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
- The non-associated gas segment gained the largest share of the LPG market as global demand for LPG from various household and industrial applications is anticipated to amplify market growth from 2022 to 2030.
- The Asia Pacific region is the largest market for LPG as it is widely accepted as the primary fuel for cooking and other commercial utilities. China is expected to have the largest share of the Asia Pacific market because of the world’s largest population, government subsidies on LPG cylinders, coupled with easy affordability.
- The residential sector dominated the global market in terms of share in 2020 due to LPG delivering benefits such as environment-friendly, economical, and energy efficiency, which will further drive the market growth in the coming years.
- The major market players in the global LPG market with a global presence, including: JGC HOLDINGS CORPORATION, FLAGA Gmbh, Phillips 66 Company, Bharat Petroleum Corporation Limited, Saudi Aramco, Repsol, Kleenheat, China Gas Holdings Ltd, Chevron Corporation, and Reliance Industries Limited.
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)
- Associated Gas
- Non-associated Gas
Liquefied Petroleum Gas, End Use Outlook (Revenue – USD Billion, 2022 – 2030)
- Petrochemical & Refinery
Liquefied Petroleum Gas, Supply Mode Outlook (Revenue – USD Billion, 2022 – 2030)
Liquefied Petroleum Gas, Regional Outlook (Revenue – USD Billion, 2022 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa