Global Bio LPG Market Poised to Offer Sustainable Solution for Soaring Demand for Conventional LPG
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Higher Affordability of Bio LPG will Fuel its Demand during Forecast Period
The rise in demand for sustainable and alternative choices will boost the demand for Bio LPG globally. Increasing awareness about carbon impact is encouraging consumers to switch from traditional high carbon energy sources to cleaner alternatives such as Bio LPG. High demand for LPG for heating, cooking, and vehicular fuel is expected to offer the global Bio LPG market lucrative opportunities.
Also known as biopropane, Bio LPG is made from crop and waste feedstocks, which are readily available. This makes the energy solution an accessible possibility. It is known to reduce 80% of CO2 emission along with 100% ability to blend in with LPG, thus eliminating the need for a separate supply chain. These factors are known to boost the uptake of Bio LPG globally.
Harnessing Municipal Waste and Cellulosic Organic Waste to Increase Bio LPG Yield
The bio-oil segment is expected to lead the global market as it represents 100% of the feedstock market share. However, it remains the bare minimum yield.
Analysts anticipate that players will focus on deriving Bio LPG from other feedstocks such as cellulosic organic waste and municipal waste, which are readily available. If these are harnessed to their maximum potential, Bio LPG could be easily produced and distributed, reducing the pressure of pollution created by conventional fuels. Furthermore, their sheer volume could generate a higher yield as compared to the amount derived from bio-oil feedstocks.
Europe Expected to Lead the Global Market as Players find Government Support
Europe produces more than 90% of the global Bio LPG and is expected to continue to build on this in the coming years. Commitment to reduce carbon emissions is expected to keep this region at the forefront. Strong presence of key players such as Neste, Eni, Total, and Preem AB in Europe is also expected to give this regional market an edge over others.
As Europe makes a rapid transition towards replacing conventional LPG with Bio LPG, the demand for this is expected to soar exponentially. Several companies across the region are redefining their renewable targets, which is expected to contribute to market growth. Additionally, builders focussed on reducing the carbon footprint of heating mechanisms will rely on Bio LPG, which can be seamlessly used via conventional LPG pipelines and equipment. All of these factors are expected to keep the Europe Bio LPG market in the lead during the forecast period.
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Key Players Focus on Expanding Facilities to Stay Ahead of Bio LPG Demand
The key players are focusing on expanding their Bio LPG facilities to cater for the rising demand. For instance, Repsol announced on October 22, 2020 that it will build its first low emission advanced biofuel plant in Spain. This refinery in Cartagena will be operational from 2023 and will generate advanced biofuels from recycled raw materials used in cars, trucks and aircrafts. This will likely help in reducing carbon dioxide emission by 900,000 tons each year.
La-Roche-Posay is the first to use Bio LPG in its industrial site in France in 2018. In 2005, La-Roche-Posay’s site was producing 192 tCO2 each year which was later reduced to zero in 2019 owing to Bio LPG being the final step towards carbon neutrality. The company was committed to reducing its global carbon footprint by 60% in 2020.
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The key players operating in the global Bio LPG market are Diamond Green Diesel, Global Bioenergies, Irving Oil, AvantiGas, Renewable Energy Group, Inc., Preem AB, SHV Energy, Eni, Total, and Neste.
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