/ Press Release / Energy & Power

Global LPG Market By Source, By End User & Forecast 2023-2032

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Growing Environmental Awareness And Favourable Government Initiatives To Strengthen The BioLPG Market

LPG is a very efficient cooking fuel. Economical and excellent heating performance reduces cooking time and saves a lot of fuel bills. It is completely incinerated and leaves no residue or particles, minimize the maintenance costs and reduce the carbon footprint. Compared to other conventional fuels, LPG is more economical. LPG stoves and burners require less maintenance than other cooking methods. LPG has the lowest greenhouse gas emissions of any available fossil fuel. Cooking with LPG can reduce greenhouse gas emissions by up to 70%.

With increasing focus on reducing greenhouse gas emissions and ensuring sustainable energy, the use of LPG is increasing in various sectors around the world. There has been significant government support in the form of initiatives and grants to further promote LPG adoption. An Indian government initiative is targeting more subsidies through the 'PAHAL' program, which deposits subsidies directly into subsidized consumers' bank accounts.

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Furthermore, BioLPG is an increasingly attractive alternative biofuel and is currently being recognized as a promising route to directly decarbonize parts of the transport, housing, industry and petrochemical sectors. Producing propane and butane from organic or waste feedstocks, which are also typically used to produce other biofuels, can reduce carbon emissions by up to 90%. Moreover, continued efforts to address environmental issues are expected to lead to the development of other promising technologies and additional means to increase the production of BioLPG, thereby propelling the market over the forecast period. Bio-LPG refers to bio-propane made from plant and vegetable residues. It is a biomass-derived product using similar techniques such as hydrotreating, dehydration and fermentation. The only difference between LPG and Bio-LPG is that they come from different sources, but both are identical in terms of chemical composition. Generally, bio-LPG is derived from vegetable biofuels or used cooking oils.

Some of the leading and top LPG companies in the global LPG market include China Gas Holdings Ltd., Shell group of companies, Reliance Industries Limited, Saudi Aramco, Qatargas Operating Company Limited, Total Se, Exxon Mobil Corporation, Kleenheat, bp p.l.c., Bharat Petroleum Corporation Limited, Flaga Gmbh, Repsol, Chevron Corporation, Petroliam Nasional Berhad (PETRONAS), Phillips 66 Company, JGC HOLDINGS CORPORATION, and Others. The market is moderately fragmented, with various key players operating on an international scale. Industry participants are focusing on exploration and production of gas with improved operational characteristics to strengthen their global footprint.

On the basis of source, the worldwide LPG market can be segmented into refineries, associated gas, and non-associated gas. In 2021, the Non-Associated Gas segment was dominant and held the largest market share of 54%. For example, natural gas processing units’ account for the majority of gas production in North America. In terms of end users, global LPG market can be segmented residential, commercial, agriculture, industrial, transportation, and others. In 2021, the residential/commercial segment was dominant and held the largest market share of 45.20%. LPG will compete with traditional fuels such as wood, charcoal, and coal in applications such as food preparation and hot water heating, which are expected to drive the future market for LPG during the forecast period. LPG is used in various household applications such as heating, hot water, cooking, stoves, fireplaces, and other appliances. In terms of geography, Asia-Pacific accounted for a largest market share of the LPG market in 2021 among other regions such as North America, Europe, Latin America, and Middle East & Africa. The governments of the countries in the Asia Pacific have promoted the use of LPG for cooking in rural areas in recent years, which is expected to increase the future market demand for LPG. For example, the Indian government provides subsidies and free LPG cylinders in rural areas of the country.

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