The key players in the global LPG market include BP Plc, Exxon Mobil Corporation, Chevron Corporation, Phillips 66 Company, China Petroleum & Chemical Corporation, Total S.A., DCC Plc, and Bharat Petroleum Corporation Limited, among others.
The global LPG market reached a volume of around 325.44 million metric tons in 2020. The market is expected to reach 354.06 million metric tons by 2027 while growing at a CAGR of 1.7% in the forecast period of 2021-2026.
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LPG is a fuel constituting hydrocarbon gas; specifically, propane and butane, has emerged as a clean and efficient source of energy and is known for its lower carbon emission than other fossil fuels. LPG market has been on the rise for a few years now in regional markets such as that of Europe, owing to the governments' initiatives to decrease the carbon emissions in the atmosphere. Developed economies such as that of Europe and North America are expected to continue the growth trend in the forecast period too. The Asia Pacific regional market is expected to add to the market growth due to easy affordability, rosing population, and subsequent high energy necessities. The LPG market in other regions such as Latin America, the Middle East, and Africa are also expected to witness steady growth in the forecast period.
Headquarters: London, United Kingdom
One of the leading players in the LPG market, BP plc, is a British oil and gas company and is one of the seven supermajors in the oil and gas industry. It operates in all areas of the industry, including exploration and production, power generation, refining, distribution and marketing, and trading. The company also has aligned its interests towards renewable energy, particularly biofuels, wind power, smart grid, and solar technology.
Headquarters: Texas, United States
A leading market player in the industry, ExxonMobil, is also one of the world's largest publicly traded energy providers and manufacturers. The company has evolved from a regional marketer of kerosene to becoming an advanced energy and chemical innovator. Being an industry leader in almost every aspect of the energy and chemical manufacturing business, the company operates facilities or market products in most of the world's countries.
Headquarters: California, United States
Chevron Corporation, one of the leading market players, is an American multinational energy corporation and the third-largest oil company in America. The company is active in over 180 countries, working in almost every aspect of the oil and gas industry, including exploration and production, power generation, refining, distribution and marketing, and trading. One of the world's largest companies, it was ranked 15th as of March 2020 in fortune 500 with annual revenue of USD 146.5 billion.
Headquarters: Beijing, China
Website: China Petrochemical Corporation
China Petroleum & Chemical Corporation, more commonly known as Sinopec, is a Chinese oil and gas company. It is the world's largest oil refining, gas, and petrochemical conglomerate. Sinopec's domain includes oil and gas exploration, refining, production, and sales of petrochemicals, chemical fibers, fertilisers, and other chemical products. The company also produces ethanol and various biofuels such as biodiesel and green jet fuel from waste vegetable oil.
Headquarters: Mumbai, Maharashtra, India
Bharat Petroleum Corporation Limited is an Indian government-owned oil and gas corporation and one of the leading players in the industry. The Mumbai-based company is under the ownership of the Ministry of Petroleum and Natural Gas. The company also operates another major refinery in Kochi. India's second-largest oil company with a significant revenue, providing employment to thousands.
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