Liquefied Petroleum Gas (LPG) Market Forecast 2014 – 2020
From cars to cooking, life without liquefied petroleum gas (LPG) would have been unimaginable to most of us. Cooking on stovetops has been the most popular form of cooking meals since time immemorial. This form of cooking is preferred by most of the countries around the world. LPG is a reliable source of energy supply for many homes and commercial enterprises. Chefs from across the globe also prefer cooking with LPG as it provides immediate heat on ignition and does not have a particular warming-up timeframe. LPG can also be controlled with just a few changes in settings. To put it simply, LPG has emerged as the most efficient fuel for cooking, among other applications.
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Urbanization Fuels the Global Liquefied Petroleum Gas Market
The global LPG market also finds encouragement in government initiatives that are aimed at bringing down levels of pollution by using LPG as a primary fuel for cars. With a thriving automobile sector and increasing car rental activities in various regions across the globe, the worldwide LPG market is surely expanding by leaps and bounds.
Urbanization is another factor that has led to the augmentation of the LPG market. More and more people are moving to urban areas to access modern amenities and the rural population is replacing biomass with LPG as fuel for cooking. This trend, albeit beneficial in some parts of the world, has created a huge challenge for developing economies such as India. To cater to the growing demand for LPG for a huge population base poses a Herculean task for the government. This proves that the changing dynamics of the global liquefied petroleum gas market has large-scale repercussions on the global economy.
Autogas to Take the Global Liquefied Petroleum Gas Market by Storm
Some of the important components of the end-user segment of the global liquefied petroleum gas market are residential, commercial, petrochemical and refinery, industrial, transportation, and others. Out of these segments, autogas is expected to witness a great boom in the coming few years. Autogas is LPG that is used as fuel for transportation. With western countries adopting ways of curbing air pollution, they are slowly replacing traditional fuels with LPG both for big and small vehicles. The trend has been rapidly catching up in European countries such as Germany, Poland, and Turkey as well. As the necessity and pressure to fight global warming escalates, more and more nations in Asia Pacific such as Japan and South Korea have also turned to autogas. As a result, several car rental services are converting fleets to autogas-fueled vehicles; this not only offers cleaner energy but also proves to be an economical option. Owing to these reasons, the autogas segment is expected to grow at a CAGR of 5.2% from 2014 to 2020.
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Oil Refining Segment Rules the Global Liquefied Petroleum Gas Market
The global liquefied petroleum gas market is further fragmented according to its sources such as refinery, associated gas, and non-associated gas. The production of LPG derived from refineries accounted for 41% of the global LPG production in 2013. However, analysts predict that the non-associated gas segment is expected to contribute the largest share of production to the global LPG market in the coming years. The Middle East will continue to be the highest LPG producing region. Petrochemical units are bound to greedily consume huge volumes of LPG produced in their own region as they inch towards developing infrastructure. The U.S. too will earn great income from LPG exports after the nation experienced a boom in the shale gas sector.
Some of the key players in the global liquefied petroleum gas market are UGI Corporation, ExxonMobil, and Royal Dutch Shell. The operations of these players and policies of countries that govern gas production and trade will decide the state of the global liquefied petroleum gas market in the next few years.
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