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Liquefied Petroleum Gas Storage Market Size – By Storage Type, Analysis, Share, Growth Forecast, 2025 - 2034

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Liquefied Petroleum Gas Storage Market Size

The global liquefied petroleum gas storage market was valued at USD 83 billion in 2024 and is estimated to grow at a CAGR of 1.7% from 2025 to 2034. Rising urbanization coupled with the demand for clean and efficient fuel sources to reduce environmental impact is complementing the industry outlook. Governments worldwide are implementing initiatives to expand LPG access to consumers, significantly influencing the industry growth.
 

Liquefied Petroleum Gas Storage Market

Implementation of stringent regulations and safety requirements coupled with flourishing investments from both government and commercial entities focusing on modern storage solutions, featuring safety protocols and detection systems, further complementing the industry landscape.
 

Liquefied Petroleum Gas Storage Market Trends

Liquefied petroleum gas storage market is set to grow owing increasing energy consumption driven by rising urbanization and population coupled with accelerating demand for fuel across various industries. Government subsidy and incentive programs promoting LPG adoption, particularly in regions where biomass remains the primary cooking fuel, are shaping the industry dynamics. The increasing use of LPG, combined with new storage facilities and requirements for expanded storage capacity, improved materials, and integrated digital monitoring systems will positively influence the business dynamics. LPG's extensive use in industrial processes, including manufacturing, refining, and petrochemical production along with the automotive sector utilizing LPG as a fuel, further augmenting the industry landscape.
 

Liquefied Petroleum Gas Storage Market Analysis

Liquefied Petroleum Gas Storage Market Size, By Storage Type, 2022 - 2034 (USD Billion)

The pressurized tanks segment is anticipated to cross over USD 85 billion by 2034. LPG storage tanks are essential for safe storage and efficient distribution of LPG as these units maintain LPG in its liquid state under pressure, enabling high energy density and efficient transportation. The tanks store large volumes of LPG in a compact space, making them suitable for residential and industrial applications, complementing the business outlook. The incorporation of advanced features such as improved insulation, corrosion-resistant materials, and monitoring systems will accelerate the adoption of pressurized tanks.
 

U.S. Liquefied Petroleum Gas Storage Market Size, 2022 - 2034 (USD Billion)

The U.S. liquefied petroleum gas storage market is set to reach over USD 40.5 billion by 2034. The availability of abundant shale gas along with shifting focus on increasing LPG production driven by energy consumption and arising population, further driving the industry growth. The transition to cleaner energy sources has expanded LPG usage across residential heating, cooking, and industrial applications along with integration of automation and smart monitoring systems has enhanced storage and distribution facilities, further augmenting the business landscape.
 

Government mandates, incentives, and policies promoting cleaner energy sources and reducing greenhouse gas emissions will positively influence the business dynamics. For instance, in October 2024, The U.S. Department of Transportation's PHMSA has distributed USD 85.9 million in state grants for pipeline and underground natural gas storage inspections. These funds support state-level oversight of more than 85% of the country's 3.3-million-mile pipeline infrastructure.
 

Liquefied Petroleum Gas Storage Market Share

Liquefied Petroleum Gas Company Market Share Analysis, 2024

Major companies in the industry are expanding their geographical presence through strategic collaborations and technological advancements. The industry is consolidating through mergers and acquisitions, while demographic growth and the transition to clean energy solutions and LPG storage units continue to shape the business dynamics.
 

Liquefied Petroleum Gas Storage Market Companies

Major players operating across the industry include:

  • AmeriGas
  • China Petroleum
  • CIMC ENRIC
  • CLW Group
  • Emirates Gas
  • Energy Transfer
  • Flogas
  • Modern Welding
  • Omera
  • Oiltanking
  • Pertamina
  • Petredec
  • Royal Vopak
  • TotalEnergies
  • TransTech Energy
  • Vitol
     

Liquefied Petroleum Gas Storage Industry News

  • In October 2024, Dominion Energy Virginia plans to construct a liquified natural gas storage facility on a 20-acre site adjacent to its Greensville County natural gas power plant, bordering Brunswick County. The proposed USD 548 million facility, scheduled to begin operations in late 2027, would create 400 construction jobs and six permanent positions. The project is expected to generate USD 17.5 million for the local economy and provide USD 35.5 million in combined county tax revenues over 25 years. The facility would serve as a backup fuel source for Dominion's Greensville and Brunswick power stations during extreme weather conditions or peak demand periods, with capacity to supply power to 700,000 homes in the region for up to four days.
     
  • In January 2024, Williams completed the acquisition of natural gas storage assets by from Hartree Partners LP's affiliate at USD 1.95 billion. The purchased assets comprise six underground storage facilities across Louisiana and Mississippi, offering 115 billion cubic feet of storage capacity. The infrastructure includes 230 miles of transmission pipeline with 30 interconnects linking to LNG markets and Transco pipeline network. The storage system incorporates four salt dome facilities (92 Bcf) and two depleted reservoir facilities (23 Bcf), delivering 5 Bcf/d injection and 7.9 Bcf/d withdrawal capabilities.
     

This liquefied petroleum gas storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of “million barrels” and “USD Billion” from 2021 to 2034, for the following segments:

Market, By Storage Type

  • Pressurized tanks
  • Refrigerated tanks

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Spain
    • Russia
    • UK
    • Italy
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Turkey
    • South Africa
    • Morrocco
  • Latin America
    • Brazil
    • Mexico
    • Argentina
Authors: Ankit Gupta, Divyendu Sharma
Frequently Asked Question(FAQ) :
What is the growth outlook for the U.S. LPG storage market?
The U.S. LPG storage market is anticipated to exceed USD 40.5 billion by 2034, led by abundant shale gas reserves and increased LPG production to meet rising energy demands.
What trends are influencing the adoption of LPG storage tanks?
Who are the major players in the liquefied petroleum gas storage market?
How big is the liquefied petroleum gas storage market?
What is the size of the pressurized tanks segment in the LPG storage market?
Liquefied Petroleum Gas Storage Market Scope
  • Liquefied Petroleum Gas Storage Market Size
  • Liquefied Petroleum Gas Storage Market Trends
  • Liquefied Petroleum Gas Storage Market Analysis
  • Liquefied Petroleum Gas Storage Market Share
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    Premium Report Details

    Base Year: 2024

    Companies covered: 16

    Tables & Figures: 60

    Countries covered: 21

    Pages: 110

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