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LNG as a fuel market 2016-2022 / Valero Energy, Reliance Industries Ltd. (RIL), Royal Dutch Shell

01-22-2020 02:21 PM CET | Energy & Environment

Press release from: Kenneth Research

LNG as a fuel market 2016-2022 / Valero Energy, Reliance

Since the beginning of 20th century, advancements in the automation sector and an ever increasing demand for fuels, LNG has continued to be one of the most feasible options in the oil business. The feasibility is seen- both, in performance as a fuel as well as an investment. LNG is odorless, colorless, non-toxic and non-corrosive and is more compressible than CNG. Its energy density is 2.4 times that of CNG and 60% to that of diesel. It’s high compressibility also reduces its transport cost- explaining its utility in regions where pipelines do not exist. However, the transportation must be done at extremely low temperatures (around 162C), at a pressure less than 4 kPa, which makes operation slightly difficult.

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The market value of the LNG fuel was found to be US$XX Billion in 2015 and is expected to reach US$ XX Billion by 2022, at a CAGR of XX% during the forecast period. The commercial development of LNG value chain typically involves the signing of long-term contracts of about 20-25 years with highly specific structures for gas pricing. Only when the customers are confirmed and the source of LNG shows economic feasibility, the Major investor pitches forward to develop and operate the project.

Market Dynamics:

The LNG market is undergoing rapid changes on account of the steady collapse of international natural gas prices and limited growth in LNG supply in recent years. A drop in oil prices has significantly affected the LNG market and the unexpected decreases in demand, a corresponding decrease in spot purchases have affected the market badly. Key consumers, like Japan, have reduced their dependence on LNG and have been unable to meet the usual amounts of LNG consumption in recent years.

Although the LNG industry is expanding, due to technological advancements like directional well drilling and hydraulic fracturing, especially in North America and Australia, the overall market scenario is highly competitive.

Market Segmentation:

The LNG market can be segmented on the basis of sources- such as refinery, associated gas, and non- associated gas. Segmentation can also be done on the basis of end-user, such as residential or commercial, petrochemical, refinery, industrial, transportation, engineering and others.

Associated gas reserves are the ones that were primarily established to gain crude oil, while the non-associated ones are established solely for the production of natural gas. Technological advancements have not only enabled an exploitation of natural gas resources but also made the devices using LNG as a fuel source more efficient, thus, increasing the market of LNG. The demand for LNG, particularly in the residential sector, has been anticipated to grow rapidly in the developing economies of BRICS, not only due to rapid urbanization but also due to government initiatives like provision of subsidized energy cylinders for the poor.

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Geographical Analysis:

In recent years, Asia-Pacific region has been the largest consumer of LNG. Japan, South Korea, and Taiwan together form the backbone of LNG fuel market- being the biggest consumers. However, newer and emerging LNG markets like China, India, Middle East, Central Europe and South America have the potential to play a key role as consumers in the global market. Leading exporters of LNG include Qatar, Australia, Malaysia, Indonesia, and Nigeria.

Some of the Key players in the industry are Valero Energy, Reliance Industries Ltd. (RIL), Royal Dutch Shell, Sinopec, Chevron Corp and Exxon Mobil Corporation.

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Email: Sales@kennethresearch.com
Phone: +1 313 462 0609

About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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