Increasing government initiatives and support for LPG adoption to aid market dynamics and increasing emphasis on utilization of bio-LPG are expected to drive the demand in Asia-Pacific LPG market.
According to TechSci Research report, “Asia-Pacific LPG Market– By Region, Competition, Forecast & Opportunities, 2028”, Asia-Pacific LPG market, is anticipated to grow during the projection period owing to growing acceptance of clean and green energy sources in both developed and developing nations, as well as rising knowledge of the advantages of using liquefied petroleum gas (LPG) as an alternative to fossil fuels, are some of the factors that are anticipated to support market expansion.
Based on source, non-associated gas accounted for the largest revenue share. Owing to increased LPG production from unrelated gas wells, non-associated gas accounted for the biggest revenue share when broken down by source. In addition, rising LPG demand from various industrial applications is anticipated to fuel market expansion. The sources of fuel vary by region. For instance, although the Asia-Pacific area depends on refineries for its gas generation, the majority of gas generation in North America is primarily from natural gas processing provisioning. One of the most important suppliers of various gases in the globe are refineries. Demand for liquefied petroleum gas from related gas in Asia-Pacific was 18.92 million tonnes in 2019. A substantial portion of revenue came from non-associated sources, which are expected to expand significantly over the forecasted period. The shale gas boom in the United States has come about as a significant drift, leading to excess in the international sector. Along with rising on-site processing facilities, the market has also seen significant field developments in oil and gas wells, namely in Russia, China, the United States, and Canada.
Based on application segment, the chemical application segment is expected to witness the fastest growth in terms of revenue over the forecast period. Residents of both urban and rural areas can be shown to be heavily dependent on liquefied petroleum gas as a source of cooking fuel in areas such as Central and South America and Asia Pacific. In 2019, a sizeable portion of the LPG market was accounted for by the commercial and residential application segment. The main drivers of the category growth have been the government’s promising subsidies and measures to support the product as the primary replacement for traditional fuels such as coal and wood. Owing to its minimal impact on ozone layer depletion, liquefied petroleum gas is also replacing chlorofluorocarbon and hydrofluorocarbon as a refrigerant. Due to this, there are now more potential for applications in the commercial and residential sector, including heating and ventilation in addition to cooking.
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In terms of country analysis, the Asia-Pacific LPG Market is segmented into China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, Malaysia. China’s market is anticipated to increase significantly because of the population and the industrial use. In 2019, the Asia Pacific region had the largest market share. The main drivers of the regional market growth have been population increase, adequate resource availability, and high energy needs, together with simple affordability due to the provision of government subsidies on LPG cylinders. This is also supported by the expanding petrochemical capacities in China, Thailand, South Korea, India, and China.
For instance, a new LPG cutting gas product created especially for the metal cutting sector was introduced in March 2021 by Total Oil India Private Ltd. (a subsidiary of Total SE). At Total’s LPG production plants in Bangalore, Namakkal, and Maduranthakam, the product will be made. The company’s product portfolio has grown stronger as a result of this new introduction.
Key market players in the Asia-Pacific LPG Market include:
- PetroChina Company Limited
- Petroliam Nasional Berhad (PETRONAS)
- Royal Dutch Shell
- Total Energies
- Reliance Industries Limited
- Exxon Mobil Corporation
- Chevron Corporation
- China Gas Holdings Ltd
- JGC Holdings Corporation
- Bharat Petroleum Corporation
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“The Asia-Pacific LPG market is expected to expand during the projected period. Factors such as growing acceptance of clean and green energy sources in both developed and emerging nations, as well as rising knowledge of the advantages of using liquefied petroleum gas (LPG) as an alternative to fossil fuels, are some of the reasons that are projected to support market expansion. Moreover, technological factors together with the increasing number of government initiatives aimed at educating rural residents to switch from conventional cooking fuels such as kerosene, wood, and coal to LPG are projected to play a significant part in the market’s expansion, and many more factors will drive the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Asia-Pacific LPG Market –Segmented by Source (Refinery, Associated Gas, and Non-associated Gas), By Application (Residential, Commercial, Agriculture, Industrial, Transportation, and Others), By Supply Mode (Packaged, Bulk, On-site), By Country, Size, Share, Trends, Opportunity, and Forecast. 2018-2028”, has evaluated the future growth potential of Asia-Pacific LPG Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Asia-Pacific LPG Market.
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