Global LPG Market is anticipated to Surpass 380 MMTPA by 2026
Increasing
demand for clean and cost effective fuel coupled with favorable government
initiatives to drive global LPG market through 2026
According to TechSci
Research report, “Global LPG Market By Application, By Region, Competition Forecast & Opportunities,
2012 – 2026”, LPG consumption across the
globe is forecast to surpass 380 MMTPA by 2026. Increasing demand for clean and
cost effective cooking fuel coupled with introduction of new schemes by various
governments, both in developing as well as developed economies, and planned capacity expansions of major petroleum
refineries are projected to boost global LPG market during 2017 – 2026. Difference between LPG supply and demand in Asia rose to
1.42 million barrels per day (bpd) in 2016, which was higher than 2015, 1.3
million bpd. China and
India are the two major importers of LPG, and both the countries cumulatively
imported more than 9 MMTPA from Middle-East & Africa and North America in
2016. China imports were primarily driven by propane dehydrogenation (PDH)
production and Indian LPG imports were mainly directed towards household
application.
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Asia-Pacific
region dominated the global LPG market in 2016 in terms of consumption, and the
region is estimated to generate significant demand for LPG through 2026, which
can be attributed to growing preference for a clean and cost-effective fuel alternative,
rising population and soaring
LPG imports. North America region held the second largest share in
LPG consumption in 2016, followed by Europe, MEA and South America. In terms of
application, the household sector captured a majority share in the global LPG market
in 2016, and the sector is forecast to maintain its dominance during the
forecast period as well due to rising use of LPG in cooking and heating
purposes. Demand for LPG from the commercial sector is also forecast to witness
growth, owing to its application in food, agriculture, steam raising and other
application areas. Few of the major companies producing and marketing LPG globally
include BP p.l.c, Statoil, Saudi Aramco, Royal Dutch Shell Plc, Total S.A., and
ADNOC.
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“Global LPG market is witnessing growth due to increasing requirement
for a cleaner and cost effective fuel. In addition, rising demand and
production of LPG, coupled with growing LPG trade between countries, is
expected to positively impact the market during the forecast period. Asia-Pacific
region is the largest consumer of LPG on the back of increasing population and rising
use of LPG as a clean household fuel. The region is expected to continue its
dominance as a major LPG consumer over the course of next decade.”,
said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Global LPG
Market By Application, By Region, Competition Forecast & Opportunities,
2012 – 2026” has
evaluated the future growth potential of global LPG market and provides
statistics and information on market structure, size, share and future growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment evaluation. Besides, the report also
identifies and analyzes emerging trends along with essential drivers,
challenges and opportunities present in global LPG market.
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