Asia Liquefied Petroleum Gas (LPG) Market Report 2019; Market Projected to Cross $109 Billion by 2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 11, 2019--
The “Asia Liquefied Petroleum Gas (LPG) Market, By Source (Refinery; Non-Associated Gases & Associated Gases), By Application, By LPG Composition (Propane; Butane; & Ethane), By Country, Competition, Forecast & Opportunities, 2024” report has been added to ResearchAndMarkets.com’s offering.
The Asian LPG market stood at over $81.4 billion in 2018 and is projected to grow at a CAGR of over 5% to cross $109 billion by 2024, on account of increasing demand for liquefied petroleum gas as a fuel for power generation in remote and off-grid locations in comparison to its less environment-friendly alternatives like coal, diesel and fuel oil.
LPG used to run vehicles is known as Autogas. Increasing demand for the same is being witnessed as it is a comparatively cheaper automotive fuel and can be used in vast applications related to transportation. Of the overall LPG consumed across the globe, nearly 87% is used for residential/consumer use.
By source, the Asian LPG market has been categorized into Refinery, Associated Gases & Non-Associated Gases. Among the sources, Refinery category accounted for a largest share in 2018. However, non-Associated gases category is expected to witness the highest growth rate during 2019-2024 as LPG from non-associated gas sources is immune to crude oil price fluctuations. During 2014-2018 as well, non-associated gas-based LPG was the fastest growing segment with a CAGR of 4.8%.
Natural gas, natural gas liquid/condensate and shale gas producing reserves are the major sources of non-associated gas-based LPG. Fluctuation in crude oil prices have resulted in unfavorable market conditions for refinery-based LPG. In such scenario, extracting more LPG from non-associated gas reserves becomes a more economically viable option.
Among countries, Bangladesh LPG market is expected to grow at the fastest rate during the forecast period. To counter the decreasing gas reserves of the country, LNG is scheduled to be imported and blended with domestic gas in the national gas pipeline in Bangladesh. Additionally, to support the sustainable LPG infrastructure, the government of Bangladesh is actively considering reduction of duties and taxes on import of LPG and LPG cylinders to boost import and to expand its usage to ease mounting gas crisis.
The budget of FY2017-18 rationalized the Customs and Supplementary duty which has had a positive impact on LPG cylinder price for end-users. India accounts for the largest share in the Asian LPG market. The country becomes world’s second largest LPG consumer after government’s Ujjawla Push FY19. Ujjwala scheme boosted India’s LPG consumption to a record high in FY19. India consumed more than 24 million tonnes of LPG in the financial year FY19.
Key players in the Asian LPG market are Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), Petro Vietnam Gas, Reliance Industries Limited (RIL), China National Petroleum Corporation (CNPC), Sinopec, Petronas, WP Energy etc., among others.
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020-2024
Objectives of the Study
- To analyze and forecast the Asian LPG market size.
- To forecast the Asian LPG market based on source, technology, application and regional distribution.
- To identify drivers and challenges for the Asian LPG market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Asian LPG market.
- To conduct the pricing analysis for the Asian LPG market.
- To identify and analyze the profile of leading players operating in the Asian LPG market.
Key Topics Covered
1. Liquefied Petroleum Gas (LPG): An Introduction & Product Classification
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Major Influencing Factor affecting Vendor Selection of LPG
4.2. Challenges Faced (Need-Gap Analysis) of LPG
4.3. Satisfaction Level of Product Pricing (N=50)
5. Asia LPG Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value & Volume
5.2. Market Share & Forecast
5.2.1. By Source (Refinery; Associated Gas; Non-Associated Gas)
5.2.2. By Application (Residential/Consumer-use; Petrochemical & Refinery; Power & Utilities; Transport/Auto-fuel; Other Industrial Applications)
5.2.3. By LPG Composition (Propane; Butane; and Ethane)
5.2.4. By Country (Philippines; Vietnam; Thailand; Indonesia; Myanmar; Bangladesh; India; Malaysia and Rest of Asia)
5.2.5. By Company (2018)
5.3. Market Attractiveness Index (By Source; By Application; and By Country)
6. India LPG Market Outlook
7. Thailand LPG Market Outlook
8. Indonesia LPG Market Outlook
9. Vietnam LPG Market Outlook
10. Philippines LPG Market Outlook
11. Malaysia LPG Market Outlook
12. Bangladesh LPG Market Outlook
13. Myanmar LPG Market Outlook
14. Rest of Asia LPG Market Outlook
15. Market Dynamics
15.1. Impact Analysis
15.3. Challenges / Restraints
16. Market Trends & Developments
17. Competitive Landscape
17.1. Company Profiles
17.1.1 Indian Oil Corporation Limited
17.1.2 Bharat Petroleum Corporation Ltd.
17.1.3 Hindustan Petroleum Corporation Limited
17.1.4 PetroVietnam Gas Joint Stock Corporation
17.1.5 Reliance Industries Limited
17.1.6 Petroliam Nasional Berhad (PETRONAS)
17.1.7 PT Pertamina Gas
17.1.8 Siamgas & Petrochemicals Ltd. (PCI.)
17.1.9 WP Energy Public Company Limited
17.1.10 Bashundhara LP Gas Limited
(Note: The companies list can be customized based on the client requirements)
18. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/hcptty
View source version on businesswire.com:https://www.businesswire.com/news/home/20191111005332/en/
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KEYWORD: ASIA PACIFIC
INDUSTRY KEYWORD: OIL/GAS ENERGY
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 11/11/2019 08:20 AM/DISC: 11/11/2019 08:20 AM