LPG Market size was valued at US$ 138.7 billion in 2024 and is expected to reach US$ 192.5 billion by 2031, growing at a significant CAGR of 4.8% from 2025-2031. The global market provides a detailed overview of the market and can be segmented by Technology and application. By technology, the market has been segmented into Refinery, Associated Gas, and Non-associated gas. The refinery segment is likely to be the largest and fastest-growing segment in terms of type. Based on application market is segmented into Residential, Transport, Industrial, Commercial, and Refinery. Among these, the Residential segment is expected to have the fastest-growing market during the forecast period. according to Precision Business Insights.
Study Period
2025-2031Base Year
2024CAGR
4.8%Largest Market
North-AmericaFastest Growing Market
Asia-Pacific
Growing awareness regarding benefits related to the usage of liquefied petroleum gas (LPG) as an alternative to the fossil fuels and rise in the adoption level of clean and green energy sources across both developed and developing countries are some of the factors likely to boost the market growth.
By region, the Asia Pacific market is expected to witness the highest market share during the forecast period owing to the population growth, ample resource availability, and high energy necessities, coupled with easy affordability owing to the existence of government subsidies on LPG cylinders have been the key factors fueling the regional market growth.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2025-2031 |
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Market Size in 2024 |
US$ 138.7 billion |
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Market Size in 2031 |
US$ 192.5 billion |
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Market CAGR |
4.8% |
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By Technology |
|
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By Application |
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By Region |
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The lpg market size was valued at US$ 138.7 billion in 2024 and is expected to reach US$ 192.5 billion by 2031, growing at a significant CAGR of 4.8% from 2025-2031.
The market key players are: Repsol China Gas Holdings Ltd Saudi Arabian Oil Co. FLAGA Gmbh University of Palermo Kleenheat Bharat Petroleum Corporation Limited JGC HOLDINGS CORPORATION Phillips 66 Company Chevron Corporation Reliance Industries Limited Exxon Mobil Corporation
The market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
| 1. Executive Summary |
| 2. LPG Market Introduction |
| 2.1. Global LPG Market Taxonomy |
| 2.2. Global LPG Market Definitions |
| 2.2.1. By Technology |
| 2.2.2. By Application |
| 2.2.3. By Region |
| 3. Global LPG Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global LPG Market Dynamic Factors - Impact Analysis |
| 3.6. Global LPG Market Competition Landscape |
| 4. Global LPG Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 |
| 4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global LPG Market, By Technology, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 5.1. Refinery |
| 5.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Associated Gas |
| 5.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Non-associated Gas |
| 5.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6. Global LPG Market, By End User, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 6.1. Residential |
| 6.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Transport |
| 6.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Industrial |
| 6.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Commercial |
| 6.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Refinery |
| 6.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 7. Global LPG Market Forecast, By Region, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia-Pacific |
| 7.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Latin America |
| 7.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Middle East and Africa |
| 7.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Global LPG Market - Opportunity Analysis Index, By Technology, By Application and Region, 2024 - 2030 |
| 8. North America LPG Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 8.1. Technology Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1. Refinery |
| 8.1.2. Associated Gas |
| 8.1.3. Non-associated gas |
| 8.2. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1. Residential |
| 8.2.2. Transport |
| 8.2.3. Industrial |
| 8.2.4. Commercial |
| 8.2.5. Refinery |
| 8.3. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 8.3.1. USA |
| 8.3.2. Canada |
| 8.4. North America LPG Market - Opportunity Analysis Index, By Technology, By Application and Country, 2024 - 2030 |
| 8.5. North America LPG Market Dynamics Trends |
| 9. Europe LPG Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 9.1. Technology Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Refinery |
| 9.1.2. Associated Gas |
| 9.1.3. Non-associated gas |
| 9.2. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. Residential |
| 9.2.2. Transport |
| 9.2.3. Industrial |
| 9.2.4. Commercial |
| 9.2.5. Refinery |
| 9.3. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Germany |
| 9.3.2. UK |
| 9.3.3. France |
| 9.3.4. Spain |
| 9.3.5. Italy |
| 9.3.6. Russia |
| 9.3.7. Rest of Europe |
| 9.4. Europe LPG Market - Opportunity Analysis Index, By Technology, By Application and Country, 2024 - 2030 |
| 9.5. Europe LPG Market Dynamics Trends |
| 10. Asia-Pacific LPG Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 10.1. Technology Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Refinery |
| 10.1.2. Associated Gas |
| 10.1.3. Non-associated gas |
| 10.2. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Residential |
| 10.2.2. Transport |
| 10.2.3. Industrial |
| 10.2.4. Commercial |
| 10.2.5. Refinery |
| 10.3. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. China |
| 10.3.2. India |
| 10.3.3. Japan |
| 10.3.4. ASEAN |
| 10.3.5. Australia & New Zealand |
| 10.3.6. Rest of Asia-Pacific |
| 10.4. Asia-Pacific LPG Market - Opportunity Analysis Index, By Technology, By Application and Country, 2024 - 2030 |
| 10.5. Asia-Pacific LPG Market Dynamics Trends |
| 11. Latin America LPG Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 11.1. Technology Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Refinery |
| 11.1.2. Associated Gas |
| 11.1.3. Non-associated gas |
| 11.2. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Residential |
| 11.2.2. Transport |
| 11.2.3. Industrial |
| 11.2.4. Commercial |
| 11.2.5. Refinery |
| 11.3. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Brazil |
| 11.3.2. Mexico |
| 11.3.3. Argentina |
| 11.3.4. Rest of Latin America |
| 11.4. Latin America LPG Market - Opportunity Analysis Index, By Technology, By End Use and Country, 2024 - 2030 |
| 11.5. Latin America LPG Market Dynamics Trends |
| 12. Middle East and Africa LPG Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 12.1. Technology Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Refinery |
| 12.1.2. Associated Gas |
| 12.1.3. Non-associated gas |
| 12.2. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Residential |
| 12.2.2. Transport |
| 12.2.3. Industrial |
| 12.2.4. Commercial |
| 12.2.5. Refinery |
| 12.3. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Gulf Cooperation Council (GCC) Countries |
| 12.3.2. Israel |
| 12.3.3. South Africa |
| 12.3.4. Rest of MEA |
| 12.4. MEA LPG Market - Opportunity Analysis Index, By Technology, By Application and Country, 2024 - 2030 |
| 12.5. MEA LPG Market Dynamics Trends |
| 13. Competition Landscape |
| 13.1. Strategic Dashboard of Top Market Players |
| 13.2. Company Profiles (Introduction, Financial Analysis, Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 13.2.1. Repsol |
| 13.2.2. China Gas Holdings Ltd |
| 13.2.3. Saudi Arabian Oil Co. |
| 13.2.4. FLAGA Gmbh |
| 13.2.5. University of Palermo |
| 13.2.6. Kleenheat |
| 13.2.7. Bharat Petroleum Corporation Limited |
| 13.2.8. JGC HOLDINGS CORPORATION |
| 13.2.9. Phillips 66 Company |
| 13.2.10. Chevron Corporation |
| 13.2.11. Reliance Industries Limited |
| 13.2.12. Exxon Mobil Corporation |
| 14. Research Methodology |
| 15. Key Assumptions and Acronyms |
Key Market Players
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