Liquefied Petroleum Gas (LPG) Storage Market Size

Liquefied Petroleum Gas Storage Market Size

Liquefied Petroleum Gas Storage Market was valued USD 81.25 billion in 2022 and is anticipated to excel at a CAGR of 1.2% by 2032. LPG, is a combustible blend of hydrocarbon gases, mainly composed of propane (C3H8) and butane (C4H10). It originates from the refining of crude oil and the processing of natural gas. LPG is stored and moved in liquid state with moderate pressure, enabling its efficient storage, high energy content, and convenient manipulation. Increasing energy demand in line with rapid population growth in emerging economies will drive the adoption of LPG as a clean fuel source.

To get key market trends

  Download Free Sample

The government and respective authorities across the globe are continuously implementing initiatives to provide LPG access to its customer, which has contributed to market trends. The industry is poised to grow on account of its utilization across various industrial processes including refining, manufacturing, and petrochemical production. This fuel is also used in automotive fuel, either in its pure form or as a component of compressed natural gas blends, which will contribute the market dynamics. Increasing urbanization growth along with the need for clean and efficient fuel source to limit the environment impact, which in turn will influence the industry size. Introduction of various subsidies or incentives programs to promote the adoption of LPG gas, particularly in the geographies where biomass is still use for cooking, thereby boost the business outlook.