LPG (Liquefied Petroleum Gas): Market Size & Forecast 2026

The global LPG market sits at approximately USD 124.5B in 2025 (base year), held in a structurally tight balance between mature residential and industrial replacement demand, accelerating Indian and African cylinder penetration, and a feedstock overhang that has re-priced sharply through the early 2026 West Asia crisis. Saudi Aramco Contract Price for propane moved from USD 525/MT in January 2026 to USD 775/MT in May 2026, a 48% reset in five months. Global volume cleared roughly 340-345 MMT in 2024, with Asia Pacific absorbing the marginal incremental cargo. Buyer Power Score of -1.22, supplier-favoring. > **Analyst Take.** the 2026 inflection is geopolitical, not structural. The consensus 3-4% CAGR through 2032 is a trailing indicator of pre-crisis conditions; the real 2026 demand signal is the India 13% MoM volume collapse in April and the OMC under-recovery build, both of which mean

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