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Global LPG Market Share, Size, Growth, Analysis, Forecast: By Source: Refinery, Associated Gas, Non-Associated Gas; By Application: Residential, Petrochemical, Industrial, Transport, Commercial, Others; By Sales Channel: Institutional, Retail; Regional Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Global LPG Market Outlook
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.
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The LPG Industry in Europe to Be Aided by the Growing Necessity to Reduce Carbon Emissions
Europe held a significant share in the global market for LPG during the historical period of 2018-2023. This dominance can be attributed to the initiatives proposed by several European countries to decrease the carbon emissions in the atmosphere. Mature economies like Europe and North America are expected to witness a significant growth in the forecast period.
The regional market in the Asia Pacific is driven by the easy affordability, rising population, and subsequent high energy necessities. The growth in the petrochemical industry in China, India, Thailand, and South Korea is adding to the market growth. The LPG industry in Latin America, and the Middle East and Africa regions are also anticipated to witness a healthy growth in the forecast period.
LPG: Market Segmentation
Liquified petroleum gas (LPG) is a fuel constituting of a mixture of hydrocarbon gases. It contains either propane or butane or a mixture of both propane and butane. LPG has emerged as a clean and efficient source of energy. It has gained popularity owing to the lower carbon emission compared to other fossil fuels.
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Based on source, the market is classified into:
- Refinery
- Associated Gas
- Non-Associated Gas
The market can be broadly categorised based on its applications into:
- Residential
- Petrochemical
- Industrial
- Transport
- Commercial
- Others
By sales channel, the market is segmented into:
- Institutional
The EMR report looks into the regional markets of LPG like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Environmental Concerns to Aid the Market Growth of LPG
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.
Key Industry Players in the Global LPG Market
The report presents a detailed analysis of the following key players in the global LPG market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- 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
- Petróleo Brasileiro S.A.
- Others
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Source |
|
| Breakup by Application |
|
| Breakup by Sales Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global LPG Market Analysis
8.1 Key Industry Highlights
8.2 Global LPG Historical Market (2018-2023)
8.3 Global LPG Market Forecast (2024-2032)
8.4 Global LPG Market by Source
8.4.1 Refinery
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Associated Gas
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Non-Associated Gas
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global LPG Market by Application
8.5.1 Residential
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Petrochemical
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Industrial
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Transport
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Commercial
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Others
8.6 Global LPG Market by Sales Channel
8.6.1 Institutional
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Retail
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global LPG Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America LPG Market Analysis
9.1 Market by Source
9.2 Market by Application
9.3 Market by Distribution Channel
9.4 Market by Country
9.4.1 United States of America
9.4.1.1 Historical Trend (2018-2023)
9.4.1.2 Forecast Trend (2024-2032)
9.4.2 Canada
9.4.2.1 Historical Trend (2018-2023)
9.4.2.2 Forecast Trend (2024-2032)
10 Europe LPG Market Analysis
10.1 Market by Source
10.2 Market by Application
10.3 Market by Distribution Channel
10.4 Market by Country
10.4.1 United Kingdom
10.4.1.1 Historical Trend (2018-2023)
10.4.1.2 Forecast Trend (2024-2032)
10.4.2 Germany
10.4.2.1 Historical Trend (2018-2023)
10.4.2.2 Forecast Trend (2024-2032)
10.4.3 France
10.4.3.1 Historical Trend (2018-2023)
10.4.3.2 Forecast Trend (2024-2032)
10.4.4 Italy
10.4.4.1 Historical Trend (2018-2023)
10.4.4.2 Forecast Trend (2024-2032)
10.4.5 Others
11 Asia Pacific LPG Market Analysis
11.1 Market by Source
11.2 Market by Application
11.3 Market by Distribution Channel
11.4 Market by Country
11.4.1 China
11.4.1.1 Historical Trend (2018-2023)
11.4.1.2 Forecast Trend (2024-2032)
11.4.2 Japan
11.4.2.1 Historical Trend (2018-2023)
11.4.2.2 Forecast Trend (2024-2032)
11.4.3 India
11.4.3.1 Historical Trend (2018-2023)
11.4.3.2 Forecast Trend (2024-2032)
11.4.4 ASEAN
11.4.4.1 Historical Trend (2018-2023)
11.4.4.2 Forecast Trend (2024-2032)
11.4.5 South Korea
11.4.5.1 Historical Trend (2018-2023)
11.4.5.2 Forecast Trend (2024-2032)
11.4.6 Australia
11.4.6.1 Historical Trend (2018-2023)
11.4.6.2 Forecast Trend (2024-2032)
11.4.7 Others
12 Latin America LPG Market Analysis
12.1 Market by Source
12.2 Market by Application
12.3 Market by Distribution Channel
12.4 Market by Country
12.4.1 Brazil
12.4.1.1 Historical Trend (2018-2023)
12.4.1.2 Forecast Trend (2024-2032)
12.4.2 Argentina
12.4.2.1 Historical Trend (2018-2023)
12.4.2.2 Forecast Trend (2024-2032)
12.4.3 Mexico
12.4.3.1 Historical Trend (2018-2023)
12.4.3.2 Forecast Trend (2024-2032)
12.4.4 Others
13 Middle East and Africa LPG Market Analysis
13.1 Market by Source
13.2 Market by Application
13.3 Market by Distribution Channel
13.4 Market by Country
13.4.1 Saudi Arabia
13.4.1.1 Historical Trend (2018-2023)
13.4.1.2 Forecast Trend (2024-2032)
13.4.2 United Arab Emirates
13.4.2.1 Historical Trend (2018-2023)
13.4.2.2 Forecast Trend (2024-2032)
13.4.3 Nigeria
13.4.3.1 Historical Trend (2018-2023)
13.4.3.2 Forecast Trend (2024-2032)
13.4.4 South Africa
13.4.4.1 Historical Trend (2018-2023)
13.4.4.2 Forecast Trend (2024-2032)
13.4.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Price Analysis
16.1 North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
16.2 Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
16.3 Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
16.4 Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
16.5 Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 BP plc
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 ExxonMobil Corporation
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Chevron Corporation
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Philips 66 Company
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 China Petroleum & Chemical Corporation (Sinopec)
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Total Energies SE
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Bharat Petroleum Corporation Limited
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Novatek
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.8.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 PJSC Rosneft Oil Company
17.2.9.1 Company Overview
17.2.9.2 Product Portfolio
17.2.9.3 Demographic Reach and Achievements
17.2.9.4 Certifications
17.2.10 Reliance Industries Limited
17.2.10.1 Company Overview
17.2.10.2 Product Portfolio
17.2.10.3 Demographic Reach and Achievements
17.2.10.4 Certifications
17.2.11 Saudi Arabian Oil Company
17.2.11.1 Company Overview
17.2.11.2 Product Portfolio
17.2.11.3 Demographic Reach and Achievements
17.2.11.4 Certifications
17.2.12 Petróleo Brasileiro S.A.
17.2.12.1 Company Overview
17.2.12.2 Product Portfolio
17.2.12.3 Demographic Reach and Achievements
17.2.12.4 Certifications
17.2.13 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global LPG Market: Key Industry Highlights, 2018 and 2032
2. Global LPG Historical Market: Breakup by Source (MMT), 2018-2023
3. Global LPG Market Forecast: Breakup by Source (MMT), 2024-2032
4. Global LPG Historical Market: Breakup by Application (MMT), 2018-2023
5. Global LPG Market Forecast: Breakup by Application (MMT), 2024-2032
6. Global LPG Historical Market: Breakup by Sales Channel (MMT), 2018-2023
7. Global LPG Market Forecast: Breakup by Sales Channel (MMT), 2024-2032
8. Global LPG Historical Market: Breakup by Region (MMT), 2018-2023
9. Global LPG Market Forecast: Breakup by Region (MMT), 2024-2032
10. North America LPG Historical Market: Breakup by Country (MMT), 2018-2023
11. North America LPG Market Forecast: Breakup by Country (MMT), 2024-2032
12. Europe LPG Historical Market: Breakup by Country (MMT), 2018-2023
13. Europe LPG Market Forecast: Breakup by Country (MMT), 2024-2032
14. Asia Pacific LPG Historical Market: Breakup by Country (MMT), 2018-2023
15. Asia Pacific LPG Market Forecast: Breakup by Country (MMT), 2024-2032
16. Latin America LPG Historical Market: Breakup by Country (MMT), 2018-2023
17. Latin America LPG Market Forecast: Breakup by Country (MMT), 2024-2032
18. Middle East and Africa LPG Historical Market: Breakup by Country (MMT), 2018-2023
19. Middle East and Africa LPG Market Forecast: Breakup by Country (MMT), 2024-2032
20. North America Historical Price Trends and Forecast 2018-2028
21. Europe Historical Price Trends and Forecast 2018-2028
22. Asia Pacific Historical Price Trends and Forecast 2018-2028
23. Latin America Historical Price Trends and Forecast 2018-2028
24. Middle East and Africa Historical Price Trends and Forecast 2018-2028
25. Global LPG Market Structure
Key Questions Answered in the Report
The global 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.
Analyst Review
The global LPG market attained a volume of 341.31 million metric tons in 2023, driven by the increasing environmental concerns. Aided by the growth in domestic applications, the market is expected to witness further growth in the forecast period of 2024-2032, growing at a CAGR of 1.4%. The market is projected to reach 387.14 million metric tons by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its source, the market can be segmented into refinery, associated gas, and non-associated gas. The market can be broadly categorised based on its applications into residential, petrochemical, industrial, transport, and commercial, among others. By sales channel, the market is segmented into 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.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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