LNG Production Expansion Drive Global Liquefied Petroleum Gas Market

Global liquefied petroleum gas market is anticipated to grow at a CAGR of 3.2% during the forecast period (2024-2031). A major factor supporting the growth of the market is its versatility and wide range of applications across various sectors. LPG serves as a convenient and efficient energy source for residential, commercial, industrial, and agricultural purposes. Its use in heating, cooking, transportation, and as a feedstock in petrochemical production contributes to its high demand globally.

Browse the full report description of “Liquefied Petroleum Gas Market Size, Share & Trends Analysis Report by Source (Natural Gas Liquid and Crude Oil) and by Application (Residential, Commercial, Chemical, Industrial, Autogas and Refinery) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/liquefied-petroleum-gas-market

Production Expansion Plans-

• In March 2023, ExxonMobil announced the successful conclusion of its Beaumont refinery expansion initiative. This project, situated in one of the largest refining and petrochemical complexes along the United States Gulf Coast, has augmented the facility's capacity by 250,000 barrels per day. Driven by ExxonMobil's increased crude production in the Permian Basin, this significant expansion represents the most substantial refinery enhancement in over a decade. The endeavor is poised to address the mounting demand for reliable and cost-effective energy solutions.

• In October 2022, Maire Tecnimont S.p.A. disclosed that its primary subsidiary, Tecnimont S.p.A., secured an Engineering, Procurement, and Construction (EPC) contract from SONATRACH's Direction Centrale Engineering & Project Management. The contract entails the establishment of an LPG extraction facility within the preexisting Rhourde El Baguel oil and gas treatment complex situated in northeastern Algeria. The total worth of the contract stands at approximately $380 million. 

Market Coverage

• The market number available for – 2023-2031

• Base year- 2023

• Forecast period- 2024-2031

• Segment Covered- 

o By Source

o By Application

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape - BP p.l.c., Sinopec Corp., Indian Oil Corporation Ltd., PetroChina Company Limited, Exxon Mobil, Reliance Industries Ltd., and others.

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Liquefied Petroleum Gas Market Report Segment

By Source

• Natural gas liquid
• Crude oil

By Application

• Residential
• Commercial
• Chemical
• Industrial
• Autogas
• Refinery 

Global Liquefied Petroleum Gas Market Report Segment by Region

North America

• United States

• Canada 

Europe

• UK

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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