The rising adoption of clean and green energy sources in developing and developed countries is expected to boost LPG market growth over the forecast period. Awareness about the increasing global warming and climate change further boosts the market’s growth. Europe region emerged as the largest market for the global liquefied petroleum gas market, with a 42% share of the market revenue in 2021.
Newark, Oct. 04, 2022 (GLOBE NEWSWIRE) — The report published by The Brainy Insights shows that the global liquefied petroleum gas market is expected to grow from USD 136.4 billion in 2021 to USD 252.8 billion by 2030, at a CAGR of 7.1% during the forecast period 2022-2030.
In recent times, liquefied petroleum gas (LPG) emerged as one of the prominent fuel sources in the residential as well as commercial sectors for cooking and heating applications. It has been widely used as a substitute for fuel sources, such as coal and wood. However, it has several other benefits, such as being non-toxic, convenient, easy accessibility, portable, clean, and cost-efficient compared to other fuels, such as coal and wood. The rising population across regions like Asia Pacific, Africa, and Central and South America increased the demand for liquefied petroleum gas (LPG) as the residents in these regions widely use LPG as cooking fuel.
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For instance, in India, over 60%-75% of residents use liquefied petroleum gas for cooking and heating purposes. Liquefied petroleum gas (LPG) is an emerging option for commercial use as it is a low-carbon emitted fuel. Improving research and development in the liquefied petroleum gas industry also enhances the market’s growth. In April 2020, Sibur, the largest petrochemical company in Russia, capitalized on the prospect of delivering two cargoes of LPG to India. According to the World Energy Council, China has 1,115 trillion cubic feet of unconventional gas, while in 2019, the U.S. was the leading country in producing unconventional gas.
To enhance their market position in the global liquefied petroleum gas market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In April 2022, JGC Holdings Corporation signed an agreement with KBR Inc. to manufacture Ammonia. Under this deal, JGC Group can use KBR’s Ammonia manufacturing plant engineering, procurement, and construction (EPC) projects.
Market growth and trends:
Growing public awareness regarding the rising global warming due to increasing pollution drives the market’s growth. LPG is considered an alternative source of fossil fuels and is generated using renewable energy sources, which propels the market’s growth. However, the flammability of liquefied petroleum gas limits the market’s growth. Furthermore, the flammability of the gas increases the overall cost of storage, transportation, and distribution as the gas is stored in high-pressure cylindrical or spherical vessels to avoid fire. In addition, the fluctuating price of oil feedstock also hampers the market’s growth during the forecast period. The strict government initiatives encouraging liquefied petroleum gas over conventional fuels to reduce pollution are expected to provide lucrative growth opportunities for the market. However, the onset of the Covid-19 pandemic challenged the market’s growth as LPG was only used for residential purposes. Still, liquefied petroleum gas for the commercial, industrial, and transportation sectors completely stopped.
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● In 2021, the non-associated gas segment dominated the market with the largest market share of 41% and market revenue of 55.9 billion.
The source segment is divided into associated gas, refinery, and non-associated gas. In 2021, the non-associated gas segment dominated the market with the largest market share of 41% and market revenue of 55.9 billion. The rising demand for liquefied petroleum gas from various industrial and domestic applications propels the segment’s growth.
● In 2021, the residential segment accounted for the largest share of the market, with 26% and a market revenue of 35.4 billion.
The application segment is divided into commercial, residential, agriculture, transportation, industrial, and others. In 2021, the residential segment accounted for the largest share of the market, with 26% and a market revenue of 35.4 billion. The segment has been growing owing to multiple residential applications such as cooking, space & water heating, and power generation.
Regional Segment Analysis of the Liquefied Petroleum Gas Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Europe emerged as the largest market for the global liquefied petroleum gas market, with a market share of around 42% and 57.2 billion of the market revenue in 2021. The increasing demand for renewable sources of energy drives the market’s growth in the region. There is an increase for liquefied petroleum gas in residential as well as commercial sectors propels the growth of the market. Furthermore, liquefied petroleum gas is gaining importance in the food & beverages, residential, manufacturing, agriculture, and transportation industries, propelling the market’s growth in the region.
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Key players operating in the global liquefied petroleum gas market are:
● China Gas Holdings Ltd
● Bharat Petroleum Corporation Limited
● Phillips 66 Company
● Reliance Industries Limited
● Exxon Mobil Corporation
● Royal Dutch Shell
● Petroliam Nasional Berhad (PETRONAS)
● PetroChina Company Limited
● Qatargas Operating Company Limited
● China Petroleum & Chemical Corporation
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global liquefied petroleum gas market based on the below-mentioned segments:
Global Liquefied Petroleum Gas Market by Source:
● Associated Gas
● Non-associated Gas
Global Liquefied Petroleum Gas Market by Application:
About the report:
The global liquefied petroleum gas market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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