The LPG market is expected to reach $204.2 billion by 2027, growing at a CAGR of 6.7 percent over the forecast period.
According to Stellar Market Research report, LPG market is estimated at a CAGR of 6.7 percent for the forecast period 2022 to 2027. The size of the LPG market has been estimated at USD 138.39 billion. in 2021.
LPG Market Overview:
Liquefied petroleum gas (LPG) is a non-renewable energy source that is widely used in residential and commercial settings as a portable, healthy and non-toxic source of energy. It is stored in steel containers, large cylinders and tanks and consists of volatile hydrocarbon gases and combustible hydrocarbon gases such as propane, butane and isobutane. LPG generates more thermal energy than natural gas and burns quickly in the air. Other benefits include clean burning, no soot formation, easily controllable flame temperatures and low sulfur content, making it perfect for heating, cooking and automotive applications. In addition, LPG is less expensive than other traditional fuels because most of its energy is converted into heat and can be transported and stored. All these advantages are equally responsible for the growth of the LPG market.
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Major Players in LPG Market:
- Saudi Aramco (Saudi Arabia)
- Sinopec (China)
- ADNOC (United Arab Emirates)
- CNPC (China)
- ExxonMobil (USA)
- Reliance Industries (India)
- KNPC (Kuwait)
- Phillips66 (USA)
- Bharat Petroleum Corporation Ltd. (India)
- Pemex (Mexico)
- Qatar Petroleum (Qatar)
- Equinor (Norway)
- Chevron (USA)
- ConocoPhillips Company (USA)
- SHV Energy (NL)
- Valero Energy (USA)
- UGI Corporation (USA)
- Royal Dutch Shell PLC (UK)
LPG Market Insights:
With a market share of 76.3% in 2021, the European region dominated the market. It is estimated that the demand for LPG in residential and commercial environments will increase dramatically across Europe. The expansion of the LPG market in Europe is also being pushed ahead…
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