Global Liquefied Petroleum Gas (LPG) Market to Grow at a CAGR of 6.15% by 2030
According to ChemAnalyst report, “Global LPG Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global LPG market has shown tremendous growth in the past five years and is anticipated to achieve a CAGR of 6.15% during the forecast period. Increasing demand of sustainable, environmentally friendly and non-toxic fuels from consumers is anticipated to increase the demand of LPG due to its eco-friendly and less toxic properties. Due to its high calorific value, LPG is the most commonly used fuel across the residential households for heating and cooking purposes. However, there are also other non-residential uses, such as transportation, commercial and industrial heating, and other non-fuel applications such as petrochemicals production. The rise in the demand of LPG in various sectors is projected to drive the LPG market growth worldwide in the upcoming years.
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Liquified Petroleum Gas (LPG) also known as Autogas is basically a mixture of several hydrocarbon gases such as propene, propane (C3H8), butene, and butane (C4H10) . LPG is extracted during the production of natural gas or oil refining process I.e., crude oil. It is colourless and highly inflammable in nature and must be stored away from the sources of ignition. LPG can be easily stored, packaged and utilized which makes it a versatile fuel and an ideal source for plethora of applications. Unlike other refined fuels and petroleum products, it is one of the cleanest conventional fuels which has a very little or no effect on soil, water and air due to absence of heavy metals in its carbon footprint. As it is a by-product of oil and gas industry, the supply of LPG depends upon the extraction of fossil fuels.
Due to its high calorific value, LPG has wide range of Industrial and commercial applications including hotels, restaurants, textile industry, steel industry, food production, feedstock in petrochemicals industry etc. The major consumption of LPG is as a domestic fuel at a household level including heating ovens, furnaces, machinery, generators, gas cylinders as a great energy source. Autogas is primarily used in the production of plastic as a feedstock. Furthermore, the benefit of LPG is visible in the manufacturing of glass and ceramic products. In construction and infrastructure industry, LPG find its applications in repairing, laying roads, illuminating road signs, floodlighting and heating bitumen. Increasing investments in the developing countries and improving the R&D, the consumption of LPG is likely to boost during the forecast period.
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Global slowdown due to COVID 19 lockdown impacted the manufacturing industries and economy during the first half of 2020. Industries were lacking the feedstock due to supply chain disruption and global plant outages initially in 2020. High restrictions on trade caused the sudden decline in production and sales, which affected the LPG market worldwide. limited supply in the commercial sector due to lockdown hindered the growth rate of LPG. Whereas the demand for the domestic consumption for cooking household has increased.
Regionally, Asia pacific has emerged to be the largest oil refiner worldwide. However, North America is major exporter of LPG in which majority of its supply is from natural gases. Rising per capita income in countries like China, North America, Europe and India has increased the consumer spending in consumer durable products which is increasing the demand of LPG market in the region. Due to its ease of transport and affordability, Asia and Middle East LPG hold the largest market potential for LPG adoption across several industries
According to ChemAnalyst report, Global LPG Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in global LPG market are Repsol, China Gas Holdings Ltd, Saudi Arabia Oil Co, FLAGA Gmbh, Kleenheat, Bharat Petroleum Corp Ltd, JGC Holdings Corp, Chevron Crp, Reliance etc.
“Being linked to the downstream application such as petrochemicals, food production, domestic fuel etc, the global LPG industry has shown a robust growth alongside growing population and changing consumer preference. . It is forecasted that India is going to become the world's fifth largest consumer market by 2025. In addition, growing per capita income globally poised a stronger outlook to the country’s acetone demand. The nationwide lockdown affected the supply chain logistics and caused immediate shortage of raw materials hence increased the prices of LPG and Liquid Nitrogen. Meanwhile, China serves as the key growth region as well with sufficiently installed capacities. With new competitors emerging across the Asian acetone market, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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