Liquefied Petroleum Gas (LPG) Market 2022: Industry Analysis Size, Share, Growth, Trends and Forecast till 2027

The latest research study “Liquefied Petroleum Gas (LPG) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global liquefied petroleum gas (LPG) market reached a value of US$ 128.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 164.4 Billion by 2027, exhibiting a CAGR of 3.8% during 2022-2027.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Industry Definition and Application:

Liquefied petroleum gas (LPG) is a clean, renewable, non-toxic, and portable energy source that is utilized for various domestic and industrial applications. It comprises of a mixture of flammable hydrocarbon gases, including butane, propane, and isobutane. LPG is stored and supplied in large tanks, gas cylinders, and steel vessels. It also burns readily in the air and offers higher heat energy in comparison to natural gas. As a result, LPG finds widespread applications across several sectors, such as chemical, automotive, household, residential, commercial, manufacturing, transportation, etc.

Global Liquefied Petroleum Gas (LPG) Market Industry Trends and Drivers: 

The increasing population and the rising levels of energy consumption and infrastructural development across the globe are primarily driving the liquefied petroleum gas (LPG) market. Besides this, the escalating concerns towards carbon emissions and pollution are further augmenting the market growth. Apart from this, the launch of favorable policies by the government bodies to educate the rural population regarding the importance of substituting the traditional sources of energy, including wood, coal, and kerosene, with liquified petroleum gas is also catalyzing the global market. Moreover, the elevating requirement for this energy source as an emission gas in the automotive industry is acting as another significant growth-inducing factor. Furthermore, the development of advanced extraction and refining technologies for natural gases is expected to bolster the liquefied petroleum gas (LPG) market in the coming years. 

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Source:

Refinery
Associated Gas
Non-Associated Gas

Breakup by Application:

Residential
Commercial
Refinery and Petrochemical
Transportation
Others

Breakup by Supply Mode:

Packaged
Bulk and On-site

Breakup by Region:

North America: (United States, Canada)
Asia Pacific: (China,Japan, India, South Korea, Australia, Indonesia,Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

List of Major Key Players:

The major players in the market are Bharat Petroleum Corporation Limited, BP P.L.C., Chevron Corporation, China Gas Holdings Ltd., Exxon Mobil Corporation, Origin Energy Limited, Petroliam Nasional Berhad, Phillips 66 Company, Repsol S.A., Royal Dutch Shell PLC and Valero Energy Corporation

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