The global liquefied petroleum gas market size is expected to reach USD 144.70 billion by 2030, according to a new study by Polaris Market Research. The report “Liquefied Petroleum Gas Market Share, Size, Trends, Industry Analysis Report, By Source (Associated Gas, Non-associated Gas, Refinery); End-Use; Supply Mode; By Region; Segment Forecast, 2022 - 2030” offers in-depth insights into the dynamics of the current market and provides an analysis of future market growth.
With an increasing focus on reducing greenhouse gas (GHG) emissions and ensuring sustainable energy for all, the use of LPG is increasing in multiple sectors globally. Soaring fuel prices and growing environmental concerns have brought national attention to LPG as an alternative fuel, which is a major driver of market growth.
Some of the major government directives, such as the Federal Emissions Standards and the California Air Resources Board's Zero Emissions Vehicle Directive, direct the automotive industry towards more advanced technologies to reduce CO2 emissions and improve the fuel economy. This will directly increase the demand for LPG.
Due to its many advantages such as low cost, low carbon emissions, and operational benefits, the demand for LPG is expected to increase significantly during the forecast period. LPG has become an attractive option for the commercial sector to combine low-carbon technology with renewable energy to provide low-carbon, reliable 24/7 electricity.
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The LPG market is expected to witness significant growth during the forecast period. This is due to factors such as increased demand for LPG from a variety of applications such as residential, commercial and industrial. In addition, government initiatives to promote the commercialization of LPG as a cooking and automotive fuel are driving the growth of the LPG market.
However, the rapid development of the renewable energy sector and the high installation costs of refineries are curbing the growth of markets around the world. Conversely, increased investment in oil and gas exploration and production is expected to offer potential growth opportunities in the coming years.
Liquefied Petroleum Gas Market Report Highlights
Polaris Market Research has segmented the liquefied petroleum gas market report based on by source, end user, supply mode, and region:
Liquefied Petroleum Gas, Source Outlook (Revenue - USD Billion, 2022 - 2030)
Liquefied Petroleum Gas, End Use Outlook (Revenue - USD Billion, 2022 - 2030)
Liquefied Petroleum Gas, Supply Mode Outlook (Revenue - USD Billion, 2022 - 2030)
Liquefied Petroleum Gas, Regional Outlook (Revenue - USD Billion, 2022 - 2030)