Global LPG Market to Grow at a CAGR of 1.4% During 2024-2032, Aided by the Increasing Adoption of LPG

Europe and North America are the key markets for liquified petroleum gas. Several efforts put in by governments across the globe to promote LPG to reduce carbon footprint are driving the LPG industry and is expected to continue support the market growth in the coming years. LPG also provides economic benefits to the consumers owing to its lower costs and better efficiency.

The demand for LPG fuels has dipped owing to the COVID-19 epidemic. The leading manufacturers in the LPG industry are tackling this by employing AI technology and data analytics to drive logistics, increase efficiencies, and lower costs. Total S.E (OTCMKTS: TTFNF) and Indian Oil Corporation Ltd (NSE: IOC), announced the joint venture in LPG and fuel additive businesses. In 2020, Chevron Corporation (NYSE: CVX) announced the acquisition of Noble Energy, Inc. (NASDAQ: NBL). This move is expected to strengthen its position in the energy industry. Phillips 66 (NYSE: PSX), Exxon Mobil Corporation (NYSE: XOM), and BP plc (LON: BP) are also some of the notable key players in the global LPG industry.

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Market Analysis by Source, Application, Sales Channel, and Region:

• The market based on the source can be divided into refinery, associated gas, and non-associated gas.
• Based on application, the market can be broadly categorised into residential, petrochemical, industrial, transport, and commercial, among others.
• The sales channels for LPG include institutional and retail.
• The regional markets for LPG include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing environmental concerns and efforts to reduce carbon emissions are driving the LPG industry globally.
• The growing consumption of LPG in the automobiles industry is fuelling its demand.
• The growing petrochemical industry is boosting the demand for liquified petroleum gas.
• Population growth across the world and the subsequent necessity for fuel is further aiding the market.
• Furthermore, the utilisation of LPG for domestic applications is also aiding the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for LPG for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the sources, applications, distribution channels, and regions of LPG.
• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.
• The market report also analyses the trade data by covering the major importing and exporting countries.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global LPG market are BP plc, ExxonMobil Corporation, Chevron Corporation, Philips 66 Company, China Petroleum & Chemical Corporation (Sinopec), Total Energies SE, Bharat Petroleum Corporation Limited, Novatek, PJSC Rosneft Oil Company, Reliance Industries Limited, Saudi Arabian Oil Company, and Petróleo Brasileiro S.A., 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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