LPG Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 Global LPG production from natural gas is much higher than from crude oil production. Natural gas extracted from the earth's crust contains a mixture of gases and liquids (propane and butane) that are extracted to produce LPG. The majority of the LPG produced globally is extracted from natural gas, while the rest is produced during crude oil processing in refineries.

LPG extracted from natural gas is estimated to be the highest in North America, which contributes to the maximum percentage of LPG produced globally. According to the United Nations Data, in 2021, natural gas liquids from the United States accounted for around 151,604 metric tons, the world's highest. It grew by 4.2% as compared to 2020. A similar trend is expected to be followed during the forecasted period.

Moreover, the global production of natural gas liquids increased significantly. According to BP Statistical Review of World Energy 2022, in 2021, global natural gas liquids production was at 12047 thousand barrels per day, recording a growth rate of 2.2% compared to 2020 and an annual increase of 3.2% annually over the last decade.

The global liquefied petroleum gas market is projected to register a CAGR of over 5% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.

Over the long term, the increasing consumption of LPG on account of government initiatives to increase the usage of cleaner fuel projects is expected to drive the market.

On the other hand, the problem in LPG storage and their non-continuous supply is expected to hinder the market's growth.

Nevertheless, the increasing demand for LPG by the growing population and increasing focus on emission control is expected to create enormous opportunities for the liquefied petroleum gas market. 

Read Full Market Report

Comments

Post a Comment

Popular posts from this blog

Shipping Containers Market Projected to Reach USD 12.77 Billion by 2030, Driven by E-commerce Growth and Cold-Chain Expansion

  Introduction   The global shipping containers market is experiencing steady growth, with projections indicating an increase from USD 10.27 billion in 2025 to USD 12.77 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.46%. According to Mordor Intelligence Shipping Containers Market Report , this expansion is primarily fueled by the surge in e-commerce activities, the need for efficient cold-chain solutions, and advancements in intermodal transportation.   Key Trends   E-commerce Fulfillment   The rapid growth of e-commerce has significantly impacted on the shipping containers market. The demand for faster and more efficient delivery systems has led to increased use of standardized containers, particularly 40-foot units, which accounted for 52.64% of the market share in 2024.   Cold-Chain Expansion   The pharmaceutical and food industries' need for temperature-controlled transportation has driven the demand for refrigerated c...
Read more

DATA CENTER POWER MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

  The IT industry requires on-premise private data storage and hyper-scale data centres for its operations, depending on the size of the organization. Additionally, the adoption of cloud storage has increased over the years due to growth among SaaS providers, enabling cloud storage providers to expand their capacities. Hence, the increasing data load requires more power. This creates a requirement for efficient power solutions in IT applications. According to the Data Center Survey recently published by Vertiv, 98% of the participants voted for IT utilization to be above 20% by 2025. This indicates that IT companies are focusing on deploying an efficient power source for their data centres and increasing their utilization rate. Cloud storage providers, like AWS, Microsoft, and Google, are expanding their storage capabilities to offer more efficient workflows in the cloud. These companies are making investments in hyperscale deals. For instance, in June last year, Amazon Web Service...
Read more

Second Hand Furniture Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The Off-the-Shelf Second Hand Furniture Market is segmented into the distribution channel, which is further segmented into online and offline, out of which the offline segment, with a larger market share in 2021, is anticipated to have the largest share during the forecast period. However, with the rise of an increasing number of smartphone users and increasing penetration of internet users, the market share for the online segment is expected to grow at a higher rate over the forecast period. The Asia Pacific is expected to account for a larger share in terms of revenue during the forecast period. The increasing size of the online marketplace for second-hand goods is anticipated to drive the growth of the Asia Pacific regional market.  The Off-The-Shelf Second Hand Furniture Market size is estimated at USD 21.30 billion in 2023, and is expected to reach USD 29.28 billion by 2028, growing at a CAGR of 6.57% during the forecast period (2023-2028). The market is increasi...
Read more