Global Liquefied Petroleum Gas Market Is Expected To Reach Around USD 167.2 Billion By 2032

Zion Market Research has published a new report titled “Liquefied Petroleum Gas Market Gas Market By Source (Refinery, Associated Gas, And Non-Associated Gas), By End-User (Residential & Commercial, Petrochemical & Refineries, Industrial, And Transportation), And By Region - Global And Regional Industry Overview, market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024–2032” According to the report, the global liquefied petroleum gas market was USD 120.8 billion in 2023 and is predicted to grow to around USD 167.2 billion by 2032 with a compound annual growth rate (CAGR) of roughly 3.80% between 2024 and 2032.

Liquefied petroleum gas is a flammable gas, which is used for various applications ranging from cooking to transportation. LPG is either propane or butane or a mixture of various hydrocarbon gases with a significantly high proportion of propane and butane along with a slight proportion of propylene and butylene gases. It is basically a by-product obtained from refining of petroleum and natural gas processing. It is stored in highly pressurized steel vessels to prohibit its evaporation at normal temperature and pressure.

Browse the full “Liquefied Petroleum Gas Market Gas Market By Source (Refinery, Associated Gas, And Non-Associated Gas), By End-User (Residential & Commercial, Petrochemical & Refineries, Industrial, And Transportation), And By Region - Global And Regional Industry Overview, market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024–2032” Report at https://www.zionmarketresearch.com/report/liquefied-petroleum-gas-market

Rapid urbanization and enhanced purchase parity of population in emerging economies are key factors driving the liquefied petroleum gas market. The transportation industry in developing countries is witnessing a major shift with rapid developments of all modes of transport. Steep rate of motorization in emerging economies has also triggered the growth of the global liquefied petroleum gas market. The industrial sector, especially the petrochemical industry, has escalated the expansion of the global liquefied petroleum gas market. The shift from conventional fuels like coal, kerosene, wood, and cow dung for cooking and other domestic applications to LPG is also contributing to this market growth. LPG is being promoted as a clean fuel source for automobiles, as it releases a remarkably lower level of CO2 as compared to conventional automobile fuel sources. However, low awareness among rural and low-income population, reluctance toward its acceptance due to higher cost, and fluctuation of LPG costs due to volatility in the crude oil market may impede the global liquefied petroleum gas market. Furthermore, the development of petrochemical projects, such as propane dehydrogenation project [PDH] and steam crackers, are projected to generate lucrative growth opportunities for this global market.

The liquefied petroleum gas market is fragmented on the basis of source and end-user. By source, the market includes associated gas, non-associated gas, and refineries. The refineries segment is the largest source of LPG and holds around 40% market share, followed by associated and non-associated gases. On average, 3% of extracted crude oil is used for LPG production. Generally, the prime source of LPG production varies according to region. For example, in North America, natural gas processing units are the major source of LPG production. The refineries segment is expected to retain its market leadership with the highest revenue. The non-associated gas segment will grow rapidly over the forecast time period. On the basis of end-user, the market comprises residential and commercial, industrial, petrochemical and refineries, and transportation. The residential and commercial segment holds the highest market share, i.e., about 45%, due to the large-scale LPG utilization for cooking in the Asia Pacific and Latin American regions.

The Asia Pacific liquefied petroleum gas market is the leader in terms of revenue and is projected to sustain its global leadership over the forecast time period with the highest CAGR.

Some major players of the liquefied petroleum gas market are Chevron Corporation, British Petroleum, Petroleum National, China Petroleum & Chemical, Royal Dutch Shell, Exxon Mobil, China National Petroleum, Phillips 66, and Valero Energy.

This report segments the global liquefied petroleum gas market into:

Global Liquefied Petroleum Gas Market: Source Analysis

• Refineries
• Associated Natural Gas
• Non-Associated Natural Gas

Global Liquefied Petroleum Gas Market: End-User Analysis

• Residential and Commercial
• Refineries and Petrochemicals
• Industrial
• Transportation

Global Liquefied Petroleum Gas Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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