Press release
LPG Market Size to Expand at a CAGR of 6.5 % During the Forecast Period of 2024 to 2030
LPG Market
LPG Market Overview
Liquefied Petroleum Gas is experiencing a significant change in the global market, driven by changing energy needs, environmental concerns, and strategic regional development. LPG is a key player in the global energy market, as nations look for cleaner and more efficient sources of energy. It can be used in residential, commercial and industrial applications.
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LPG Market Dynamics
Growth in the LPG market is driven by urbanization, increasing energy consumption and the shift to cleaner fuels. Government initiatives to promote LPG use in households, especially in Asia-Pacific countries such as India and China have significantly increased demand. Geopolitical tensions, trade dynamics and the Sino-US Trade War have led to a shift in supply chains. Countries like China are now looking for alternative suppliers, such as those from the Middle East. This has impacted global trade flows and price structures.
LPG Market Outlook & Future Trends
The LPG market will continue to grow in the future, thanks to technological advances and improvements in infrastructure. LPG integration in transportation, particularly in developing countries, opens up new growth opportunities. LPG is also a good transition fuel for the global shift towards sustainable energy solutions, as it reduces carbon emissions.
Recent Key Developments
Vietnam: Singapore's AG&P LNG has acquired a 49 percent stake in Vietnam's Cai Mep LNG Terminal, marking an important investment in the energy infrastructure of the country. This project aims to increase LNG supply to industrial customers and support Vietnam's increasing energy needs.
Thailand: Thailand's PTT Group is actively consolidating its LPG market position by acquiring smaller LPG distributors in Southeast Asia. These strategic moves are intended to increase PTT's LPG-export capabilities and strengthen the regional presence.
Japan and South Korea are both experiencing a decrease in LNG imports. This is attributed to an increase in investments in nuclear energy and renewable energy sources. This shift is a reflection of broader energy diversification policies aimed at improving energy security and sustainability.
Singapore: Singapore has continued to establish itself as an important energy hub in Asia with its investments in LNG infrastructure. Its location, coupled with its robust regulatory framework, makes it a desirable destination for energy investment.
United States: the U.S. is a major exporter of LPG. Its shale-gas production contributes significantly to global supplies. Trade tensions and tariffs, however, have led American exporters diversify their markets and focus more on Europe and Asia.
Europe: Prices of LPG are fluctuating in Europe due to disruptions in supply and an increase in demand. LPG consumption is being affected by efforts to reduce carbon emission and switch to cleaner energy.
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LPG Market Segmentation
By Source
Refiners
Gas associated
Non-associated gas
By Application
Automobile fuel
Residents
Commercial
Industrial
Other
The following are some of the players currently active in the LPG market:
1.Saudi Aramco
2.Sinopec
3.ADNOC
4.CNPC
5.Exxon Mobil
6.Reliance Industries
7.KNPC
8.Phillips66
9.Bharat Petroleum Corporation Ltd.
10.Pemex
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