Liquefied Petroleum Gas (LPG) Market Growth, and Demand Forecast 2014–2024 | Top Players- ExxonMobil, UGI Corporation, BP, Shell¸ Copagaz Distribuidora de Gás S.A., Repsol, China Gas Holdings Ltd, Kleenheat

The recent trend in the global LPG market is related to demand-supply dynamics of LPG. This includes shift of over-dependency of supply of the cooking gas from the Middle-East region to a more decentralized worldwide production of these gases.

Asia-Pacific have a high demand-supply gap, and thereby, are forced to import the gas to fulfil their domestic requirements. Other factors influencing the market is the shale gas revolution in the North America region, and its coherent and surplus production in the region.

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LPG is a mixture of propane and butane. It is flammable in nature, and thereby, stored in pressurized steel vessels. It is produced during petroleum refining (crude oil), and is mainly obtained from fossil fuel sources, or obtained from petroleum or natural gas streams. It is commonly used as fuel in cooking equipment, heating appliances, and as a refrigerant and aerosol propellant. In the report, the LPG market is segmented on the basis of application, source, and region.

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On the basis of application, the LPG market is categorized into residential and commercial, chemical, industrial, refineries, automotive fuel, and others. Residential and commercial category accounted for a significant share in the market. This is incoherence to widespread dependency on LPG as a cooking fuel among the rural and urban populations across the Asia-Pacific and Latin-America regions.

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Based on region, the LPG market is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. In recent years, the Asia-Pacific region has been a pivotal absorber of LPG supply volumes. The region has witnessed significant demand for cooking gas and its high requirement in China and India is expected to play a major role in affecting demand dynamics of the market. Recent developments in the shale gas production ecosystem in the U.S. are further expected to augment production of feedstock and thereby, increase the production volumes of the cooking gas.

Some of the drivers behind the growing demand for LPG include increasing consumption of auto gas, and large semi-urban and rural populations in Africa, Latin America, and Asia-Pacific. The local population in these regions using this product as a cooking fuel. For instance, in India nearly 80% of all domestic households use LPG as a cooking fuel. Government schemes (such as Pradhan Mantri Ujjwala Yojna) and initiatives such as streamlining subscription processes and payments, delivery of cylinders, and subsidies for cylinders in order to wean out dependency on traditionally employed hazardous cooking fuels such as firewood and coal have resulted in increasing adoption of the gas mix as a domestic fuel.

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