LPG Market Revenue,Demand, Trends And Forecast By 2023

Some of the drivers behind the growing demand of global LPG market include increasing consumption of autogas, and large semi-urban and rural populations in Africa, Latin America and Asia-Pacific, using cheap and easily available LPG as a cooking fuel. However, volatility in crude oil prices leading to LPG price uncertainty is expected to hamper the growth of global LPG market.

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Liquefied Petroleum Gas (LPG) is also known as propane or butane. LPG is flammable in nature and mixture of hydrocarbon gases. The boiling point of LPG is below room temperature, and it could be easily evaporated at normal temperature and pressure. LPG is commonly imparted in pressurized steel vessels.

They are usually filled up to 80 – 85% of their capacity to permit for thermal expansion of the contained liquid. LPG is produced by petroleum refining, and is mainly obtained from fossil fuel sources, manufactured during the petroleum refining (crude oil), or obtained from petroleum or natural gas streams, as they come out from the ground.

Based on source, the global LPG market can be segmented into refineries, associated gas, and non-associated gas. LPG prepared through crude oil refining accounted for around 40% of the global LPG production in 2014. The non-associated gas segment is expected to contribute to the maximum LPG production, during the forecast period. In 2014, Middle East is the largest producer of LPG globally, and is expected to contribute high LPG production volume. Though, a large volume of LPG produced is expected to be captively consumed by large petrochemical complexes coming up in the region.

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The dependency on LPG as a cooking fuel among the rural and urban populations is very high. Some of the major markets for LPG consumptions are Asia-Pacific and Latin-America, due to the large semi-urban and rural populations. Moreover, Africa is an attractive market for LPG, where around 88% of the LPG consumption is by the residential segment. Transportation was one of the fastest growing application segments in the global LPG market in 2014, due to the increasing adoption of LPG as a transportation fuel globally, especially in Europe. In the recent past, countries such as Germany, Poland, and Turkey have been increasingly adding to their autogas fleet. Countries such as South Korea and Japan are also major adopters of autogas in the Asia-Pacific.

Some of the major competitors in the global LPG market include Exxon Mobil Corporation, UGI Corporation, British Petroleum PLC, Royal Dutch Shell PLC, SHV Energy N.V., Copagaz Distribuidora De Gas Ltda, Repsol S.A., China Gas Holdings Limited and Kleenheat Gas Pty Limited.

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