The liquefied petroleum gas 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 the 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 non-toxic, non-corrosive, and clean as compared to gasoline.
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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. In addition, advantages associated with liquefied
petroleum gas such as clean burning, low maintenance, eco-friendly, and instant
heat production are driving the growth of the market, globally. However,
disadvantages associated with LPG such as hazards, 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.
Depending on the source, the 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 rising in the production of liquefied petroleum gas from the
non-associated gas source, which is extracted from natural gas wells. In
addition, a 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, the 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 the rising
in demand for liquefied petroleum gas from residential applications such as
space & water heating, cooking, and power generation. In addition, it
provides benefits such as cost-effectiveness, energy efficiency, and eco-friendly,
which further drive the market growth in the coming years.
Region-wise, the market is analyzed across four major
regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe garnered
the highest growth rate during the forecast period. This is attributed to the
presence of key players and a huge consumer base in the region.
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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 the aim of the European Union
to be climate neutral by 2050, which, in turn, is expected to augment the
growth of the liquefied petroleum gas market in Europe during the forecast
period.
The global market analysis covers in-depth information of
the major liquefied petroleum gas industry participants. The key players
operating and profiled in the 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 market are JGC Holdings Corporation, Royal Dutch Shell
Plc., PETRONAS, PetroChina Company Limited, and Qatargas Operating Company
Limited.
COVID-19's impact on the market
The global liquefied petroleum gas market has witnessed
steady growth in 2020, owing to the outbreak of the COVID-19 pandemic. The
outbreak has negatively impacted various industries and countries, thereby
decreasing manpower across the globe, which, in turn, decreased consumer
spending, and thus declined the demand for liquefied petroleum gas from
transportation, domestic, power generation, and other applications. However,
owing to the lockdown imposed across the globe, an increase in supply–the
demand gap resulted in a halt in the supply of liquefied petroleum gas across
the globe. In Europe, economies such as Germany, France, Spain, and Italy were
following stringent measures, such as maintaining social distance and limiting
movements, to prevent the spread of coronavirus. Moreover, such safety measures
have been witnessed across the globe, which further impacted the growth of the
global liquefied petroleum gas market.
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Key Findings Of The Study
- In 2020, the non-associated gas segment accounted for
about 52.4% of the share in the global LPG market and is expected to maintain
its dominance till the end of the forecast period.
- 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.
- 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.
- 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.
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