use of LPG in cooking applications, the rising demand for clean and energy efficient sources in several end-use sectors, and the rising applications of LPG in petrochemical and automotive applications.
The major regional markets of LPG are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The leading sources of LPG in the market are refinery, associated gas, and non-associated gas.
The significant applications of LPG include residential, petrochemical, industrial, transport, and commercial, among others.
The major distribution channels in the market are institutional and retail.
The key players in the above market include BP plc, ExxonMobil Corporation, Chevron Corporation, Philips 66 Company, China Petroleum & Chemical Corporation (Sinopec), Total Energies SE, Bharat Petroleum Corporation Limited, Novatek, PJSC Rosneft Oil Company, Reliance Industries Limited, Saudi Arabian Oil Company, and Petróleo Brasileiro S.A., among others.
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