LPG Market Analysis By Source(Refineries, Associated Gas, Non-Associated Gas), By End User(Residential, Commercial, Agriculture, Industrial, Transportation) & Forecast 2024-2035
- PUBLISHED ON
- 9/22/2022
- NO OF PAGES
- 270
- CATEGORY
- Energy & Power
Global consumption of LPG has increased significantly over the past two decades, reaching a new level at 27.1 million tons in 2019. Due to environmental benefits and stringent government policies to reduce carbon emissions, LPG has rapidly become the fuel of choice around the world. Governments of various countries around the world also offer subsidies, including tax incentives, to encourage the use of his LPG in vehicles. Now, with increasing awareness of the benefits of LPG and various government initiatives, the use of LPG for cooking is increasing in rural areas around the world. Therefore, increasing demand for LPG for cooking is estimated to propel the market over the forecast period.
With increasing focus on reducing greenhouse gas emissions and ensuring sustainable energy for all, 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 the bank accounts of subsidized consumers. The program is supported by a "Give It Up" campaign to encourage consumers who can afford the market price of LPG to voluntarily refrain from purchasing subsidized products. As a result, LPG could become an attractive alternative fuel for an increasing number of applications and this factor is projected to expand the market over the forecast period.
For instance, BioLPG, also known as renewable propane or biopropane, is propane made from renewable raw materials such as plant and vegetable waste. BioLPG is therefore a clean-burning fuel with negligible impact on air quality and a low-carbon alternative to the business benefits of fuel switching to oil and coal that play a long-term role in the energy mix. BioLPG is gradually entering the market across Europe as a direct renewable alternative to LPG, with some of the largest companies defining 100% sustainable target. BioLPG is approximately 70-80% less carbon intensive than petroleum and can be used in existing LPG equipment and storage units, offering industrial and commercial companies a cost-effective path to decarbonisation. France and the UK signed historic net-zero emissions targets in 2019, while other European countries and the EU are moving in that direction. These factors, including the implementation of government policies to promote BioLPG as a sustainable renewable fuel, are expected to continue driving the market.
Source Insights
Based on source, the market is 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, while Asia Pacific Refineries account for the majority of gas production in the region. Refineries are one of the most important sources for the production of various gases on a global scale. Product supply is expected to increase in the coming years due to increased refining capacity, especially in Saudi Arabia, Brazil, India and China.
End User Insights
On the basis of end user, the LPG market has been further categorized into domestic, commercial, agriculture, industrial, transportation, 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 a versatile fuel, used in homes for applications such as heating, hot water, cooking, stoves, fireplaces, and other appliances. The transportation industry also has a significant influence on the LPG industry. LPG is a clean fuel and one of the leading alternatives to gasoline and diesel in the transportation sector. Black smoke and greenhouse gas emissions from cars are greatly improved through the use of LPG. However, the domestic sector is expected to continue to be the largest consumer during the forecast period.
Regional Insights
By region, the global LPG market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. Asia-Pacific accounted for a large share of the global market in 2021 at 35.04%. Asia Pacific is estimated to be the fastest growing LPG market in the world during the forecast period. The governments of the countries in the region 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. Following Asia Pacific, North America is experiencing strong growth in the LPG market. The United States produced about 234,000 tonnes of LPG from natural gas in 2018 and from refineries produced 10,000 tonnes. According to the Energy Information Administration, U.S. dry natural gas production was about 33.4 trillion cubic feet (Tcf) in 2020, averaging about 91.4 billion cubic feet per day.
Key Companies Insights
BP Plc, Exxon Mobil Corporation, ConocoPhillips and Abu Dhabi National Oil Company (ADNOC) are expected to lead in R&D investments and broad customer reach. 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. Considering all scenarios, BP Plc, Exxon Mobil Corporation, ConocoPhillips and Abu Dhabi National Oil Company (ADNOC) hold significant market share in the global market due to their more capable extraction processes and well-established supply chains.
• 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
• China Gas Holdings Ltd.
• Shell group of companies
• Reliance Industries Limited
• Saudi Aramco
• Qatargas Operating Company Limited
• Total Se
• Others
Segments
By Source
• Refineries
• Associated Gas
• Non-Associated Gas
By End User
• Residential
• Commercial
• Agriculture
• Industrial
• Transportation
• Others
Global LPG Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global LPG market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
Historic Year: 2016-2022
Forecast: 2024-2035
1. Global LPG Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global LPG Market Scope and Market Estimation
1.2.1.Global LPG Overall Market Size, Revenue & Volume (US$ Mn & Million Units), Market CAGR (%), Market forecast (2023 - 2032)
1.2.2.Global LPG Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2032
1.3. Market Segmentation
1.3.1.Source of Global LPG Market
1.3.2.End User of Global LPG Market
1.3.3.Region of Global LPG Market
2. Executive Summary
3. Market Factor Analysis
3.1. Global LPG Market Industry Trends under COVID-19 Outbreak
3.1.1.Global COVID-19 Status Overview
3.1.2.Influence of COVID-19 Outbreak on Global LPG Market Industry Development
3.2. Market Dynamics, By Region
3.2.1.Drivers
3.2.2.Limitations
3.2.3.Opportunities
3.2.4.Impact Analysis of Drivers and Restraints
3.3. Ecosystem / Value Chain Analysis
3.3.1.Raw Materials / Components Suppliers
3.3.2.Manufacturers / Vendors
3.3.3.Distributors
3.3.4.Buyers / End-users
3.3.5.Forward Integration & Backward Integration of Key Stakeholders
3.4. Global LPG Market - Pricing Trends Analysis & Average Selling Prices (ASPs)
3.5. Analysis of Software and Services used in LPG
3.6. End-User / Customer Preferences & Consumer Surveys
3.7. Technology Roadmap & Key Innovations /Developments
3.8. Key Mandates & Regulatory Scenario Analysis
3.9. Patents Landscape
3.10. Import & Export, By Countries (USD Million)
3.11. Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.
3.12. Porter’s Five Forces Analysis
3.12.1. Bargaining Power of Suppliers
3.12.2. Bargaining Power of Buyers
3.12.3. Threat of Substitutes
3.12.4. Threat of New Entrants
3.12.5. Competitive Rivalry
3.13. PEST Analysis
3.13.1. Political Factors
3.13.2. Economic Factors
3.13.3. Social Factors
3.13.4. Technological Factors
3.14. SWOT Analysis
3.15. Russia-Ukraine War Impacts Analysis
3.16. ANSOFF Matrix
3.16.1. Market Penetration Strategy
3.16.2. Product Development Strategy
3.16.3. Market Development Strategy
3.16.4. Diversification Strategy
3.17. Inflation Impacts Analysis
3.17.1. Supply Side Impacts
3.17.2. Demand Side Impacts
3.17.3. Outlook in 2023 & Beyond
3.18. Market Investment Feasibility Analysis
3.19. Opportunity Map Analysis
3.20. Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Regions
4. Global LPG Market Estimates & Historical Trend Analysis (2019 - 2022)
5. Global LPG Market Estimates & Forecast Trend Analysis, by Source
5.1. Global LPG Market Revenue & Volume (US$ Mn & Million Units) Estimates and Forecasts, by Source, 2019 to 2032
5.1.1.Refineries
5.1.2.Associated Gas
5.1.3.Non-Associated Gas
6. Global LPG Market Estimates & Forecast Trend Analysis, by End User
6.1. Global LPG Market Revenue & Volume (US$ Mn & Million Units) Estimates and Forecasts, by End User, 2019 to 2032
6.1.1.Residential
6.1.2.Commercial
6.1.3.Agriculture
6.1.4.Industrial
6.1.5.Transportation
6.1.6.Others
7. Global LPG Market Estimates & Forecast Trend Analysis, by Region
7.1. Global LPG Market Revenue & Volume (US$ Mn & Million Units) Estimates and Forecasts, by Region, 2019 to 2032
7.1.1.North America
7.1.2.Europe
7.1.3.Asia Pacific
7.1.4.Middle East & Africa
7.1.5.South America
8. North America LPG Market: Estimates & Forecast Trend Analysis
8.1. North America LPG Market Assessments & Key Findings
8.1.1.LPG Market Introduction
8.1.2.LPG Market Size & Volume Estimates and Forecast (US$ Million & Million Units) (2019 – 2031)
8.1.2.1. By Source
8.1.2.2. By End User
8.1.2.3. By Country
8.1.2.3.1. The U.S.
8.1.2.3.2. Canada
8.1.2.3.3. Mexico
9. Europe LPG Market: Estimates & Forecast Trend Analysis
9.1. Europe LPG Market Assessments & Key Findings
9.1.1.LPG Market Introduction
9.1.2.LPG Market Size & Volume Estimates and Forecast (US$ Million & Million Units) (2019 – 2031)
9.1.2.1. By Source
9.1.2.2. By End User
9.1.2.3. By Country
9.1.2.3.1. Germany
9.1.2.3.2. U.K.
9.1.2.3.3. France
9.1.2.3.4. Italy
9.1.2.3.5. Spain
9.1.2.3.6. Russia
9.1.2.3.7. Rest of Europe
10. Asia Pacific LPG Market: Estimates & Forecast Trend Analysis
10.1. Asia Pacific Market Assessments & Key Findings
10.1.1. LPG Market Introduction
10.1.2. LPG Market Size & Volume Estimates and Forecast (US$ Million & Million Units) (2019 – 2031)
10.1.2.1. By Source
10.1.2.2. By End User
10.1.2.3. By Country
10.1.2.3.1. China
10.1.2.3.2. Japan
10.1.2.3.3. India
10.1.2.3.4. Australia
10.1.2.3.5. South Korea
10.1.2.3.6. ASEAN
10.1.2.3.7. Rest of Asia Pacific
11. Middle East & Africa LPG Market: Estimates & Forecast Trend Analysis
11.1. Middle East & Africa Market Assessments & Key Findings
11.1.1. LPG Market Introduction
11.1.2. LPG Market Size & Volume Estimates and Forecast (US$ Million & Million Units) (2019 – 2031)
11.1.2.1. By Source
11.1.2.2. By End User
11.1.2.3. By Country
11.1.2.3.1. U.A.E.
11.1.2.3.2. Saudi Arabia
11.1.2.3.3. Egypt
11.1.2.3.4. South Africa
11.1.2.3.5. Rest of Middle East & Africa
12. South America LPG Market: Estimates & Forecast Trend Analysis
12.1. South America Market Assessments & Key Findings
12.1.1. LPG Market Introduction
12.1.2. LPG Market Size & Volume Estimates and Forecast (US$ Million & Million Units) (2019 – 2031)
12.1.2.1. By Source
12.1.2.2. By End User
12.1.2.3. By Country
12.1.2.3.1. Brazil
12.1.2.3.2. Argentina
12.1.2.3.3. Colombia
12.1.2.3.4. Rest of South America
13. Competition Landscape
13.1. LPG Market Competition Index, By Leading Players
13.2. LPG Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants
13.3. LPG Market Competition White Space Analysis, By Application / End-user
13.4. LPG Market Competition Heat Map Analysis, By Products / Services / Solutions
13.5. LPG Market Competition Regional Intensity Map Analysis, By Geographies Served
13.6. LPG Market Concentration & Company Market Shares (%) Analysis, 2022
13.7. LPG Market Competition Quadrant Analysis, By Leading Players / Innovators / Emerging Players / New Entrants
14. Company Profiles
14.1. Exxon Mobil Corporation
14.1.1. Company Overview & Key Stats
14.1.2. Financial Performance & KPIs
14.1.3. Product / Service / Solutions Portfolio & Applications / End-uses
14.1.4. Business Strategy & Recent Developments
* Similar details would be provided for all the players mentioned below
14.2. Kleenheat
14.3. bp p.l.c.
14.4. Bharat Petroleum Corporation Limited
14.5. Flaga Gmbh
14.6. Repsol
14.7. Chevron Corporation
14.8. Petroliam Nasional Berhad (PETRONAS)
14.9. Phillips 66 Company
14.10. JGC HOLDINGS CORPORATION
14.11. China Gas Holdings Ltd.
14.12. Shell group of companies
14.13. Reliance Industries Limited
14.14. Saudi Aramco
14.15. Qatargas Operating Company Limited
14.16. Total Se
14.17. Others
15. Research Methodology
15.1. External Sources / Databases
15.2. Internal Proprietary Database
15.3. Primary Research
15.4. Secondary Research
15.5. Assumptions
15.6. Limitations
15.7. Report FAQs
16. Research Findings & Conclusion
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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