IMARC Group, a leading market research company, has recently releases report titled “Liquefied Petroleum Gas (LPG) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global liquefied petroleum gas (LPG) market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the liquefied petroleum gas (LPG) market?
The global liquefied petroleum gas (LPG) market size reached US$ 134.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 170.3 Billion by 2028, exhibiting a growth rate (CAGR) of 3.6% during 2023-2028.
What is a liquefied petroleum gas (LPG)?
Liquified petroleum gas (LPG) is a flammable mixture of hydrocarbon gases that includes propane and butane. It is considered to be a clean and efficient source of energy that is portable and commonly used as fuel across various application segments. It is obtained during the process of oil and natural gas production and is liquefied through pressurization. It is stored and supplied in canisters, cylinders and bulk storage tanks for various domestic and industrial applications. It is extensively being utilized as the preferred energy source across the chemical, automotive and manufacturing sectors.
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What are the growth prospects and trends in the liquefied petroleum gas (LPG) industry?
Rising environmental consciousness represents one of the primary factors driving the global market growth. In line with this, LPG is used as an effective alternative to fossil fuels, which is contributing to its widespread utilization across industries. Furthermore, significant growth in the automotive industry is creating a positive market outlook. Because LPG is utilised as an autogas in the automotive industry to reduce carbon emissions, it is a major growth element. Other factors, such as the implementation of various government initiatives to promote the usage of LPG, are driving the market toward growth further.
What is included in market segmentation?
The report has segmented the market into the 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 (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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
- Valero Energy Corporation.
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