Global LPG demand stood at 275 Million Tonnes in 2020 and is forecast to reach 455.971 Million Tonnes by 2030, growing at a healthy CAGR of 5.42% until 2030. Liquefied Petroleum Gas (LPG) is compressed gas that is obtained from the mixture of flammable hydrocarbons such as propane and butane. It is a clean and efficient source of energy widely available to consumers around the world. Rapid growth of urban population, increasing initiatives of government in developing nations, and improved R&D activities are the major factors contributing to the rising demand for LPG market. Besides, growing awareness regarding the use of LPG as an alternative to fossil fuels to reduce environmental impact are increasing an inclination towards the adoption of clean fuel, which is adding to the market growth of LPG. Several under construction projects of key market players in LPG market are soon expected to be operational, which is likely to fulfil the potential demand for the fuel in future. Sudden onset of the global pandemic COVID-19 caused reduced demand for LPG in global commercial markets however the consumption of LPG increased in the household end use due to lockdown.
Moreover, the use of LPG in commercial, industrial and transportation is likely to create a strong demand for LPG from 2021-2030. LPG global market captures country-wise production of LPG and is further segmented into import vs export. The market is further bifurcated into demand and supply, and market share based on consumption by application type usage. Production capacity is being mapped for the top companies in each country yearly. North America is the leading producer of LPG due to rapid expansion of shale gas. USA is the major exporter of LPG to various countries in the world. In the import segment, China is the largest importer of LPG in the world, followed by India. Residential sector accounted for the highest share by application as LPG is primarily used in cooking or household activities. LPG consumption is reportedly the highest in the United States, followed by China.
Years Considered for this Report:
Historical Years: 2015 – 2019
Base Year: 2019
Estimated Year: 2021
Forecast Period: 2022 – 2030
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Objective of the Study:
- The primary objective of the study was to evaluate and forecast LPG capacity, production, demand, and demand-supply gap globally.
- To categorize LPG demand based on end-use, region, and sales channel.
- To study company shares in the Global LPG market.
- To identify major customers of LPG globally.
- To evaluate and forecast LPG pricing in the Global LPG market.
- To identify and profile major companies operating in global LPG market.
- To identify major news, deals and expansion plans in Global LPG market.
Global economic slowdown impacted LPG price in 2019 causing it to dip sharply. However, on account of the outbreak of COVID-19 pandemic, demand for LPG to be used in households for cooking has increased unpredictably due to lockdown in most of countries.
The Exxon Mobil Corporation, Chevron Corporation, Saudi Arabia oil company, Conoco Philips, Agyaz, Sinopec Shanghai Petrochemical Company, Gazprom, MGT pertroil company, National Iranian Gas Company, Unigaz, etc., are some of the players operating in the global LPG market.
To extract data for the Global LPG market, primary research surveys were conducted with LPG manufacturers, suppliers, distributors, wholesalers and end-users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst Research was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst Research analyzed various end-user segments and projected a positive outlook for the Global LPG market over the coming years.
ChemAnalyst Research calculated LPG global demand by analyzing the historical data and demand forecast was carried out considering Propylene and crude oil prices. ChemAnalyst Research sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst Research.
Key Target Audience:
- LPG manufacturers and other stakeholders
- Organizations, forums and alliances related to LPG distribution
- Government bodies such as regulating authorities and policymakers
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as LPG manufacturers, distributors, importers and end-users. The report also provides useful insights about which market segments should be targeted over the coming years to strategize investments and capitalize on growth opportunities.
In this report, the Global LPG market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Market, by End Use- Household, Industrial use, commercial use, Transportation, Others.
Market, by Sales Channel- Direct/Institutional Sales, Indirect Sales
Market, by Region- North America, APAC, Europe, MEA, South America
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.