The global LPG market size is anticipated to value USD 164.36 billion until 2027. It is also expected to register a CAGR of 4.4% over the forecasted years, 2020 to 2027. Increasing awareness about reducing environmental pollution caused due to the combustion of conventional energy sources is expected to propel the market growth.
The non-associated gas segment accounted for the largest share across the global market in 2019. The refinery segment is also gaining wide popularity since the last few years across countries like Saudi Arabia, China, Brazil and India. This can be associated with the field developments being carried out in the oil and gas wells and refining process.
In 2019, the other application segment dominated the global market due to increasing dependency on LPG as a fuel to serve several applications. On the other hand, the auto gas application segment is projected to account for the significant growth in the upcoming years owing to its rising popularity across the transportation sector.
Europe accounted for the highest share of around 78.5% across the global market in 2019 due to the summits and meetings being conducted across this region for reducing the carbon emissions. The Asia Pacific accounted for a substantial share across the market on account of several factors like surging need for energy sources, increasing population and governmental subsidies for promoting the usage of LPG over other conventional sources.
The LPG market across the globe includes key players such as Repsol, Saudi Arabian Oil Co., China Gas Holdings Ltd, Bharat Petroleum Corporation Limited, Reliance Industries Limited, and Exxon Mobil Corporation. Strategies like the development of long-term partnerships with auto-OEMs and distributors are being undertaken by them for widening the geographical reach.
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Further key findings from the report suggest:
• In 2019, the non-associated gas segment dominated the global market.
• The auto gas application segment accounted for the significant CAGR of 4.7% from 2020 to 2027.
• Europe accounted for the highest share of around 78.5% across the global market in 2019.
• The key players operating in this market are Repsol, Saudi Arabian Oil Co., China Gas Holdings Ltd, Bharat Petroleum Corporation Limited, Reliance Industries Limited, and Exxon Mobil Corporation.
Million Insights has segmented the global LPG market on the basis of source, application and region:
Liquefied Petroleum Gas Source Outlook (Volume, Million Tons; Revenue, USD Billion, 2016 - 2027)
• Associated Gas
• Non-associated Gas
Liquefied Petroleum Gas Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2016 - 2027)
Liquefied Petroleum Gas Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Central & South America
• The Middle East & Africa
• Saudi Arabia
• South Africa