Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 128.63 billion

CAGR (2024-2029)

7.49%

Fastest Growing Segment

Bulk

Largest Market

Middle East & Africa

Market Size (2029)

USD 200.19 billion




Market Overview

Global LPG Market was valued at USD 128.63 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 7.49% through 2029. One of the significant drivers for the Global LPG Market is its reputation as a cleaner and more environmentally friendly alternative to traditional fossil fuels. Compared to coal and fuel oil, LPG combustion produces lower levels of greenhouse gases and air pollutants, contributing to improved air quality and reduced environmental impact. As global environmental concerns rise, the demand for cleaner energy sources, including LPG, continues to grow.

Key Market Drivers

Growing Energy Demand and Urbanization

The increasing global population, coupled with rapid urbanization, has led to a surge in energy demand. Liquified Petroleum Gas (LPG) has emerged as a versatile and clean-burning fuel, catering to the escalating energy needs of both residential and commercial sectors. As more people move to urban areas, the demand for LPG for cooking, heating, and various industrial applications has witnessed a significant uptick. Urban lifestyles often entail smaller living spaces, making LPG an efficient and space-saving choice for households. Additionally, the portability and ease of use of LPG make it a preferred energy source in urban settings, further fueling its demand.

Environmental Concerns and Sustainable Practices

The global push towards sustainability and environmental consciousness has propelled the LPG market forward. LPG is considered a cleaner alternative to traditional fossil fuels, emitting lower levels of greenhouse gases and pollutants. Governments and industries worldwide are increasingly adopting policies and practices that promote cleaner energy sources to mitigate climate change and improve air quality. The versatility of LPG, as it can be used for cooking, heating, transportation, and industrial processes, positions it as a key player in the transition towards a more sustainable and eco-friendly energy landscape. The growing emphasis on corporate social responsibility and environmental stewardship also encourages businesses and consumers to opt for LPG, fostering its market growth.

Technological Advancements and Infrastructure Development

Advancements in technology and the expansion of LPG infrastructure have played a pivotal role in driving the global LPG market. Innovations in extraction, processing, and distribution technologies have made LPG more accessible and cost-effective. The development of efficient storage and transportation methods has enhanced the overall reliability of the LPG supply chain. Moreover, governments and private entities are investing in building robust LPG infrastructure, including storage facilities, pipelines, and distribution networks. The improvement in infrastructure not only ensures a steady supply of LPG but also makes it easier for consumers to access and adopt this versatile energy source. This combination of technological progress and infrastructure development creates a conducive environment for the sustained growth of the global LPG market.

The Global LPG Market is propelled by the interplay of factors such as increasing energy demand, environmental consciousness, and technological advancements. As the world continues to evolve, these drivers are likely to shape and redefine the landscape of the LPG industry, influencing its trajectory in the years to come.


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Key Market Challenges

Price Volatility and Market Uncertainties

One of the primary challenges faced by the Global LPG Market is the inherent volatility in prices and market uncertainties. LPG prices are influenced by various factors, including geopolitical events, global oil prices, and supply-demand dynamics. The market's sensitivity to these variables makes it susceptible to abrupt and unpredictable price fluctuations. For consumers and businesses relying on LPG, such unpredictability can lead to financial instability and operational challenges. Additionally, geopolitical tensions or supply disruptions in major LPG-producing regions can have cascading effects on the market, causing rapid price spikes and supply shortages. Stakeholders in the LPG industry must navigate this complex landscape, employing risk management strategies to mitigate the impact of price volatility and ensure a stable and reliable supply chain.

Infrastructure Limitations and Accessibility Issues

While infrastructure development is a driver for the LPG market, it also presents a significant challenge. In many regions, especially in developing countries, the lack of adequate infrastructure poses hurdles to the widespread adoption of LPG. Limited storage facilities, insufficient transportation networks, and inadequate distribution channels can impede the efficient supply and accessibility of LPG to consumers. Rural areas, in particular, face challenges in accessing LPG due to the high costs associated with expanding infrastructure to remote locations. Overcoming these infrastructure limitations requires substantial investments and collaborative efforts from governments, private entities, and international organizations to build a robust and extensive LPG infrastructure that ensures equitable access for all.

Environmental and Regulatory Compliance

While LPG is considered a cleaner alternative to traditional fossil fuels, the industry faces challenges related to environmental and regulatory compliance. Stricter environmental regulations and evolving sustainability standards necessitate continuous adaptation and investment in cleaner technologies and practices. Meeting these compliance requirements often involves additional costs for LPG producers and distributors, potentially impacting the overall affordability of LPG for end-users. Balancing the need for environmental responsibility with the economic viability of the LPG industry poses a complex challenge. Moreover, the diverse regulatory landscape across different regions and countries adds another layer of complexity, requiring industry players to navigate a myriad of compliance frameworks. Successfully addressing these challenges requires a proactive approach, fostering innovation in cleaner technologies and fostering collaboration between industry stakeholders and regulatory bodies to achieve a harmonized and sustainable LPG market.

Key Market Trends

Rising Demand for Autogas and Alternative Transportation Fuels

A notable trend in the Global LPG Market is the increasing demand for autogas, a type of liquefied petroleum gas used as a fuel in internal combustion engines. With a growing emphasis on reducing carbon emissions and transitioning towards more sustainable transportation options, autogas has gained popularity as an alternative to traditional gasoline and diesel. The automotive sector is witnessing a surge in the conversion of vehicles to run on LPG, driven by its environmental benefits, cost-effectiveness, and the availability of dedicated autogas infrastructure. Governments and businesses are incentivizing the adoption of autogas, contributing to a rising trend in the use of LPG as a cleaner and more environmentally friendly fuel for transportation.

Integration of LPG in the Renewable Energy Landscape

As the world embraces the transition towards renewable energy sources, the integration of LPG into the renewable energy landscape is emerging as a significant trend. LPG is positioned as a versatile and complementary energy source that can work in tandem with renewable energy technologies. In off-grid and remote areas, LPG serves as a reliable and clean-burning energy solution, complementing intermittent renewable sources like solar and wind power. Furthermore, advancements in LPG-based cogeneration technologies enable the simultaneous production of heat and power, enhancing energy efficiency. This trend reflects a growing recognition of LPG as a flexible and reliable component in achieving a more sustainable and diversified energy mix.

Digitalization and Smart LPG Solutions

The Global LPG Market is experiencing a transformative trend with the integration of digital technologies and smart solutions across the entire value chain. From production and distribution to end-user applications, digitalization is optimizing processes, enhancing efficiency, and improving safety standards. IoT (Internet of Things) devices are being employed for real-time monitoring of LPG storage levels, ensuring timely replenishment and minimizing the risk of shortages. Smart meters and billing systems are facilitating transparent and accurate billing for LPG consumers. Additionally, digital platforms are providing consumers with greater control over their LPG usage, enabling remote monitoring and control of appliances. This trend not only streamlines operations within the LPG industry but also enhances the overall user experience, fostering a more connected and efficient LPG market in the digital age.

The Global LPG Market is undergoing transformative shifts with the rise of autogas, integration into renewable energy systems, and the advent of digitalization. These trends not only reflect the evolving dynamics of the LPG industry but also align with broader global initiatives aimed at sustainability, efficiency, and technological innovation.

Segmental Insights

Type Insights

The Refinery segment emerged as the dominating segment in 2023. Refineries are essential hubs for LPG production, utilizing refining processes to extract valuable components from crude oil and natural gas. The production capacity of LPG in refineries is influenced by several factors, including the size and sophistication of the refinery, the type of crude oil processed, and the technologies employed in the refining process. Modern refineries often leverage advanced technologies such as fluid catalytic cracking (FCC) and hydrocracking to optimize the yield of LPG. These technologies enhance efficiency and contribute to the production of high-quality LPG, meeting the stringent standards required for various applications.

The geographical distribution of refineries is a crucial factor in understanding the dynamics of the refinery segment. Different regions worldwide have varying concentrations of refineries, influencing the global supply chain of LPG. For instance, the Middle East is a significant hub for refinery activities, contributing significantly to global LPG production. The proximity of refineries to major LPG consuming regions impacts transportation costs and logistics, shaping the competitive landscape and market dynamics.

Several factors influence the refinery segment of the Global LPG Market. Fluctuations in crude oil prices have a direct impact on the economic viability of LPG production in refineries. The relationship between crude oil and LPG prices is a key consideration for refinery operators and impacts investment decisions. Regulatory frameworks and environmental standards play a crucial role in shaping refining processes and emissions control measures.

Global energy demand trends, geopolitical events, and the overall economic landscape further influence the decisions of refineries regarding LPG production levels. On the flip side, these challenges also present opportunities for refineries. The increasing demand for cleaner fuels, including LPG, provides an avenue for refineries to position themselves as contributors to sustainable energy solutions. Investing in research and development to improve refining processes, increase efficiency, and reduce environmental impact can lead to a competitive advantage.

As the world transitions toward a low-carbon future, refineries have the opportunity to play a pivotal role in shaping the energy landscape. In conclusion, the refinery segment of the Global LPG Market is a complex and dynamic entity influenced by factors such as production capacity, refining technologies, geographical distribution, market influencers, and the challenges and opportunities inherent in the refining industry.


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Regional Insights

Middle East & Africa emerged as the dominating region in 2023, holding the largest market share. The Middle East, particularly countries like Saudi Arabia, Qatar, and the United Arab Emirates, is a major hub for LPG production. LPG is often produced as a byproduct of oil and natural gas extraction in the region. Abundant natural gas reserves and well-established infrastructure for oil and gas production contribute to the substantial production capacity. The MEA region, as a whole, is a net exporter of LPG, supplying global markets with a significant portion of the product.

While the Middle East is a major producer and exporter, the consumption of LPG in the region is also notable. LPG is widely used in residential, commercial, and industrial applications across the Middle East. In many households, LPG is the preferred fuel for cooking and heating due to its efficiency and convenience. Additionally, the petrochemical industry in the region utilizes LPG as a feedstock for various processes, further driving local consumption.

The regulatory environment in the Middle East & Africa shapes the operations of the LPG market. Governments in the region often play a significant role in overseeing the production, distribution, and consumption of LPG. Safety standards, environmental regulations, and pricing policies are key factors that influence the functioning of the LPG industry in the Middle East & Africa.

The LPG industry in the Middle East & Africa has a substantial economic impact. The revenue generated from LPG exports contributes significantly to the economies of producing nations. Moreover, the widespread use of LPG in various sectors supports economic activities and enhances energy security in the region.

Opportunities lie in expanding LPG applications, such as promoting its use in transportation, developing cleaner technologies, and exploring new markets. The Middle East & Africa can capitalize on its strategic position as a major LPG producer to foster economic growth and contribute to the global energy transition.

The Middle East & Africa region plays a pivotal role in the Global LPG Market, influencing both the supply and demand sides. The analysis of this region provides insights into the dynamics shaping the LPG industry, from production and consumption patterns to regulatory frameworks and economic impacts.

Recent Developments

  • In February 2024, Confidence Petroleum India and Norway-listed BW LPG announced a partnership aimed at enhancing LPG terminal infrastructure and downstream operations across India.

Key Market Players

  • 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  

By Source

By Supply Mode

By Application

By Region

  • Refinery
  • Associated Gas
  • Non-associated Gas
  • Packaged
  • Bulk
  • On-site
  • Residential
  • Commercial
  • Agriculture
  • Industrial
  • Transportation
  • Others
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Report Scope:

In this report, the Global LPG Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • LPG Market, By Source:

o   Refinery

o   Associated Gas

o   Non-associated Gas     

  • LPG Market, By Supply Mode:

o   Packaged

o   Bulk

o   On-site         

  • LPG Market, By Application:

o   Residential

o   Commercial

o   Agriculture

o   Industrial

o   Transportation

o   Others   

  • LPG Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

§  Netherlands

§  Belgium

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

§  Thailand

§  Malaysia

o   South America

§  Brazil

§  Argentina

§  Colombia

§  Chile

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global LPG Market.

Available Customizations:

Global LPG Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global LPG Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected] 

Table of content

1.         Product Overview

1.1.    Market Definition

1.2.    Scope of the Market

1.2.1.Markets Covered

1.2.2.Years Considered for Study

1.2.3.Key Market Segmentations

2.         Research Methodology

2.1.    Objective of the Study

2.2.    Baseline Methodology

2.3.    Formulation of the Scope

2.4.    Assumptions and Limitations

2.5.    Sources of Research

2.5.1.Secondary Research

2.5.2.Primary Research

2.6.    Approach for the Market Study

2.6.1.The Bottom-Up Approach

2.6.2.The Top-Down Approach

2.7.    Methodology Followed for Calculation of Market Size & Market Shares

2.8.    Forecasting Methodology

2.8.1.Data Triangulation & Validation

3.         Executive Summary

4.         Impact of COVID-19 on Global LPG Market

5.         Voice of Customer

6.         Global LPG Market Overview

7.         Global LPG Market Outlook

7.1.    Market Size & Forecast

7.1.1.By Value

7.2.    Market Share & Forecast

7.2.1.By Source (Refinery, Associated Gas, and Non-associated Gas)

7.2.2.By Supply Mode (Packaged, Bulk and On-site)

7.2.3.By Application (Residential, Commercial, Agriculture, Industrial, Transportation and Others)

7.2.4.By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3.    By Company (2022)

7.4.    Market Map

8.         North America LPG Market Outlook

8.1.    Market Size & Forecast

8.1.1.By Value

8.2.    Market Share & Forecast

8.2.1.By Source

8.2.2.By Supply Mode

8.2.3.By Application

8.2.4.By Country

8.3.    North America: Country Analysis

8.3.1.United States LPG Market Outlook

8.3.1.1.      Market Size & Forecast

8.3.1.1.1.    By Value

8.3.1.2.      Market Share & Forecast

8.3.1.2.1.    By Source

8.3.1.2.2.    By Supply Mode

8.3.1.2.3.    By Application

8.3.2.Canada LPG Market Outlook

8.3.2.1.      Market Size & Forecast

8.3.2.1.1.    By Value

8.3.2.2.      Market Share & Forecast

8.3.2.2.1.    By Source

8.3.2.2.2.    By Supply Mode

8.3.2.2.3.    By Application

8.3.3.Mexico LPG Market Outlook

8.3.3.1.      Market Size & Forecast

8.3.3.1.1.    By Value

8.3.3.2.      Market Share & Forecast

8.3.3.2.1.    By Source

8.3.3.2.2.    By Supply Mode

8.3.3.2.3.    By Application

9.         Europe LPG Market Outlook

9.1.    Market Size & Forecast

9.1.1.By Value

9.2.    Market Share & Forecast

9.2.1.By Source

9.2.2.By Supply Mode

9.2.3.By Application

9.2.4.By Country

9.3.    Europe: Country Analysis

9.3.1.Germany LPG Market Outlook

9.3.1.1.      Market Size & Forecast

9.3.1.1.1.    By Value

9.3.1.2.      Market Share & Forecast

9.3.1.2.1.    By Source

9.3.1.2.2.    By Supply Mode

9.3.1.2.3.    By Application

9.3.2.France LPG Market Outlook

9.3.2.1.      Market Size & Forecast

9.3.2.1.1.    By Value

9.3.2.2.      Market Share & Forecast

9.3.2.2.1.    By Source

9.3.2.2.2.    By Supply Mode

9.3.2.2.3.    By Application

9.3.3.United Kingdom LPG Market Outlook

9.3.3.1.      Market Size & Forecast

9.3.3.1.1.    By Value

9.3.3.2.      Market Share & Forecast

9.3.3.2.1.    By Source

9.3.3.2.2.    By Supply Mode

9.3.3.2.3.    By Application

9.3.4.Italy LPG Market Outlook

9.3.4.1.      Market Size & Forecast

9.3.4.1.1.    By Value

9.3.4.2.      Market Share & Forecast

9.3.4.2.1.    By Source

9.3.4.2.2.    By Supply Mode

9.3.4.2.3.    By Application

9.3.5.Spain LPG Market Outlook

9.3.5.1.      Market Size & Forecast

9.3.5.1.1.    By Value

9.3.5.2.      Market Share & Forecast

9.3.5.2.1.    By Supply Mode

9.3.5.2.2.    By Source

9.3.5.2.3.    By Application

9.3.6.Netherlands LPG Market Outlook

9.3.6.1.      Market Size & Forecast

9.3.6.1.1.    By Value

9.3.6.2.      Market Share & Forecast

9.3.6.2.1.    By Source

9.3.6.2.2.    By Supply Mode

9.3.6.2.3.    By Application

9.3.7.Belgium LPG Market Outlook

9.3.7.1.      Market Size & Forecast

9.3.7.1.1.    By Value

9.3.7.2.      Market Share & Forecast

9.3.7.2.1.    By Source

9.3.7.2.2.    By Supply Mode

9.3.7.2.3.    By Application

10.      South America LPG Market Outlook

10.1. Market Size & Forecast

10.1.1.     By Value

10.2. Market Share & Forecast

10.2.1.     By Source

10.2.2.     By Supply Mode

10.2.3.     By Application

10.2.4.     By Country

10.3. South America: Country Analysis

10.3.1.     Brazil LPG Market Outlook

10.3.1.1.   Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2.   Market Share & Forecast

10.3.1.2.1. By Source

10.3.1.2.2. By Supply Mode

10.3.1.2.3. By Application

10.3.2.     Colombia LPG Market Outlook

10.3.2.1.   Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2.   Market Share & Forecast

10.3.2.2.1. By Source

10.3.2.2.2. By Supply Mode

10.3.2.2.3. By Application

10.3.3.     Argentina LPG Market Outlook

10.3.3.1.   Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2.   Market Share & Forecast

10.3.3.2.1. By Source

10.3.3.2.2. By Supply Mode

10.3.3.2.3. By Application

10.3.4.     Chile LPG Market Outlook

10.3.4.1.   Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2.   Market Share & Forecast

10.3.4.2.1. By Source

10.3.4.2.2. By Supply Mode

10.3.4.2.3. By Application

11.      Middle East & Africa LPG Market Outlook

11.1. Market Size & Forecast

11.1.1.     By Value

11.2. Market Share & Forecast

11.2.1.     By Source

11.2.2.     By Supply Mode

11.2.3.     By Application

11.2.4.     By Country

11.3. Middle East & Africa: Country Analysis

11.3.1.     Saudi Arabia LPG Market Outlook

11.3.1.1.   Market Size & Forecast

11.3.1.1.1. By Value

11.3.1.2.   Market Share & Forecast

11.3.1.2.1. By Source

11.3.1.2.2. By Supply Mode

11.3.1.2.3. By Application

11.3.2.     UAE LPG Market Outlook

11.3.2.1.   Market Size & Forecast

11.3.2.1.1. By Value

11.3.2.2.   Market Share & Forecast

11.3.2.2.1. By Source

11.3.2.2.2. By Supply Mode

11.3.2.2.3. By Application

11.3.3.     South Africa LPG Market Outlook

11.3.3.1.   Market Size & Forecast

11.3.3.1.1. By Value

11.3.3.2.   Market Share & Forecast

11.3.3.2.1. By Source

11.3.3.2.2. By Supply Mode

11.3.3.2.3. By Application

11.3.4.     Turkey LPG Market Outlook

11.3.4.1.   Market Size & Forecast

11.3.4.1.1. By Value

11.3.4.2.   Market Share & Forecast

11.3.4.2.1. By Source

11.3.4.2.2. By Supply Mode

11.3.4.2.3. By Application

12.      Asia Pacific LPG Market Outlook

12.1. Market Size & Forecast

12.1.1.     By Value

12.2. Market Share & Forecast

12.2.1.     By Source

12.2.2.     By Supply Mode

12.2.3.     By Application

12.2.4.     By Country

12.3. Asia-Pacific: Country Analysis

12.3.1.     China LPG Market Outlook

12.3.1.1.   Market Size & Forecast

12.3.1.1.1. By Value

12.3.1.2.   Market Share & Forecast

12.3.1.2.1. By Source

12.3.1.2.2. By Supply Mode

12.3.1.2.3. By Application

12.3.2.     India LPG Market Outlook

12.3.2.1.   Market Size & Forecast

12.3.2.1.1. By Value

12.3.2.2.   Market Share & Forecast

12.3.2.2.1. By Source

12.3.2.2.2. By Supply Mode

12.3.2.2.3. By Application

12.3.3.     Japan LPG Market Outlook

12.3.3.1.   Market Size & Forecast

12.3.3.1.1. By Value

12.3.3.2.   Market Share & Forecast

12.3.3.2.1. By Source

12.3.3.2.2. By Supply Mode

12.3.3.2.3. By Application

12.3.4.     South Korea LPG Market Outlook

12.3.4.1.   Market Size & Forecast

12.3.4.1.1. By Value

12.3.4.2.   Market Share & Forecast

12.3.4.2.1. By Source

12.3.4.2.2. By Supply Mode

12.3.4.2.3. By Application

12.3.5.     Australia LPG Market Outlook

12.3.5.1.   Market Size & Forecast

12.3.5.1.1. By Value

12.3.5.2.   Market Share & Forecast

12.3.5.2.1. By Source

12.3.5.2.2. By Supply Mode

12.3.5.2.3. By Application

12.3.6.     Thailand LPG Market Outlook

12.3.6.1.   Market Size & Forecast

12.3.6.1.1. By Value

12.3.6.2.   Market Share & Forecast

12.3.6.2.1. By Source

12.3.6.2.2. By Supply Mode

12.3.6.2.3. By Application

12.3.7.     Malaysia LPG Market Outlook

12.3.7.1.   Market Size & Forecast

12.3.7.1.1. By Value

12.3.7.2.   Market Share & Forecast

12.3.7.2.1. By Source

12.3.7.2.2. By Supply Mode

12.3.7.2.3. By Application 

13.      Market Dynamics

13.1. Drivers

13.2. Challenges

14.      Market Trends and Developments

15.      Company Profiles

15.1.  Saudi Aramco Oil Co.

15.1.1.     Business Overview

15.1.2.     Key Revenue and Financials 

15.1.3.     Recent Developments

15.1.4.     Key Personnel/Key Contact Person

15.1.5.     Key Product/Services Offered

15.2.  Exxon Mobil Corporation

15.2.1.     Business Overview

15.2.2.     Key Revenue and Financials 

15.2.3.     Recent Developments

15.2.4.     Key Personnel/Key Contact Person

15.2.5.     Key Product/Services Offered

15.3.  Shell plc

15.3.1.     Business Overview

15.3.2.     Key Revenue and Financials 

15.3.3.     Recent Developments

15.3.4.     Key Personnel/Key Contact Person

15.3.5.     Key Product/Services Offered

15.4.  BP p.l.c.

15.4.1.     Business Overview

15.4.2.     Key Revenue and Financials 

15.4.3.     Recent Developments

15.4.4.     Key Personnel/Key Contact Person

15.4.5.     Key Product/Services Offered

15.5.  Chevron Corporation

15.5.1.     Business Overview

15.5.2.     Key Revenue and Financials 

15.5.3.     Recent Developments

15.5.4.     Key Personnel/Key Contact Person

15.5.5.     Key Product/Services Offered

15.6.  TotalEnergies SE

15.6.1.     Business Overview

15.6.2.     Key Revenue and Financials 

15.6.3.     Recent Developments

15.6.4.     Key Personnel/Key Contact Person

15.6.5.     Key Product/Services Offered

15.7.  Indian Oil Corporation Ltd

15.7.1.     Business Overview

15.7.2.     Key Revenue and Financials 

15.7.3.     Recent Developments

15.7.4.     Key Personnel/Key Contact Person

15.7.5.     Key Product/Services Offered

15.8.  China Petroleum Corporation

15.8.1.     Business Overview

15.8.2.     Key Revenue and Financials 

15.8.3.     Recent Developments

15.8.4.     Key Personnel/Key Contact Person

15.8.5.     Key Product/Services Offered

15.9.  Petronas Nasional Berhad

15.9.1.     Business Overview

15.9.2.     Key Revenue and Financials 

15.9.3.     Recent Developments

15.9.4.     Key Personnel/Key Contact Person

15.9.5.     Key Product/Services Offered

15.10.   Phillips 66 Group    

15.10.1.   Business Overview

15.10.2.   Key Revenue and Financials 

15.10.3.   Recent Developments

15.10.4.   Key Personnel/Key Contact Person

15.10.5.   Key Product/Services Offered

16.      Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global LPG Market was USD 128.63 billion in 2023.

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The Refinery segment by type demonstrated significant dominance in 2023. Refineries play a crucial role in producing LPG, using refining techniques to extract valuable components from crude oil and natural gas.

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Middle East & Africa dominated the market in 2023. The Middle East is home to some of the world's largest reserves of crude oil and natural gas, which are primary sources of LPG. Countries like Saudi Arabia, Qatar, and the UAE are leading producers of LPG, leveraging their vast hydrocarbon resources.

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Cleaner Energy Source, Environmental Concerns and Sustainable Practices are some of the major drivers for the Global LPG Market.

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Parvati Sharma

Account Manager BD
Press Release

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

Jun, 2024

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