DUBLIN, Feb. 14, 2014 /PRNewswire/ --Research and Markets (http://www.researchandmarkets.com/research/j52bm6/liquefied) has announced the addition of the "Liquefied Petroleum Gas (LPG) Market - Forecasts to 2018" report to their offering.
Government initiatives to promote the use of LPG as an auto fuel, especially in developing regions, are expected to boost the global market. Governments of major emerging economies such as India, Thailand, Turkey, Indonesia and other countries have been taking initiatives to promote the use of LPG in domestic applications such as cooking and space heating. In addition, the increasing number of auto gas vehicles - owing to cost benefits offered by LPG over conventional fuels such as gasoline and diesel - has led to an increase in LPG consumption globally. Various benefits such as low cost, low carbon emission and other operational benefits are expected to push the global demand.
Refineries were the major source segment of LPG with 45.5% of the total demand in 2011. LPG is mainly recovered as a byproduct of crude oil refining. In Asia Pacific major demand is derived from refineries where as in North America it is sourced from non-associated gas. Development in shale gas resources, especially in the U.S. and China, is expected boost the LPG demand from non associated gas source in the near future.
Out of various applications, the residential/commercial sector emerged as the key market segment and accounted for more than 45% of the total share in 2011. As well as being the biggest segment, residential/commercial is also expected to be the fastest growing application for LPG, followed by auto fuel application. The auto fuel segment is also expected to show substantial growth and is expected to grow at a CAGR of 4.4%, in terms of revenue from 2012 to 2018. Reducing reliance on conventional auto fuels such as gasoline and diesel is expected to boost the demand for auto gas over the forecast period. Growth in petrochemical industries is expected to push the LPG demand in future. Petrochemical industry has been expected to continue absorbing the price sensitive demand for LPG due to its oversupply in the market.
Asia Pacific dominated the LPG market and accounted for 35% of the global demand in 2011. Asia Pacific is also the fastest growing market for LPG which is expected to grow at CAGR of 4.8% from 2012 to 2018. The region was followed by North America and Europe that together accounted for 38.9% of the overall market in 2011. Growing NGL (natural gas liquids) development in the region is expected to boost the LPG production in North America. LPG consumption is also expected to increase in the Middle East and Africa owing to growth in petrochemical sector, where it is used as feed stock.
Key Topics Covered:
2 Executive Summary
3 Liquefied Petroleum Gas: Industry Analysis
4 Liquefied Petroleum Gas Market: Source Analysis
5 Liquefied Petroleum Gas Market: Application Analysis
6 Liquefied Petroleum Gas Market: Regional Analysis
7 Company Profiles
- British Petroleum Plc
- Chevron Corporation
- China National Petroleum Corporation (CNPC)
- China Petroleum & Chemical Corporation (Sinopec)
- Exxon Mobil Corporation
- Petroliam Nasional Bhd (Petronas)
- Royal Dutch Shell
- Valero Energy
For more information visit http://www.researchandmarkets.com/research/j52bm6/liquefied
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SOURCE Research and Markets