Wilmington, Delaware, United States, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global liquefied petroleum gas market was estimated at a value of US$ 202.6 billion in 2021. It is anticipated to register a 4.73% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 321.6 billion by 2031.
Companies are being forced to search for environmentally friendly solutions as a result of government regulatory bodies enforcing strict rules and regulations and raising public awareness of environmental concerns. Recent changes in the market for liquefied petroleum gas (LPG) suggest that LPG is being utilized more often in place of gasoline and diesel. Petrol liquefied gas is a clean fuel.
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Utilizing liquefied petroleum gas provides businesses with an affordable option. Accordingly, the liquefied petroleum gas market is expected to be driven throughout the forecast period by an increase in demand for the gas in emerging nations like Nigeria, Brazil, Mexico, India, and Indonesia for usage in transportation, cooking, and other industrial applications.
Global Liquefied Petroleum Gas Market: Key Players
Companies in the global liquefied petroleum gas (LPG) sector are using a range of approaches to increase income. Growing infrastructure and distribution networks facilitate better accessibility and market penetration. Mergers and collaborations with a strategic intent improve market presence and streamline supply chains.
In the dynamic global LPG industry, marketing efforts and educational activities are employed to increase awareness of the advantages of LPG, hence fostering sustainable revenue development. The following companies are well-known participants in the global liquefied petroleum gas market:
- Royal Dutch Shell plc
- Exxon Mobil Corporation
- bp p.l.c.
- UGI Corporation
- Origin Energy Limited
- Kleenheat
- China Gas Holdings Ltd
- Copagaz
- Repsol S.A.
- SHV Energy
Key Findings of Market Report
- The refinery, related, and non-associated segments of the worldwide liquefied petroleum gas market are categorized based on their source.
- In 2021, the refinery segment accounted for 38.8% of the worldwide market, a significant proportion.
- When natural gas is processed and crude is refined, liquefied petroleum gas is created by removing it from the raw natural gas stream.
- The refinery sector is anticipated to dominate the market.
- Over the course of the projected period, the associated gas and non-associated sectors are anticipated to develop steadily.
Market Trends for Liquefied Petroleum Gas
- The global liquefied petroleum gas market has been divided into many end-user segments, including residential and commercial, petrochemical and refinery, industrial, transportation, and others. In 2021, the residential/commercial category accounted for 43.8% of the worldwide market, a significant proportion.
- It may also be used as fuel for cooking, water heating, and central heating. In 2021, the petrochemical and refinery sector had a 28.2% market share. This is due to the fact that it burns cleaner than fuel oil or gasoline and doesn't include any of the latter's particles.
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Global Market for Liquefied Petroleum Gas: Regional Outlook
Various reasons are propelling the growth of the liquefied petroleum gas market throughout the region. These are:
- In 2021, Asia Pacific had a significant portion of the global market, accounting for 35.04%. Over the course of the projection period, the area is anticipated to be the fastest-growing liquefied petroleum gas market worldwide.
- With more than 34.6% of the Asia Pacific liquefied petroleum gas market, China is a significant market. For the last several years, the governments of the nations in the region have encouraged the use of LPG for cooking in rural regions, which is expected to increase the demand for liquefied petroleum gas in the future.
Some key developments by the players in this market are:
| Company name | Key Developments |
| Origin Energy Limited | Origin Energy Limited purchased a 20% share in Octopus Energy, an energy technology company located in the United Kingdom, in May 2020. A license for origin to utilize Octopus's Kraken technology platform in Australia is part of the deal. |
| Royal Dutch Shell plc. | Royal Dutch Shell plc. made an investment in a new Nigerian LNG processing facility in May 2020. The additional unit increased the Bonny Island facility's capacity by almost 8 million tons annually once it is online. The capacity is now between 22 and 30 million tons annually. The Nigerian National Petroleum Corporation (NNPC) owns 49% of this joint venture, followed by Royal Dutch Shell plc (25.6%), Total (15%), and ENI (10.4%). |
Global Liquefied Petroleum Gas Market Segmentation
- Source
- Refinery
- Associated Gas
- Non-associated Gas
- End-user
- Residential/Commercial
- Petrochemical & Refinery
- Industrial
- Transportation
- Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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