Liquefied Petroleum Gas (LPG) Market is predicted to reach USD 153.8 Billion at a CAGR of 4.50% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Global Liquefied Petroleum Gas (LPG) Market” that contains information from 2018 to 2032. The Liquefied Petroleum Gas (LPG) market is estimated to register a CAGR of 4.50% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Liquefied Petroleum Gas (LPG) market— Saudi Arabian Oil Co., China Gas Holdings Ltd., Chevron Corporation, Bharat Petroleum Corporation Limited, Flaga Gmbh, Repsol, Kleenheat, Total Se, Reliance Industries Limited, and Exxon Mobil Corporation.

Liquefied Petroleum Gas LPG Market Highlights

The global Liquefied Petroleum Gas (LPG) market is accounted to register a CAGR of 4.50% during the forecast period and is estimated to reach USD 153.8 Billion by 2032.

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. Two factors that are likely to assist the expansion of the LPG market are the growing public awareness of the benefits of utilizing LPG to replace fossil fuels and the rising usage of clean, green energy sources in developed and emerging countries.

Segment Analysis

The global liquefied petroleum gas (LPG) market has been segmented based Source and application.

On the basis of source, the market is segmented into refinery, associated gas, and non-associated gas. The non-associated gas category had the largest market share in 2022. Depending on the geography, different fuels have different sources; for example, in North America, most of the gas comes from natural gas processing plants.  

Based on application, the global liquefied petroleum gas (LPG) market has been segmented into residential, commercial, agriculture, industrial, transportation, and others. The commercial category had the largest market share in 2022. A sizable share of the LPG market was made up of applications for commercial and residential use combined. Liquefied petroleum gas is an extremely important source of cooking fuel in regions like Asia-Pacific, Central America, and South America.

Regional Analysis

The global liquefied petroleum gas (LPG) market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Liquefied Petroleum Gas (LPG) market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Liquefied Petroleum Gas (LPG) market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Liquefied Petroleum Gas (LPG) market comprises of Middle East, Africa, and Latin America.

In 2022, the Asia Pacific liquefied petroleum gas (LPG) market held a commanding 45.80% of the market. Population growth, the availability of plentiful resources, the strong need for energy, and simple affordability due to the availability of government subsidies on LPG cylinders have been the key drivers of expanding market penetration.

Moreover, the Europe market has been persistently growing over the forecast period. By participating in various summit meetings like COP21, many countries are considering lowering their carbon emissions into the atmosphere.

The North America liquefied petroleum gas (LPG) Market is expected to register fastest growth from 2023 to 2032. Liquefied petroleum gas is regarded as having a big growth market in North America, with the United States serving as the major LP gas exporter.

Furthermore, the rest of the world's liquefied petroleum gas (LPG) market is divided into the Middle East, Africa, and Latin America. Latin America and the MEA region have a growing LPG market. In Latin America, countries like Brazil, Mexico, and Argentina are major consumers, while the MEA region, particularly countries like Saudi Arabia, UAE, and Egypt, has a significant LPG demand driven by residential, commercial, and industrial sectors.

Key Findings of the Study

• The global liquefied petroleum gas (LPG) market is expected to reach USD 153.8 Billion by 2032, at a CAGR of 4.50% during the forecast period.


• The North America region accounted for the fastest-growing global market. Liquefied petroleum gas is regarded as having a big growth market in North America, with the United States serving as the major LP gas exporter.


• Based on application, the commercial category was attributed to holding the largest market in 2022, with an approximate market share of 65.54%.


• Saudi Arabian Oil Co., China Gas Holdings Ltd., Chevron Corporation, Bharat Petroleum Corporation Limited, Flaga Gmbh, Repsol, Kleenheat, Total Se, Reliance Industries Limited, and Exxon Mobil Corporation.