The liquefied natural gas market size has grown strongly in recent years. It will grow from $143.35 billion in 2024 to $153.65 billion in 2025 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to global energy demand, geopolitical factors, environmental regulations, infrastructure development, price dynamics.
The liquefied natural gas market size is expected to see strong growth in the next few years. It will grow to $202.28 billion in 2029 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to policy and regulatory landscape, infrastructure expansion, price competitiveness, evolving environmental considerations, geopolitical developments. Major trends in the forecast period include increasing demand for cleaner energy, technological advancements, decarbonization initiatives, green hydrogen integration.
The forecast of 7.1% growth over the next five years indicates a slight reduction of 0.1% from the previous projection. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through restricted access to cryogenic storage tank insulation materials from France and heat exchanger components from Italy, potentially delaying liquefied natural gas (LNG) export terminal expansions. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
The liquefied natural gas market is anticipated to witness growth due to the rising demand for liquefied natural gas. Liquefied natural gas is produced by purifying and cooling natural gas to -260°F, transforming it into a liquid state. The increasing demand for liquefied natural gas is driven by factors such as the growing use of motor petrol, along with the rise in big semi-urban and rural populations. In July 2022, the Energy Information Administration reported that an average of 49 billion cubic feet per day (Bcf/d) of liquefied natural gas (LNG) was traded globally in 2021. This escalating demand is a key driver for the growth of the liquefied natural gas market.
The liquefied natural gas market is expected to expand due to the increasing demand for higher energy efficiency. Energy efficiency involves the effective utilization of energy resources to achieve desired outputs with minimal waste or loss. Improved energy efficiency not only contributes to a lower carbon footprint and reduced greenhouse gas emissions but also supports long-term sustainability and decreases operational costs in the liquefied natural gas market. As of December 2022, the European Union aimed to enhance energy efficiency, setting a target of at least 32.5% by 2030. This growing demand for higher energy efficiency is a driving factor for the liquefied natural gas market.
A prominent trend in the liquefied natural gas market is technological advancements. Companies in this market are adopting new technologies to maintain their competitive positions. For example, in February 2023, New Fortress Energy Inc., a US-based energy infrastructure company, integrated Honeywell UOP technology to remove contaminants from natural gas. Honeywell UOP, a leading provider of gas processing technology, plays a significant role in approximately 40% of the world's liquefied natural gas production.
Major players in the liquefied natural gas market are also focusing on the development of innovative products to drive revenue growth. One such product is SnapLNG, a modular and standardized solution for low-carbon and faster time-to-market LNG production. In September 2023, Technip Energies N.V., a Netherlands-based company specializing in engineering and technology for the energy industry, launched SnapLNG. This pre-engineered system offers a complete LNG liquefaction plant with streamlined project execution, providing unprecedented levels of assurance regarding cost, schedule, plant dependability, and availability. The solution consists of repeatable modules ready for delivery and installation, with a capacity of 2.5 Mtpa.
In October 2024, Woodside Energy, an Australia-based energy company that supplies energy for homes, industry, and cooling, acquired Tellurian Inc. for $1.2 billion. This acquisition is intended to strengthen Woodside Energy's position in the U.S. liquefied natural gas (LNG) market and broaden its global operations. Tellurian Inc. is a U.S.-based natural gas company that specializes in developing low-cost liquefied natural gas (LNG) projects.
Major companies operating in the liquefied natural gas market include BP plc, Chevron Corporation, Eni SpA, ExxonMobil Corporation, TotalEnergies SE, Cheniere Energy Inc., ConocoPhillips Company, Sempra Energy, Woodside Energy Group Ltd., Gazprom Energy, PetroChina Company Limited, Shell plc, Equinor ASA, China Petrochemical Corporation, INPEX Corporation, GAIL India Limited, Indian Oil Corporation Limited, China National Petroleum Corporation, Petronet LNG Ltd., PJSC Gazprom, QatarEnergy, Freeport LNG Development L.P., Kinder Morgan Inc., Tellurian Inc., Venture Global LNG Inc., Apache Corporation, BP Trinidad and Tobago LLC, CNOOC Limited, Devon Energy Corporation, Hess Corporation, JERA Co. Inc., Occidental Petroleum Corporation, Origin Energy Limited, Santos Limited, Woodfibre LNG Limited.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The sharp rise in U.S. tariffs and ensuing trade tensions in spring 2025 are heavily impacting the oil and gas industry, especially in areas such as exploration equipment, pipeline development, and refining operations. Increased import duties on drilling rigs, steel pipes, and specialized machinery have significantly raised capital expenditures across both upstream and downstream segments. Midstream players are grappling with cost surges for essential components like valves, compressors, and storage tanks, causing delays and disruptions in expansion projects. Refiners, meanwhile, are contending with higher expenses for imported catalysts and control systems critical to operational efficiency. In addition, retaliatory tariffs from major trade partners have curtailed U.S. exports of liquefied natural gas (LNG) and crude oil, reducing global competitiveness. In response, companies are ramping up investments in domestic manufacturing alliances, digital asset management tools, and diversified energy portfolios to maintain resilience and protect profitability.
Liquefied natural gas (LNG) is a fuel gas derived from the purification of natural gas and its transformation to a temperature of -260°F, turning it into a liquid form.
The primary types of liquefied natural gas include APCI liquefaction technology, cascade liquefaction technology, and other variations. APCI liquefaction technology involves a multistage propane (C3) precooling system, utilizing a nitrogen, methane, ethane, and propane MR system for liquefaction. The diverse applications of LNG encompass power generation, transportation fuel, and other uses.
The liquefied natural gas market research report is one of a series of new reports that provides liquefied natural gas market statistics, including liquefied natural gas industry global market size, regional shares, competitors with a liquefied natural gas market share, detailed liquefied natural gas market segments, market trends and opportunities, and any further data you may need to thrive in the liquefied natural gas industry. This liquefied natural gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Asia-Pacific was the largest region in the liquefied natural gas market in 2024. The regions covered in the liquefied natural gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the liquefied natural gas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The liquefied natural gas market consists of sales of propane, butane, and isobutane. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 1-3 business days.
The liquefied natural gas market size is expected to see strong growth in the next few years. It will grow to $202.28 billion in 2029 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to policy and regulatory landscape, infrastructure expansion, price competitiveness, evolving environmental considerations, geopolitical developments. Major trends in the forecast period include increasing demand for cleaner energy, technological advancements, decarbonization initiatives, green hydrogen integration.
The forecast of 7.1% growth over the next five years indicates a slight reduction of 0.1% from the previous projection. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through restricted access to cryogenic storage tank insulation materials from France and heat exchanger components from Italy, potentially delaying liquefied natural gas (LNG) export terminal expansions. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
The liquefied natural gas market is anticipated to witness growth due to the rising demand for liquefied natural gas. Liquefied natural gas is produced by purifying and cooling natural gas to -260°F, transforming it into a liquid state. The increasing demand for liquefied natural gas is driven by factors such as the growing use of motor petrol, along with the rise in big semi-urban and rural populations. In July 2022, the Energy Information Administration reported that an average of 49 billion cubic feet per day (Bcf/d) of liquefied natural gas (LNG) was traded globally in 2021. This escalating demand is a key driver for the growth of the liquefied natural gas market.
The liquefied natural gas market is expected to expand due to the increasing demand for higher energy efficiency. Energy efficiency involves the effective utilization of energy resources to achieve desired outputs with minimal waste or loss. Improved energy efficiency not only contributes to a lower carbon footprint and reduced greenhouse gas emissions but also supports long-term sustainability and decreases operational costs in the liquefied natural gas market. As of December 2022, the European Union aimed to enhance energy efficiency, setting a target of at least 32.5% by 2030. This growing demand for higher energy efficiency is a driving factor for the liquefied natural gas market.
A prominent trend in the liquefied natural gas market is technological advancements. Companies in this market are adopting new technologies to maintain their competitive positions. For example, in February 2023, New Fortress Energy Inc., a US-based energy infrastructure company, integrated Honeywell UOP technology to remove contaminants from natural gas. Honeywell UOP, a leading provider of gas processing technology, plays a significant role in approximately 40% of the world's liquefied natural gas production.
Major players in the liquefied natural gas market are also focusing on the development of innovative products to drive revenue growth. One such product is SnapLNG, a modular and standardized solution for low-carbon and faster time-to-market LNG production. In September 2023, Technip Energies N.V., a Netherlands-based company specializing in engineering and technology for the energy industry, launched SnapLNG. This pre-engineered system offers a complete LNG liquefaction plant with streamlined project execution, providing unprecedented levels of assurance regarding cost, schedule, plant dependability, and availability. The solution consists of repeatable modules ready for delivery and installation, with a capacity of 2.5 Mtpa.
In October 2024, Woodside Energy, an Australia-based energy company that supplies energy for homes, industry, and cooling, acquired Tellurian Inc. for $1.2 billion. This acquisition is intended to strengthen Woodside Energy's position in the U.S. liquefied natural gas (LNG) market and broaden its global operations. Tellurian Inc. is a U.S.-based natural gas company that specializes in developing low-cost liquefied natural gas (LNG) projects.
Major companies operating in the liquefied natural gas market include BP plc, Chevron Corporation, Eni SpA, ExxonMobil Corporation, TotalEnergies SE, Cheniere Energy Inc., ConocoPhillips Company, Sempra Energy, Woodside Energy Group Ltd., Gazprom Energy, PetroChina Company Limited, Shell plc, Equinor ASA, China Petrochemical Corporation, INPEX Corporation, GAIL India Limited, Indian Oil Corporation Limited, China National Petroleum Corporation, Petronet LNG Ltd., PJSC Gazprom, QatarEnergy, Freeport LNG Development L.P., Kinder Morgan Inc., Tellurian Inc., Venture Global LNG Inc., Apache Corporation, BP Trinidad and Tobago LLC, CNOOC Limited, Devon Energy Corporation, Hess Corporation, JERA Co. Inc., Occidental Petroleum Corporation, Origin Energy Limited, Santos Limited, Woodfibre LNG Limited.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The sharp rise in U.S. tariffs and ensuing trade tensions in spring 2025 are heavily impacting the oil and gas industry, especially in areas such as exploration equipment, pipeline development, and refining operations. Increased import duties on drilling rigs, steel pipes, and specialized machinery have significantly raised capital expenditures across both upstream and downstream segments. Midstream players are grappling with cost surges for essential components like valves, compressors, and storage tanks, causing delays and disruptions in expansion projects. Refiners, meanwhile, are contending with higher expenses for imported catalysts and control systems critical to operational efficiency. In addition, retaliatory tariffs from major trade partners have curtailed U.S. exports of liquefied natural gas (LNG) and crude oil, reducing global competitiveness. In response, companies are ramping up investments in domestic manufacturing alliances, digital asset management tools, and diversified energy portfolios to maintain resilience and protect profitability.
Liquefied natural gas (LNG) is a fuel gas derived from the purification of natural gas and its transformation to a temperature of -260°F, turning it into a liquid form.
The primary types of liquefied natural gas include APCI liquefaction technology, cascade liquefaction technology, and other variations. APCI liquefaction technology involves a multistage propane (C3) precooling system, utilizing a nitrogen, methane, ethane, and propane MR system for liquefaction. The diverse applications of LNG encompass power generation, transportation fuel, and other uses.
The liquefied natural gas market research report is one of a series of new reports that provides liquefied natural gas market statistics, including liquefied natural gas industry global market size, regional shares, competitors with a liquefied natural gas market share, detailed liquefied natural gas market segments, market trends and opportunities, and any further data you may need to thrive in the liquefied natural gas industry. This liquefied natural gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Asia-Pacific was the largest region in the liquefied natural gas market in 2024. The regions covered in the liquefied natural gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the liquefied natural gas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The liquefied natural gas market consists of sales of propane, butane, and isobutane. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 1-3 business days.
Table of Contents
1. Executive Summary2. Liquefied Natural Gas Market Characteristics3. Liquefied Natural Gas Market Trends and Strategies32. Global Liquefied Natural Gas Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Liquefied Natural Gas Market34. Recent Developments in the Liquefied Natural Gas Market
4. Liquefied Natural Gas Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics, Trade Wars and Tariffs, and Covid and Recovery on the Market
5. Global Liquefied Natural Gas Growth Analysis and Strategic Analysis Framework
6. Liquefied Natural Gas Market Segmentation
7. Liquefied Natural Gas Market Regional and Country Analysis
8. Asia-Pacific Liquefied Natural Gas Market
9. China Liquefied Natural Gas Market
10. India Liquefied Natural Gas Market
11. Japan Liquefied Natural Gas Market
12. Australia Liquefied Natural Gas Market
13. Indonesia Liquefied Natural Gas Market
14. South Korea Liquefied Natural Gas Market
15. Western Europe Liquefied Natural Gas Market
16. UK Liquefied Natural Gas Market
17. Germany Liquefied Natural Gas Market
18. France Liquefied Natural Gas Market
19. Italy Liquefied Natural Gas Market
20. Spain Liquefied Natural Gas Market
21. Eastern Europe Liquefied Natural Gas Market
22. Russia Liquefied Natural Gas Market
23. North America Liquefied Natural Gas Market
24. USA Liquefied Natural Gas Market
25. Canada Liquefied Natural Gas Market
26. South America Liquefied Natural Gas Market
27. Brazil Liquefied Natural Gas Market
28. Middle East Liquefied Natural Gas Market
29. Africa Liquefied Natural Gas Market
30. Liquefied Natural Gas Market Competitive Landscape and Company Profiles
31. Liquefied Natural Gas Market Other Major and Innovative Companies
35. Liquefied Natural Gas Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Liquefied natural gas Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on liquefied natural gas market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for liquefied natural gas? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The liquefied natural gas market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Type: APCI Liquefaction Technology; Cascade Liquefaction Technology; Other Liquefaction Technology2) by Application: Power Generation; Transportation Fuel; Other Applications
Subsegments:
1) by APCI Liquefaction Technology: APCI Process (Single Mixed Refrigerant); APCI Process (Dual Mixed Refrigerant)2) by Cascade Liquefaction Technology: Cascade Process (Conventional); Cascade Process (Modified)
3) by Other Liquefaction Technology: Optimized Cascade; Mixed Refrigerant Process; Cryogenic Process; Other Emerging Technologies
Key Companies Profiled: BP plc; Chevron Corporation; Eni SpA; ExxonMobil Corporation; TotalEnergies SE; Cheniere Energy Inc.; ConocoPhillips Company; Sempra Energy; Woodside Energy Group Ltd.; Gazprom Energy; PetroChina Company Limited; Shell plc; Equinor ASA; China Petrochemical Corporation; INPEX Corporation; GAIL India Limited; Indian Oil Corporation Limited; China National Petroleum Corporation; Petronet LNG Ltd.; PJSC Gazprom; QatarEnergy; Freeport LNG Development L.P.; Kinder Morgan Inc.; Tellurian Inc.; Venture Global LNG Inc.; Apache Corporation; BP Trinidad and Tobago LLC; CNOOC Limited; Devon Energy Corporation; Hess Corporation; JERA Co. Inc.; Occidental Petroleum Corporation; Origin Energy Limited; Santos Limited; Woodfibre LNG Limited
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
The companies featured in this Liquefied natural gas market report include:- BP plc
- Chevron Corporation
- Eni SpA
- ExxonMobil Corporation
- TotalEnergies SE
- Cheniere Energy Inc.
- ConocoPhillips Company
- Sempra Energy
- Woodside Energy Group Ltd.
- Gazprom Energy
- PetroChina Company Limited
- Shell plc
- Equinor ASA
- China Petrochemical Corporation
- INPEX Corporation
- GAIL India Limited
- Indian Oil Corporation Limited
- China National Petroleum Corporation
- Petronet LNG Ltd.
- PJSC Gazprom
- QatarEnergy
- Freeport LNG Development L.P.
- Kinder Morgan Inc.
- Tellurian Inc.
- Venture Global LNG Inc.
- Apache Corporation
- BP Trinidad and Tobago LLC
- CNOOC Limited
- Devon Energy Corporation
- Hess Corporation
- JERA Co. Inc.
- Occidental Petroleum Corporation
- Origin Energy Limited
- Santos Limited
- Woodfibre LNG Limited
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 250 |
Published | July 2025 |
Forecast Period | 2025 - 2029 |
Estimated Market Value ( USD | $ 153.65 Billion |
Forecasted Market Value ( USD | $ 202.28 Billion |
Compound Annual Growth Rate | 7.1% |
Regions Covered | Global |
No. of Companies Mentioned | 36 |