Thursday 12 February 2015, Amsterdam
The new report recognizes the following companies as the key players in Global Liquefied Petroleum Gas (LPG) Market: BP plc, Chevron Corp., ExxonMobil Corp., Phillips 66 plc, Royal Dutch Shell plc, China Petroleum & Chemical Corp.(Sinopec) , China National Petroleum Corp. (CNPC), Petroliam Nasional Bhd (Petronas), Valero Energy Corp.
Commenting on the report, an analyst from the reports team said: “The increasing government support for LPG usage in vehicles is another major trend in the Global LPG market. In order to reduce emissions from local vehicles, many governments have announced incentives and support for LPG-based vehicles. For instance, the US Department of Energy has introduced a federal law and policy for LPG that covers alternative fuel tax exemption. The policy deems alternative fuels to be non-taxable with regard to federal fuel taxes under the Internal Revenue Service. Also, the Government of Hong Kong announced the LPG Vehicle Scheme in its 1999 policy that includes the provision of incentives in 2000 for the replacement of diesel taxis with LPG taxis. Thus, support from governments across the globe drives the demand for LPG globally.”
According to the report, one of the main drivers in this market is an increase in global energy consumption. The rising demand for energy from various sectors has boosted the demand for different energy products such as LPG.
Further, the report states that one of the major challenges in this market is the capital-intensive nature of LPG projects. Many investors are reluctant to invest in LPG projects because of their need for high capital investment and their long gestation period.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.