This report titled “Liquefied Petroleum Gas (LPG) Market - Growth, Future Prospects, and Competitive Analysis, 2016 – 2024” offers strategic insights into the trends in LPG market along with the market size and forecast for the duration 2013 to 2024. The said research study incorporates in-depth analysis of multiple market segments based on source, end use and geographical distribution.

The global liquefied petroleum gas (LPG) market is becoming increasingly competitive with growing number of mergers and collaborations between market players to reach full capabilities and gain international footprint. In addition, several players are also focused on developing their niche in the market. Rapid growth of this market has also resulted in creating further skilled job opportunities in major hubs spread across North America, Europe, Latin America and Asia Pacific.  

Based on source, the global LPG market is categorized into natural gas well and refinery. On the basis of end use, the global LPG market is segmented into residential, chemical, industrial, auto fuel, refinery and others (Agriculture). In addition, oil producing companies, LPG refining companies and academic organizations form the major client types for LPG market. Market size (US$ Bn) (Mn Tons) and forecast for all the considered segmentation is presented in this report for the period 2013-2024 along with their respective CAGRs (%) for the forecast period 2016-2024.

Based on the end use, the global LPG market is segmented as follows:

•  Residential
• Chemical
• Industrial
• Auto fuel
• Refinery
• Others (Agriculture)

Global LPG market is categories on the basis of end use. Among end use, residential segment was the most dominant segment in 2015 and anticipated to continue its dominance of over the forecast period. Residential segment was observed to be the largest segment in 2016 in liquefied petroleum gas (LPG) market owing to wide adoption of the LPG as a cooking fuel. Increasing penetration of LPG as cooking fuel in key consuming economies such as India and China is projected to drive the growth of the segment. According to Petroleum Planning and Analysis Cell (PPAC), the total consumption of LPG was 19.6mt in 2015. Further, in 2015, Nigeria witnessed 100% increase in domestic consumption of LPG. The segment is anticipated to grow at significant rate and projected to maintain its dominance over the forecast period (2016-2024). Followed by it, chemical segment was the second largest segment in the global LPG market. LPG can be converted into ethylene, propylene, butylene, butadiene, etc. to produce synthetic plastic, synthetic fibre, synthetic rubber, explosives, dyestuff, and pharmaceuticals, etc. Given the wide array of application in chemical industry and growing demand for plastics, rubber, fibre and others is anticipated to drive the growth of the segment during the forecast period (2016-2023). Auto fuel segment is projected to be the fastest growing segment in the global LPG market. Increasing adoption of LPG due to its associated advantages of LPG as fuel in terms of greenhouse gases emission as well as cost-effectiveness of LPG as auto fuel is influencing consumers to adopt LPG as alternative transportation fuel. This in turn is expected to augment the growth of the segment during the forecast period (2016-2024).

Based on the source, the global liquefied petroleum gas (LPG) market is segmented as follows:

• Natural Gas Well
• Refinery

Global LPG market is categories on the basis of Source. Among Source, natural gas well was the most dominant segment in 2016 and anticipated to continue its dominance of over the forecast period. Increasing exploration and production of natural gas reserves along with exploration and production of non-conventional shale gas reserves is anticipated to drive the growth of the segment during the forecast period (2016-2024). However, advancement in technology and growth in capacity expansion of refineries fueling the production of LPG in refineries which in turn is projected to drive the growth of refinery segment during the forecast period. The segment is anticipated to witness steady growth over the forecast period (2016-2024).

In 2015, Asia Pacific was observe to be the most dominant region in global liquefied petroleum gas (LPG) market. The region accounted for over 40% of the global LPG consumption. Growing demand for cooking gas from residential sector coupled with various government initiatives such as subsidy to increase penetration of LPG as cooking fuel in emerging economies such as China and India influencing consumers to replace conventional cooking fuels such as wood, kerosene, coal. Further, increasing demand for LPG auto fuel due to growing awareness about the associated advantages of LPG as fuel in terms of greenhouse gases emission as well as cost-effectiveness of LPG as auto fuel is influencing consumers to adopt LPG as alternative transportation fuel. The region is also projected to witness highest growth over the forecast period (2016-2024).

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Liquefied Petroleum Gas (LPG) market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Liquefied Petroleum Gas (LPG) market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Liquefied Petroleum Gas (LPG) market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Liquefied Petroleum Gas (LPG) market?
• Which is the largest regional market for Liquefied Petroleum Gas (LPG) market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Liquefied Petroleum Gas (LPG) market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Liquefied Petroleum Gas (LPG) market worldwide?