Global Liquefied Petroleum Gas LPG Overview
Introduction:
Liquefied petroleum gas is a portable, clean and efficient energy source which is readily available to consumers around the world, it is primarily obtained from natural gas and oil production but is also produced increasingly from renewable sources. Liquefied petroleum gas is commonly referred to in many overseas countries as ‘autogas’ and is propane and butane mixture, it is a tri-carbon alkane is in gaseous form but becomes a liquid at low pressure. LPG is mainly used in fuel for gas barbecue grills and gas cooktops and ovens, for gas fireplaces and in portable heaters, In Europe; LPG water heaters are common, it is used in engine fuel and for backup generators. It is called liquefied gas because it is easily transformed in to a liquid, LPG needs only low pressure or refrigeration to change it into liquid from its gaseous state. Liquefied petroleum gas is a blanket term for two types of natural gas (propane and butane and is a natural by-product of gas and oil extraction and oil refining. LPG is developed during oil refining or is extracted during the natural gas production process, this gas is also called as LP gas, any of several liquid mixtures of the volatile hydrocarbons propane, propane, butane and butane. LPG reaches domestic consumers in cylinders at relatively low pressure, the largest portion of LPG produced is used in central heating systems, and the next largest portion is used as raw material for chemical plants. The use of LPG over conventional fuels and government initiatives towards increasing the use of gas in vehicles are expected to provide lucrative growth opportunities for key players to maintain their market position in the coming years.
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Attributes |
Details |
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Liquefied Petroleum Gas Market Value (2022) |
US$ 166.35 Bn |
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Liquefied Petroleum Gas Market Projected Value(2032) |
US$ 288.0 Bn |
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Liquefied Petroleum Gas Market CAGR (2022-2032) |
7.4% |
Global Liquefied Petroleum Gas LPG Dynamics
The growth of global petroleum gas market is driven by increase in production of unconventional oil and gas, increase in demand for liquefied petroleum gas for cooking process and increase in demand for LPG from various operations, besides, implementation of stringent government regulations for environment. Pollution is an important factor driving the growth of the market and also, it provides benefits like cost-effectiveness, energy efficiency and eco-friendliness which will boost the market growth in the coming years. However, the rapid development of the renewable energy sector and inconsistent domestic supply of LPG are the major factors hindering the growth of the liquid petroleum market.
Technological advancement
The products involved in the Liquefied Petroleum Gas market are developing advanced versions of their products due to the technological advancements of the new age. As extraction of unconventional fuels requires advanced technologies, companies are investing significantly in research and development activities to develop cost-effective methods for extracting these fuels. Moreover, advancements in natural gas extraction and refining technologies are driving the market. Major liquefied petroleum gas players are investing more in power systems and creating more modern, time-saving, cost-effective technologies that are positively impacting the bio-polyamides market. In November 2022, GE will collaborate with Shell to develop potential low-carbon solutions aimed at reducing the carbon intensity of Shell's LNG supply projects worldwide; Under the agreement, GE will accelerate development to use 100% hydrogen as a low-carbon fuel for gas turbines; The focus will be on hydrogen solutions for B&E class gas turbines used in LNG and power generation applications. GE Gas Power and Shell Global Solutions, a leader in liquefied natural gas for more than 50 years, announced in November 2022 that they had entered into a development agreement to pursue potential routes aimed at reducing the carbon intensity of Shell's LNG supply projects worldwide.
Global Liquefied Petroleum Gas LPG Segmentation
The Liquefied Petroleum Gas Market is segmented based on source, application, and region.
Liquefied Petroleum Gas Market, By Source
On the basis of source, the Liquefied Petroleum Gas Market is segmented into Natural Gas Liquid, Refinery, Associated Gas and Non-associated Gas LPG is produced by refining petroleum or wet natural gas and is derived almost entirely from fossil fuel sources, produced during the refining of petroleum, or extracted from petroleum or natural gas streams as they come out of the ground. Associated-dissolved natural gas also referred to as associated gas is natural gas produced by oil wells, non-associated gas is natural gas produced by natural gas wells.
Liquefied Petroleum Gas Market, By Application
On the basis of application, the target market is classified into Residential, Commercial, Agriculture, Industrial, Transportation and Others. In application, in the absence of natural gas, LPG is the best alternative fuel, LPG can be used for cooking, water heating, and space heating and drying, LPG is the preferred fuel for commercial, hotel restaurants, catering companies, schools and bakeries. , and LPG provides a continuous supply of heat that can be maintained at the desired temperature and farm, Agricultural LPG powered burners are adjustable, consume less fuel and provide optimum heat as required, the most common uses of LPG in agribusiness are poultry farming and rearing and crop drying. In the industrial sector, LPG is widely used in civil engineering, metallurgical industry, ceramic industry, textile industry and gas industry.
Regional Insights:
On region the Liquefied Petroleum Gas Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe has the highest growth rate in the petroleum gas market during the forecast period. This is attributed to the presence of major players and huge consumer base in the region.
Report Scope:
|
Attribute |
Details |
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Base year for estimation |
2022 |
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Forecast period |
2022 – 2032 |
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Market representation |
Revenue in USD Billion & CAGR from 2022 to 2032 |
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Market Segmentation |
By Source - Natural Gas Liquid, Refinery, Associated Gas and Non-associated Gas By Application - Residential, Commercial, Agriculture, Industrial, Transportation and Others |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Recent Developments:
- In November 2022, Chevron Corporation, through its Chevron New Energy business and JERA, are collaborating on several low-carbon opportunities, including manufacturing carbon capture, utilization and storage, and new technology commercialization, with a focus on the US and Asia Pacific region.
- In November 2022, BP PLC said in November that it had signed an agreement with the government of Mauritania to explore the potential for large-scale green hydrogen projects in the country. Under the terms of the MoU, the London-based oil major will conduct a series of studies to assess the technical and commercial feasibility of green hydrogen production in the West African country.
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2022 to 2032. For the purpose of this study, has segmented the Liquefied Petroleum Gas Market report based on source application, and region:
Liquefied Petroleum Gas Market, By Source:
- Natural Gas Liquid
- Refinery
- Associated Gas
- Non-associated Gas
Liquefied Petroleum Gas Market, By Application:
- Residential
- Commercial
- Agriculture
- Industrial
- Transportation
- Others
Liquefied Petroleum Gas Market, By Region:
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-
- North America
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- U.S.
- Canada
-
- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Global Liquefied Petroleum Gas LPG Key Players
The key players operating the Liquefied Petroleum Gas Market includes
- Exxon Mobil Corporation is one of the world's largest chemical companies, our facilities convert crude oil and natural gas into petrochemical feedstock that are used in medical devices, electronics, clothing, vitamin capsules, tires and many other products.
- Chevron Corporation is an integrated oil and gas company, operating in the oil and gas value chain, including exploration and production of oil and gas products and pipeline transportation to refining, marketing and distribution.
- Bharat Petroleum Corporation Limited, natural gas is seen as a great energy source in the 21st century and to provide energy security to its customers, BPCL diversified into gas business, emerging gas demand in the country gives BPCL an opportunity to expand. Its existing portfolio of energy supplies.
- Reliance Industries Limited provides Reliance Gas, Reliance Gas LPG services in Rajasthan, Madhya Pradesh, Maharashtra and Gujarat. Reliance is a petrochemical company, the largest petrochemical producer in the country and among the top ten in the world.
- Phillips 66 Company is an integrated energy company that gathers, processes, transports, stores and markets natural gas and petroleum products such as gasoline, diesel, aviation fuel and lubricants. It transports fractionates and sells natural gas liquids, the company processes crude oil and other feedstock in refineries and sells them in the US and Europe, manufactures Phillips 66 petrochemicals and plastics.
- Qatargas Operating Company Limited is a unique global energy operator in terms of size, service and reliability. The company operates 14 liquefied natural gas trains with a total annual production capacity of 77 million tonnes, making Qatargas the world's largest LNG producer.
- BP Plc., commonly known as British Petroleum, is one of the world's largest integrated oil and gas companies, the company is involved in nearly every stage of the oil and natural gas supply chain, from extraction to energy sales and marketing. Production BP is involved in the generation of renewable energy through its owned wind farms and also manufactures various petrochemical products.
- China Petroleum and Chemical Corporation is engaged in oil and gas and chemical business, the oil and gas business includes the exploration, development and production of mineral oil and natural gas; pipeline crude oil and natural gas; refining crude oil into petroleum products; and marketing of crude oil, natural gas and refined oil.
- Saudi Arabia Oil Company, officially Saudi Arabia Oil Company or simply Aramco, is a Saudi Arabian public petroleum and natural gas company based in Dhahran.
- Sinopec Shanghai Petrochemical Company, located in the Jinshan District of Shanghai, is one of the largest refining-chemical integrated petrochemical companies in China. It is currently the most important domestic producer of refined oil products, intermediate petrochemicals, synthetic resins and synthetic fibers.
Global Liquefied Petroleum Gas LPG Company Profile
- Exxon Mobil Corporation*
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Chevron Corporation
- Bharat Petroleum Corporation Limited
- Reliance Industries Limited
- Phillips 66 Company
- Qatargas Operating Company Limited
- BP Plc.
- China Petroleum and chemical corporation
- Saudi Arabia Oil Company
- Sinopec Shanghai Petrochemical Company
“*” marked represents similar segmentation in other categories in the respective section
Global Liquefied Petroleum Gas LPG Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for medical carts Strategies
- Key Questions this Study will Answer
- Market Snippet, By Source
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Market Segmentation, By Source, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Natural Gas Liquid
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Refinery
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Associated Gas
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Non-Associated
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Market Segmentation, By Application, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Residential
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Commercial
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Agriculture
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Industrial
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Transportation
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Source, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Source, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Source, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Source, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Source, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- Exxon Mobil Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Chevron Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Bharat Petroleum Corporation Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Reliance Industries Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Phillips 66 Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Qatargas Operating Company Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- BP Plc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- China Petroleum and chemical corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Saudi Arabia Oil Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Sinopec Shanghai Petrochemical Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
The Last Word
- Future Impact
- About Us
- Contact
FAQs
Liquefied Petroleum Gas Market is segmented into basis on source, application, and region.
Pollution is an important factor driving the growth of the market and also, it provides benefits like cost-effectiveness, energy efficiency and eco-friendliness which will boost the market growth in the coming years.
Europe has the highest growth rate in the petroleum gas market during the forecast period. This is attributed to the presence of major players and huge consumer base in the region.
Key players operating in the Liquefied Petroleum Gas Market includes Exxon Mobil Corporation, Chevron Corporation, Bharat Petroleum Corporation Limited, Reliance Industries Limited, Phillips 66 Company, Qatargas Operating Company Limited, BP Plc, China Petroleum and chemical corporation, Saudi Arabia Oil Company, Sinopec Shanghai Petrochemical Company.