LPG [Liquefied petroleum gas] Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

LPG [Liquefied petroleum gas] Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of LPG Market

The LPG market size was valued at USD 142.83 billion in 2023, and the market is now projected to grow from USD 151.96 billion in 2024 to USD 281.29 billion by 2032, exhibiting a CAGR of 7.33% during the forecast period of 2024-2032.

Many citizens counted on LPG to keep businesses running and homes comfortable. Restaurants relied on propane-fueled heaters to continue the diners fed. The employees working after limitations on indoor dining required them to serve meals outdoors. Healthcare workers were also dependent on propane-fueled heaters to perform COVID-19 tests on motorists in parking lots. Conversely, the pandemic affected the LP gas sector less because it was an essential energy commodity in home cooking and as a feedstock in the petrochemical commerce. Consequently, the COVID-19 pandemic created significant opportunities on the LPG market growth.

The LPG market share globally has augmented due to the growing consumption of LPG as an alternative fuel in transportations. Autogas is extensively employed non-blended choice to conventional oil-based shipping fuels in provisions of its fleet size. The utilization of LP gas has been growing worldwide across different sectors. It is with the growing focus on GHG emissions reduction and guaranteeing sustainable energy for each one. The government support in the form of initiatives and subsidies are further boosting the implementation of LP gas.

The latest trend is the budding demand for auto-gas is bolstering the market growth. The spectacular disparity in the achievement of autogas in competing against gasoline, diesel, and other conventional automotive fuels is pushing the market growth. The primary reason various countries’ governments are actively encouraging autogas and other substitute fuels are the environmental concerns. It outperforms other alternative fuels in most studies comparing environmental performance conducted around the world.

Comprehensive Analysis of LPG Market

The LPG market and power & energy industry is rising at an exponential rate because of its market segmentation. This market development effectively provides a detailed regional evaluation considering the dominant supply and demand forces that impact the power & energy industry. These segmentations are methodically segregated by end user and source. The end users include domestic, commercial, agriculture, industrial, transport, refinery fuel, and chemical. The sources involve natural gas liquid and crude oil.

The Asia Pacific region is conducive to the global LPG market, leading to a recall of USD 70.27 billion because of the elevated adoption of liquid petroleum gas as a prime fuel for cooking and heating water at homes and the governments have revealed a robust and long-term policy commitment to endorse such fuels.

The top players in the market play a vital role in the power & energy industry assuring industrial prospectus growth and setting market values. These players include BP (U.K.), NOVATEK (Russia), ExxonMobil (U.S.), ADNOC Group (UAE), ConocoPhillips (U.S.), Qatar Petroleum (Qatar), Gazprom (Russia), SINOPEC (China), Reliance Industries Limited (India), and Shell (U.S.), these market players provide a level-playing competitive landscape.

In January 2024, Novatek announced the increased natural gas sales by 2.7% to 78.6 billion cubic meters (bcm). They have also raised its production to 82.4 bcm in 2023 and marked a 0.9% rise with respect to 2022.

Segmentation Table

Global LPG Market Scope

ATTRIBUTE

DETAILS

Study Period

2019-2032

Base Year

2023

Estimated Year

2024

Forecast Period

2024-2032

Historical Period

2019-2022

Growth Rate

CAGR of 7.33% from 2024 to 2032

Unit

Value (USD Billion)

Segmentation

By End User

Domestic

Commercial

Agriculture

Industrial

Transport

Refinery Fuel

Chemical

By Source

Natural Gas Liquid

Crude Oil

By Geography

North America (By End User, By Source, By Country)

• U.S. (By End User)
• Canada (By End User)

Europe (By End User, By Source, By Country)

• U.K. (By End User)
• Germany (By End User)
• France (By End User)
• Italy (By End User)
• Spain (By End User)
• Netherlands (By End User)
• Russia (By End User)
• Rest of Europe (By End User)

Asia Pacific (By End User, By Source, By Country)

• China (By End User)
• Japan (By End User)
• India (By End User)
• Australia (By Ensd User)
• Southeast Asia (By End User)
• Rest of Asia Pacific (By End User)

Latin America (By End User, By Source, By Country)

• Brazil (By End User)
• Mexico (By End User)
• Rest of Latin America (By End User)

Middle East and Africa (By End User, By Source, By Country)

• GCC (By End User)
• South Africa (By End User)
• Rest of the Middle East and Africa (By End User)

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