NEW YORK, May 26, 2023 /PRNewswire/ — The liquefied petroleum gas (LPG) market size is set to grow by USD 61.19 billion between 2022 and 2027 and register a CAGR of 3.81%, according to Technavio’s latest market research report. With a focus on identifying dominant industry influencers, Technavio’s reports present a detailed study by way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Abu Dhabi National Oil Co., Air Liquide SA, Bharat Petroleum Corp. Ltd., BP Plc, Chevron Corp., Exxon Mobil Corp., Hindustan Petroleum Corp. Ltd., Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., Kuwait Petroleum Corp., OQ SAOC, Reliance Industries Ltd., Repsol SA, Saudi Arabian Oil Co., Shell plc, SHV Holdings, Sinopec Shanghai Petrochemical Co. Ltd., TotalEnergies SE, UGI Corp., and Valero Energy Corp. are some of the major market participants.
The increase in supply of natural gas, the increasing government support for LPG adoption, and the rising need for cleaner fuel will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments while maintaining their positions in the slow-growing segments.
Liquefied Petroleum Gas (LPG) Market 2023-2027: Segmentation
- End-user
- Residential
- Petrochemical
- Industrial And Commercial
- Transport
- Others
- Geography
- APAC
- North America
- Europe
- South America
- Middle East And Africa
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Liquefied Petroleum Gas (LPG) Market 2023-2027: Vendor Analysis and Scope
To help businesses improve their market position, the liquefied petroleum gas (LPG) market provides a detailed analysis of around 15+ vendors operating in the market. Some of these vendors include Abu Dhabi National Oil Co., Air Liquide SA, Bharat Petroleum Corp. Ltd., BP Plc, Chevron Corp., Exxon Mobil Corp., Hindustan Petroleum Corp. Ltd., Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., Kuwait Petroleum Corp., OQ SAOC, Reliance Industries Ltd., Repsol SA, Saudi Arabian Oil Co., Shell plc, SHV Holdings, Sinopec Shanghai Petrochemical Co. Ltd., TotalEnergies SE, UGI Corp., and Valero Energy Corp.
adnoc.ae- The company offers Liquified Petroleum Gas (LPG) through its subsidiary ADNOC Distribution.
airliquide.com- The company offers Liquified Petroleum Gas (LPG) for forklifts, heating and cutting.
bharatpetroleum.in- The company offers Liquified Petroleum Gas (LPG) under its brand Bharatgas.
The report also covers the following areas:
Market Drivers
- Increase in supply of natural gas
- Increasing government support for LPG adoption
- Rising need for cleaner fuel
Market Trends
- Adoption of LPG as marine fuel
- Technological advances
- Increasing collaboration among various stakeholders of LPG value chain
Market Challenges
- Availability of alternative fuels for residential end-user
- Competition to LPG from other sources of energy
- Infrastructural challenges
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Liquefied Petroleum Gas (LPG) Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist liquefied petroleum gas (LPG) market growth during the next five years
- Estimation of the liquefied petroleum gas (LPG) market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the liquefied petroleum gas (LPG) market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of liquefied petroleum gas (LPG) market vendors
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Read More: Liquefied Petroleum Gas (LPG) Market size to grow by USD 61.19 billion from 2022