Global Liquefied Petroleum Gas (LPG) Market projected to grow at a CAGR of 6.5% from 2021 to 2030.
Rise in demand for LPG from residential sector and government initiative towards the use of greener fuel are key factors drives the liquefied petroleum gas market growth.”
WILMINGTON, DE, UNITED STATES, December 13, 2024 /EINPresswire.com/ -- — Allied Market Research
According to a new report published by Allied Market Research, the liquefied petroleum gas (LPG) market size was valued at $130.1 billion in 2020, and is projected to reach $243.4 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
Liquefied petroleum gas (LPG) is obtained from compression and cooling of two gases named propane and butane, which are formed from oil wells. Liquefied petroleum gas is mostly used as fuel for cooking, heating, and transportation fuel. LPG is nontoxic, non-corrosive, and clean as compared to gasoline.
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Europe is expected to grow at the fastest rate, registering a CAGR of 7.5%, throughout the forecast period.
In 2020, LAMEA dominated the global liquefied petroleum gas (LPG) market with more than 35.9% of the share, in terms of revenue.
The key players operating and profiled in the global liquefied petroleum gas (LPG) industry report include Saudi Arabian Oil Co., China Gas Holdings Ltd., Chevron Corporation, Bharat Petroleum Corporation Limited (BPCL), FLAGA GmbH, Repsol, Kleenheat, Total SE, Reliance Industries Limited, and Exxon Mobil Corporation.
Other players operating in the value chain of the global liquefied petroleum gas industry are JGC Holdings Corporation, Royal Dutch Shell Plc., PETRONAS, PetroChina Company Limited, and Qatargas Operating Company Limited.
Significant development of the end-use industries such as oil & gas, food & beverages, manufacturing, construction, and transportation is fueling the growth of the liquefied petroleum gas market during the forecast period.
Advantages associated with liquefied petroleum gas such as clean burning, low maintenance, eco-friendly, and instant heat production is driving the growth of the market, globally.
Disadvantages associated with LPG such as hazardous, more consumption, high cost than CNG, higher ignition temperature, and high installation cost of refineries are the key factors hampering the growth of the global market in the upcoming years.
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Depending on the source, non-associated gas segment held the highest market share of about 52.4% in 2020, and is expected to maintain its dominance during the liquefied petroleum gas market forecast period.
This is attributed to rise in production of liquefied petroleum gas from non-associated gas source, which is extracted from natural gas wells.
In 2020, the associated gas segment garnered 22.5% liquefied petroleum gas market share in the year 2020, and is anticipated to grow at a rate of 7.0% in terms of revenue.
In addition, rise in demand for LPG from various domestic and industrial applications is anticipated to fuel the growth of the market from 2021 to 2030.
On the basis of application, residential segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period.
This growth is attributed to rise in demand for liquefied petroleum gas from residential applications such as space & water heating, cooking, and power generation.
Industrial is the fastest growing application segment in the global liquefied petroleum gas market, expected to grow at a CAGR of 8.4% during 2021–2030.
In addition, it provides benefits such as cost-effectiveness, energy efficiency, and eco-friendly, which further drive the market growth in the coming years.
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In addition, liquefied petroleum gas is gaining importance in the construction, food & beverages, manufacturing, residential, agriculture, and transportation industries in the region, owing to government initiatives toward reducing carbon emissions and aim of European Union to be climate neutral by 2050, which, in turn, is expected to augment the growth of the liquefied petroleum gas market in the Europe during the forecast period.
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