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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
LPG Market Growth
The global market for LPG is being driven by the rising environmental concerns. 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.
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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