Wilmington, Delaware, United States, July 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global bio LPG market was was valued at US$ 416.9 Mn in 2022. It is estimated to advance at a CAGR of 42.3% from 2023 to 2031 and reach US$ 10.0 Bn by the end of 2031
Rapid advancement in pyrolysis technology, which is used for the conversion of solid waste to bio oil, is positively influencing the bio LPG industry dynamics. Stakeholders in the global energy landscape are striving to enhance feedstock availability and optimize production costs, which is broadening market outlook. Significant usage of bio LPG in off-grid residential heating applications is a key trend that is anticipated to accelerate market development. Increase in demand for biofuels in a range of industrial applications is expected to offer lucrative opportunities to companies in the bio LPG market.
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Competition Landscape
Leading players in the bio LPG market are striving to offer environment-friendly fuels and are investing significantly in the development of new technologies in the production of biofuels. Key players are focusing on comprehensive R&D activities in order to consolidate their market positions.
Prominent companies in the bio LPG market are
SHV Energy, Eni, Global Bioenergies, Neste, Preem, Repsol, TotalEnergies, Alkcon Corporation, Irving Oil Ltd., Calor Gas Ltd., and Alfa Laval are key entities operating in this industry. Each of these players has been profiled in the bio LPG market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
Key Findings of Study
High Preference for Bio Oil as Bio Fuel Feedstock in Transportation Applications
Recurrent focus of several end-use industries on reducing their carbon footprint significantly by switching from conventional fuels to low-carbon fuels is a key market trend. Considerable usage of LPG in industrial and commercial applications therefore presents a large untapped opportunity for end-users to transition to low-carbon fuels. Rise in utilization of fuels made from easily available renewable feedstock, such as municipal solid waste (MSW) and plant waste materials, is slated to augment market development. Rapid rate of adoption of bio LPG as transportation fuel is anticipated to spur market growth. Numerous initiatives by governments of several countries on decarbonization of the petrochemical sector are expected to accelerate market development. In terms of feedstock, the bio oil segment is projected to lead the market during the forecast period. A large proportion of bio LPG currently adopted in end-use industries is made of bio oil feedstock. Ease of transportation & distribution of bio oil is a key advantage for producers of bio LPG. Furthermore, increase in usage of bio oil in biorefineries is ascribed to the demand for this as a chemical precursor to the production of a number of compounds, especially carbon nanostructures.
Considerable Demand for Bio LPG in Transportation and Residential Heating Applications
Significant demand for non-renewable energy sources in a range of transportation and home heating applications is anticipated to bolster market size. Considerable usage of bio LPG in the transportation industry is expected to boost the bio LPG market. Increase in utilization of biofuels in residential heating applications across the globe is anticipated to propel market growth. Residential end-users worldwide are rapidly transitioning toward low-carbon fuel or biofuel from kerosene, conventional LPG, coal, and wood.
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Key Growth Drivers of Bio LPG Market
- Rise in demand for biofuels in several countries across the globe is a key driver of the bio LPG market. Continuous advancements in the production, storage, and distribution of bio-sourced LPG are expected to propel market growth.
- Significant worldwide concerns about adverse environmental impacts of conventional fuels are likely to spur R&D activities in renewable fuels.
Regional Landscape
North America accounted for major market share of 49.6% in 2022 The region is anticipated to hold its dominant position from 2023 to 2031. Increase in investments in biorefinery production and focus of governments in the region to augment capacities of bio-fuel production facilities, especially in the U.S., are projected to propel the market.
Europe is a lucrative market for bio LPG. Increase in investment in bio oil production and transportation infrastructure in Germany, Denmark, and France is likely to create significant business opportunities in Europe.
The market in Asia Pacific is anticipated to expand at a rapid pace from 2023 to 2031. India, Japan, and China are lucrative markets in the region. Rapid transition to low carbon fuel in transportation and home heating applications is poised to augment market value in the region in the next few years.
Segmentation
The global bio LPG market is segmented based on
Feedstock
- Bio Oil
- Cellulosic Organic Waste
- Municipal Solid Waste
- Others
Application
- Residential Heating
- Industrial Heating
- Cooking and Catering
- Transportation
- Power Generation
- Others
End-use
- Residential
- Commercial
- Industrial
Region
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- Latin America
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