市場調查報告書
商品編碼
1505178
全球液化石油氣市場 2024-2031Global Liquefied Petroleum Gas Market 2024-2031 |
預計在預測期(2024-2031年)液化石油氣市場將以3.2%的複合年成長率成長。液化石油氣是一種多功能碳氫化合物燃料,通常用於住宅、商業、工業和農業環境中的加熱、烹飪和供電設備。它主要由丙烷和丁烷組成,從天然氣加工和石油精煉中提取。
市場動態
Global Liquefied Petroleum Gas Market Size, Share & Trends Analysis Report by Source (Natural Gas Liquid and Crude Oil) and by Application (Residential, Commercial, Chemical, Industrial, Autogas and Refinery) Forecast Period (2024-2031)
Liquefied petroleum gas market is anticipated to grow at a CAGR of 3.2% during the forecast period (2024-2031). Liquefied Petroleum Gas is a versatile hydrocarbon fuel that is commonly used for heating, cooking, and powering appliances in residential, commercial, industrial, and agricultural settings. It is composed primarily of propane and butane, which are extracted from natural gas processing and petroleum refining.
Market Dynamics
Infrastructure Development Drives Economic Expansion and Social Progress
Effective infrastructure development supports sustainable development goals and enhances overall societal well-being. For instance, in September 2022, Enterprise Products Partners unveiled its strategy to expand its Natural Gas Liquid (NGL) pipeline infrastructure within the Permian Basin. This expansion initiative includes the construction of two processing plants alongside the extension of the Shin Oak NGL pipeline system. The proposed enhancements involve the addition of new pipelines and the modification of existing pump stations. Upon completion, the capacity of the infrastructure is projected to reach 275,000 barrels per day (bpd), with the anticipated timeline for finalization set for the early stages of 2024.
Market Segmentation
Natural Gas Liquid is Projected to Emerge as the Largest Segment
Based on the source, the natural gas liquid sub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includes the versatility and wide range of applications across various industries. NGLs, which include ethane, propane, butane, and pentane, are by-products of natural gas production and crude oil refining. They serve as essential feedstocks to produce LPG, which is used for heating, cooking, transportation, and industrial processes. The increasing demand for LPG as a cleaner alternative to traditional fuels, particularly in emerging economies, drives the need for NGLs as feedstock for LPG production. Additionally, the petrochemical industry relies on NGLs as raw materials to produce plastics, synthetic rubber, and other chemical products, further boosting their demand in the market.
Residential to Hold a Considerable Market Share
Residential usage maintains a substantial market share in the global LPG market due to its convenience and versatility. LPG serves as a primary energy source for cooking and heating in households worldwide, offering reliability and energy efficiency. Its cleaner-burning nature makes it an environmentally preferable option, contributing to its popularity among environmentally conscious consumers. Additionally, LPG's suitability for areas with limited access to natural gas or electricity further drives its adoption in residential settings. Government incentives and subsidies also play a role in promoting LPG usage for residential purposes, consolidating its position as a leading energy choice for households globally.
The global LPG market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Fueling Growth: The Rise of North America's LPG Market
North America is emerging as the fastest-growing market due to the shale gas revolution in the United States which has led to increased domestic production of LPG, reducing import reliance, and driving export growth to international markets. Additionally, the expanding industrial sector, along with growing residential and commercial demand for LPG in heating, cooking, and appliances, contributes to the region's market growth. Environmental policies promoting cleaner energy sources further bolster the adoption of LPG, which is considered a cleaner-burning fuel. Infrastructure investments ensure reliable supply and distribution channels, supporting the rapid expansion of the North American LPG market. For instance, in June 2021, Astomos Energy Corp. inked a deal with Shell to procure the world's first carbon-neutral liquefied petroleum gas (LPG) cargo for shipment to Japan. This agreement entails offsetting the lifecycle carbon dioxide equivalent (CO2e) emissions of the cargo using verified nature-based carbon credits from Shell's global portfolio. These credits will counterbalance emissions generated from production to consumption, including transportation, through nature-based projects that protect, transform, or restore land, facilitating the absorption of CO2 emissions from the atmosphere.
Asia-Pacific Holds Major Market Share
Asia-Pacific holds a significant share due to its burgeoning population, rapid economic growth, and extensive urbanization. With millions migrating to cities in search of better opportunities, energy consumption for residential and commercial needs skyrockets, with LPG being a popular choice for cooking and heating. Moreover, the region's robust industrial sector relies heavily on LPG for various manufacturing processes. Government policies promoting cleaner energy sources, coupled with significant infrastructure investments, further fuel the demand for LPG. Cultural preferences also play a role, with LPG being a staple for cooking in many Asian households.
In February 2024, Nagpur-based LPG leader Confidence Petroleum India, in partnership with Norway's BW LPG, aims to build an onshore LPG import terminal at Jawaharlal Nehru Port Trust (JNPT). With an investment of Rs 650 crore, the terminal, expected to be operational by 2026, will boast a capacity of 62,000 metric tons. The venture, announced on February 19, also includes investments totaling Rs 2,000 crore ($267 million) for upstream and downstream expansions over the next three years. Confidence Petroleum plans to finance the capital expenditure through internal accruals, according to Nithin Khara, Chairman of Confidence Group.
The major companies serving the global liquefied petroleum gas market include BP p.l.c., Sinopec Corp., Indian Oil Corporation Ltd., PetroChina Company Limited, Exxon Mobil, Reliance Industries Ltd., and others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in February 2022, Indian Oil Corp. (IOC) unveiled its intentions to erect three new plants in Northeast India, aiming to augment its LPG bottling capacity by nearly 53%, reaching an annual production capacity of 8 crore cylinders by 2030. This expansion initiative is a response to the escalating demand for LPG in the region. The projected investment outlay for this plant expansion endeavor is estimated to fall within the range of USD 43-46 million.