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The increasing focus to improve air quality, especially in urban areas in Europe is propelling the demand for LPG as an alternative fuel. As both the European Union (EU) and governments in Europe are increasingly facilitating the use of renewable and low carbon gases, the use of LPG to decarbonise the energy sector is significantly growing. This is propelling the market growth in the region. With the rising awareness regarding the flexibility, portability, and cost-effectiveness offered by LPG, its demand in commercial and residential applications is surging. In addition, the increasing complexities of importing conventional energy sources like diesel and petrol is leading to a surge in the demand for renewable energy resources like bioLPG, thereby providing further impetus to the growth of the market.
UGI International (NYSE: UGI), one of the leading companies in the market, launched a joint venture with SHV Energy to advance the production and use of renewable dimethyl ether (“rDME”) in May 2021. The venture would develop opportunities for investment in the production of rDME to accelerate renewable solutions for the LPG industry. Through this, the company attempts to advance the de-fossilisation of the LPG industry while increasing the availability of rDME. The venture would further enable the company to enhance the sustainability of LPG. Moreover, the surging production of rDME would increase the availability of LPG and bioLPG blended with rDME. Such initiatives by the leading companies are increasing the use of LPG as a clean fuel alternative in various end-use industries, which is driving the growth of the market in Europe.
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The major players in the Europe LPG market are BP Plc, Total S.A., DCC Plc, UGI International, SHV Energy, ELPGon Mobil Corporation, and Chevron Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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