The global market for LPG is expected to reach USD291.42 billion by 2020, according to a new study by Grand View Research, Inc. Increasing population coupled with favorable regulatory support and subsidies are expected to be key driving factors for the market over the next six years. Limited application base is expected to be a challenge for industry participants.
Residential/commercial uses emerged as leading application markets and accounted for 47.3% of total market volume in 2013, followed by chemical usage and accounted for 24.5% of total volume for the same year. LPG demand for autofuel applications is expected to reach 29.11 million tons by 2020, growing at a CAGR of 4.3% from 2014 to 2020.
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Further key findings from the study suggest:
- The global market for LPG was 261.60 million tons in 2013 and is expected to reach 356.98 million tons by 2020, growing at a CAGR of 4.1% from 2014 to 2020.
- Refineries continued to be the largest LPG source market and accounted for 45.4% of total market in 2013. LPG from non-associated gas is expected to be the fastest growing source of LPG at an estimated CAGR of 4.7% from 2014 to 2020.
- Associated gas LPG revenue is expected to grow at a CAGR of 3.8% from 2014 to 2020.
- Asia Pacific continued its dominance in the global LPG market and accounted for 35.64% of total market volume in 2013. Asia Pacific, along with being the largest market is also expected to be the fastest growing market for LPG, at an estimated CAGR of 5.0% from 2014 to 2020.
- The global market for LPG is fragmented within some key companies including Aygez, Bayegan, China Gas, Dolphin Energy, ETG companies, Huntsman Petrochemical, Indian Oil Corporation Ltd., Oman Oil Company, Petredec Ltd., Phillips 66, Qatargas, Qatar fuel, Qatar Petroleum, Shell, Tasweeq and Vitol.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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