Liquefied Petroleum Gas Market by Regions, Type & Applications During 2023-2030

 

Liquefied Petroleum Gas Industry Overview

The global liquefied petroleum gas market size was estimated at USD 117.3 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030.

Growing awareness about the benefits correlated to the usage of LPG to substitute fossil fuels and the rising adoption of clean and green energy sources across developed and developing countries are some of the factors likely to boost the LPG market’s growth. Additionally, technological aspects coupled with the growing number of initiatives taken by governments to educate the rural people to substitute LPG with traditional cooking fuels such as kerosene, wood, and coal which is likely to play a vital role in the industry’s growth.

Gather more insights about the market drivers, restrains and growth of the Liquefied Petroleum Gas Market

The growing population and increasing demand for liquefied petroleum gas as a vehicle emission gas are likely to boost the growth of the market. Besides, the high cost of installation related to liquefaction process equipment and technology may affect the demand and can confine the growth of the market during the projection timeframe. Rise in government initiatives across countries such as India, Indonesia, and China to inspire liquefied petroleum gas applications on account of its prolonged benefits as a cooking fuel are anticipated to boost the market growth over the upcoming years.

In the United Kingdom., LPG is gradually being considered as a striking option for commercial assets joined with low-carbon and renewable technologies to assimilate a consistent year with round-the-clock electricity supply with carbon savings. The improving R&D in the liquefied petroleum gas industry is projected to propel the market growth in the upcoming years.

LPG has appeared as one of the key fuel sources in commercial and residential segments for heating and cooking applications substituting conventional fuel sources such as wood and coal. However, it could be ascribed to the many benefits such as easy accessibility, non-toxic, clean, convenient, portable, and cost-efficient as compared to other fuels such as wood and coal.

The surge in the population across regions like Africa, Asia Pacific, and Central & South America is projected to fuel up the demand during the projection timeframe as the residents in the subsequent regions use LPG as cooking fuel. For instance, in India, over 60%-75% of household activities such as heating and cooking are done by using liquefied petroleum gas.

The abrupt onset of the COVID-19 pandemic caused a decrease in demand for liquefied petroleum gas in the commercial sector. However, the increase in demand owing to the rise in consumption of LPG for cooking due the situations like lockdowns contributed to the demand. Moreover, the usage of liquefied petroleum gas across industrial, commercial, and transportation is projected to create demand across the region.

Numerous market players are now expected to pursue opportunities past the traditional markets and supply to the demand for LPG across the regions. Since, the demand for LPG continued to deteriorate in Europe owed to the COVID-19 outburst, in April 2020, Russia’s largest petrochemical company Sibur capitalized on the prospect to enter into a new market by delivering two cargoes of LPG to India.

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Key Companies & Market Share Insights

The global LPG industry is highly competitive owing to the presence of major manufacturers and distributors along with numerous multinational corporations. The global market is likely to attract a large no of regional players over the estimated period. Key market players such as Royal Dutch Shell, ExxonMobil Corporation, Royal Dutch Shell, Philips 66, Reliance Industries Ltd. (RIL), Chevron Corporation, and others.

The majority of the players have been concentrating on expanding their Autogas capabilities owed to a rapidly growing fleet count mostly in Europe and Asia Pacific. Some of the other initiatives undertaken by the players such as long-term partnerships with auto-OEMs and distributors for supportable supply over the next coming years. Some prominent players in the global liquefied petroleum gas market include:

·         Repsol

·         China Gas Holdings Ltd

·         Saudi Arabian Oil Co.

·         FLAGA Gmbh

·         Kleenheat

·         Bharat Petroleum Corporation Limited

·         JGC HOLDINGS CORPORATION

·         Phillips 66 Company

·         Chevron Corporation

·         Reliance Industries Limited

·         Exxon Mobil Corporation

·         Total

·         Royal Dutch Shell

·         Petroliam Nasional Berhad (PETRONAS)

·         PetroChina Company Limited

·         Petredec Pte Limited

·         Qatargas Operating Company Limited

·         Petrofac Limited

·         Vitol

·         China Petroleum & Chemical Corporation

·         BP Plc.

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