LPG Market Projected to Reach USD 153.8 Billion by 2032, at a 4.50% CAGR – Report by Market Research Future (MRFR)

LPG Market Projected to Reach USD 153.8 Billion by 2032, at a 4.50% CAGR – Report by Market Research Future (MRFR)

Liquefied petroleum gas (LPG) Market Growth Boost by Increasing Government Initiatives and Rising Demand

According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Liquefied petroleum gas (LPG) Market Research Report Information By Source, Application and Region – Market Forecast Till 2032”, The market for liquefied petroleum gas (LPG) was estimated to be worth 103.5 billion dollars in 2022. During the forecast period (2023 - 2032), the liquefied petroleum gas (LPG) market industry is anticipated to expand from USD 108.2 billion in 2023 to USD 153.8 billion. This represents a compound yearly growth rate (CAGR) of 4.50%.

Liquefied petroleum gas (LPG) Market Overview:

The primary market factors accelerating market expansion include the growing adoption of clean and green energy sources in both developed and emerging nations, as well as the benefits of using LPG to replace fossil fuels.

The market is expected to grow as a result of the increased demand for liquefied petroleum gas as a car emission gas and the growing population. Additionally, the high cost of installation for liquefaction process technology and equipment could affect demand and restrain market growth throughout the course of the research period. Because liquefied petroleum gas has long-term benefits as a cooking fuel, it is anticipated that increased government initiatives in countries like India, Indonesia, and China would encourage the use of the fuel in the coming years.

When paired with low-carbon and renewable technologies, LPG is seen as an appealing option for commercial assets since it allows for the integration of a continuous, 24/7 electricity supply throughout the year while lowering carbon emissions. Market expansion is projected to be fueled by the liquefied petroleum gas industry's expanding R&D in the upcoming years. In North America, the liquefied petroleum gas market is thought to have significant development potential, with the United States functioning as the region's primary LP gas exporter. In 2018, the United States produced 10,000 metric tonnes of LP gas from its refineries and roughly 234 thousand metric tonnes from natural gas. According to the Energy Information Administration, the United States produced an average of 91.4 billion cubic feet per day in 2020, or about 33.4 trillion cubic feet (Tcf) of dry natural gas, indicating that natural gas is the primary fuel used to manufacture LP gas. The North American liquefied petroleum gas (LPG) market was led by the U.S., which had the biggest market share, and Canada, which had the quickest rate of growth.