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.
Browse 6 market data Tables and 223 Figures spread through 290 Pages and an in-depth TOC on "Global LPG Market "
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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