ALBANY, New York, August 13, 2013 /PRNewswire/ --
According to a new market report published by Transparency Market Research (http://www.transparencymarketresearch.com) "Liquefied Petroleum Gas (LPG) Market (Refinery, Associated Gas and Non-Associated Gas) for Residential/Commercial, Chemical, Industrial, Auto Fuel, Refineries and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2018", the global LPG market was valued at USD 210.07 billion in 2011 and is expected to reach USD 266.41 billion by 2018, growing at a CAGR of 4.0% over the forecast period from 2012 to 2018. In terms of volume, LPG demand was 252.50 million tons in 2011 and is expected to reach 327.19 million tons by 2018, growing at a CAGR of 3.8% over the forecast period from 2012 to 2018.
Browse the full report at http://www.transparencymarketresearch.com/liquefied-petroleum-gas-market.html
Owing to cost benefits offered by LPG over other conventional fuels such as gasoline and diesel, has resulted in enhanced demand for autogas vehicles, further leading to increase in LPG consumption on a global scale. Environmental benefits of LPG, such as low carbon emissions and cost and operational benefits, is expected to drive market demand over the forecast period. However, fluctuations in crude oil prices and downstream derivatives, coupled with high transportation costs is expected to hinder LPG market growth.
Refineries were the largest source of LPG, accounting for over 45% of total demand in 2011. LPG source varies with region, as demand for LPG in North America is met mainly from natural gas whereas; Asia Pacific is primarily dependent on refineries for LPG production. The global demand for LPG derived from associated gas is expected to reach 83.28 million tons by 2018. Increasing development in Natural Gas Liquids (NGL) production in North America is expected to boost the LPG market.
Residential/commercial sector dominated the LPG market and accounted for 47% of total consumption in 2011. Growing use of LPG as a fuel in cooking and space heating is expected to drive the market over the next five years. It is also expected to be the fastest growing segment at a CAGR of 4.5% from 2012 to 2018. Auto fuel segment is expected to show significant growth at an estimated CAGR of 4.4% from 2012 to 2018. Growth in auto gas demand in countries such as Turkey, South Korea and Poland are expected to contribute to its global demand. Petrochemical industry is expected to continue absorbing the price sensitive demand of LPG in the near future, owing to rapid petrochemicals capacity addition mainly in Middle East and Asia Pacific.
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Asia Pacific emerged as the leading consumer of LPG and accounted for 35% of the global demand in 2011. Asia Pacific is also expected to be the fastest growing market at an estimated CAGR of 4.8% from 2012 to 2018. The growing consumption of LPG (autogas) as an automobile fuel in Thailand, South Korea, Japan and Australia is also expected to boost its demand over the forecast period. North America and Europe together accounted for 38.9% of the global market in 2011.
The global LPG market is highly fragmented and includes numerous companies almost having equal market share. However, in terms of numbers, top four companies in the market accounted for 18.1 % of the global production in 2012. British Petroleum Plc, Chevron Corporation, China National Petroleum Corporation, Exxon Mobil Corporation and Phillips 66 are key players among others.
The report segments the global LPG market as,
LPG Market: Source Analysis,
- Associated gas
- Non-associated gas
LPG Market: Application Analysis,
- Auto fuel
- Other (including agriculture, refrigerant, aerosol, etc.)
LPG Market: Regional Analysis,
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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SOURCE Transparency Market Research