LPG Market Analysis By Source(Refineries, Associated Gas, Non-Associated Gas), By End User(Residential, Commercial, Agriculture, Industrial, Transportation) & Forecast By 2030
- PUBLISHED ON
- 2024-07-13
- NO OF PAGES
- 224
- CATEGORY
- Energy & Power
Market Overview
consumption of LPG has increased significantly over the past two decades, reaching a new level at 27.1 million tons in 2019. Due to environmental benefits and stringent government policies to reduce carbon emissions, LPG has rapidly become the fuel of choice around the world.
With increasing focus on reducing greenhouse gas emissions and ensuring sustainable energy for all, the use of LPG is increasing in various sectors around the world.
For instance, BioLPG, also known as renewable propane or biopropane, is propane made from renewable raw materials such as plant and vegetable waste. BioLPG is therefore a clean-burning fuel with negligible impact on air quality and a low-carbon alternative to the business benefits of fuel switching to oil and coal that play a long-term role in the energy mix.
Source Insights
Based on source, the market is segmented into refineries, associated gas, and non-associated gas. In 2021, the Non-Associated Gas segment was dominant and held the largest market share of 54%.
End User Insights
On the basis of end user, the LPG market has been further categorized into domestic, commercial, agriculture, industrial, transportation, others. In 2021, the residential/commercial segment was dominant and held the largest market share of 45.20%.
Regional Insights
By region, the global LPG market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. Asia-Pacific accounted for a large share of the global market in 2021 at 35.04%.
Key Companies Insights
BP Plc, Exxon Mobil Corporation, ConocoPhillips and Abu Dhabi National Oil Company (ADNOC) are expected to lead in R&D investments and broad customer reach. The market is moderately fragmented, with various key players operating on an international scale.
• Kleenheat
• bp p.l.c.
• Bharat Petroleum Corporation Limited
• Flaga Gmbh
• Repsol
• Chevron Corporation
• Petroliam Nasional Berhad (PETRONAS)
• Phillips 66 Company
• JGC HOLDINGS CORPORATION
• China Gas Holdings Ltd.
• Shell group of companies
• Reliance Industries Limited
• Saudi Aramco
• Qatargas Operating Company Limited
• Total Se
• Others
Segments
By Source
• Refineries
• Associated Gas
• Non-Associated Gas
By End User
• Residential
• Commercial
• Agriculture
• Industrial
• Transportation
• Others
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global LPG market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The LPG market size is estimated at USD 132.1 billion in 2020 and is expected to reach USD 245.6 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030.
What are the drivers shaping various markets?
Governments of various countries around the world also offer subsidies, including tax incentives, to encourage the use of his LPG in vehicles. Now, with increasing awareness of the benefits of LPG and various government initiatives, the use of LPG for cooking is increasing in rural areas around the world. Therefore, increasing demand for LPG for cooking is estimated to propel the market over the forecast period.
Who are the key competitors of market Players?
Some of the major players operating within the market are Exxon Mobil Corporation, Kleenheat, bp p.l.c., Bharat Petroleum Corporation Limited, Flaga Gmbh, Repsol, Chevron Corporation, Petroliam Nasional Berhad (PETRONAS), Phillips 66 Company, JGC HOLDINGS CORPORATION, China Gas Holdings Ltd., Shell group of companies, Reliance Industries Limited, Saudi Aramco, Qatargas Operating Company Limited, Total Se.
What are the top performing segments, and countries / regions of each of the markets?
The countries covered in the regional analysis of the Global LPG market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
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