Press Release

LPG Market is expected to grow at a CAGR of 7.49% through 2029

Global LPG Market is expected to grow owing to ongoing global energy transition towards cleaner and sustainable energy sources throughout the forecast period.

 

According to TechSci Research report, “LPG Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global LPG Market is expected to register robust growth during the forecast period. LPG is a versatile energy source with diverse applications across residential, commercial, industrial, and transportation sectors. Its use ranges from cooking and heating in households to industrial processes, power generation, and as a cleaner fuel for vehicles (autogas). This versatility makes LPG an attractive and adaptable energy solution, driving demand across various industries.

As the world undergoes a transition towards cleaner and more sustainable energy sources, LPG emerges as a favorable alternative to traditional fossil fuels. Its cleaner combustion characteristics make it an attractive option for reducing emissions in residential, commercial, and industrial applications. Governments and businesses seeking to meet carbon reduction targets can leverage LPG as a bridge fuel during the transition to renewable energy sources, presenting an opportunity for market growth.

 

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Based on application, the Commercial segment is projected to dominate the market throughout the forecast period. The regulatory landscape plays a crucial role in shaping the commercial segment of the LPG market. Governments and regulatory bodies establish safety standards, emission limits, and guidelines for the storage and usage of LPG in commercial establishments. Compliance with these regulations is essential for businesses, influencing their choice of energy sources and technologies. Adherence to safety standards is paramount, and businesses operating in the commercial segment must invest in technologies and practices that ensure the secure and compliant use of LPG. Technological innovations in the commercial segment contribute to the efficient and safe utilization of LPG. Advanced cooking appliances, heating systems, and industrial equipment designed to run on LPG enhance the overall user experience and operational efficiency for businesses. Smart technologies, such as IoT devices for monitoring and control, are increasingly being integrated into commercial LPG applications, offering businesses enhanced safety and operational insights. The adoption of these innovations not only improves the efficiency of LPG usage but also aligns with the broader trend of digitalization in various industries. The commercial segment of the Global LPG Market is a dynamic and multifaceted sector driven by diverse applications, regulatory considerations, technological advancements, and the evolving needs of businesses across various industries. 

One of its primary uses is in the hospitality sector, where LPG serves as a reliable and convenient energy source for cooking, heating, and powering appliances. Restaurants, hotels, and catering services often rely on LPG due to its clean-burning properties and precision in cooking applications. In manufacturing and industrial processes, LPG provides an efficient and cost-effective energy solution. Moreover, the commercial segment encompasses the use of LPG in laundries, dry cleaning, and other service-oriented businesses where reliable and consistent energy is essential. The commercial segment represents a significant portion of the overall LPG market, and its size and growth are influenced by economic development, urbanization trends, and industry-specific demands. As urban areas expand and commercial activities increase, the demand for LPG in the commercial segment experiences growth. The adoption of LPG as a cleaner alternative to traditional fuels aligns with global trends toward sustainability, contributing to the expansion of the commercial LPG market.


Key market players in the Global LPG Market are: -

  • Saudi Aramco Oil Co.
  • Exxon Mobil Corporation
  • Shell plc
  • BP p.l.c.
  • Chevron Corporation
  • TotalEnergies SE
  • Indian Oil Corporation Ltd
  • China Petroleum Corporation
  • Petronas Nasional Berhad
  • Phillips 66 Group

 

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“The Global LPG Market in Middle East & Africa is poised to be the dominant region in the industry. The Middle East has invested heavily in infrastructure for the production, storage, and transportation of LPG. The region boasts advanced facilities, including storage terminals, refineries, and distribution networks. This robust infrastructure ensures a reliable supply of LPG to meet both domestic and international demand. The strategic location of the Middle East allows for efficient exports to global markets.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

LPG Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Source (Refinery, Associated Gas, and Non-associated Gas), By Supply Mode (Packaged, Bulk and On-site), By Application (Residential, Commercial, Agriculture, Industrial, Transportation and Others), By Region, and By Competition, 2019-2029F has evaluated the future growth potential of Global LPG Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global LPG Market.

 

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