DUBLIN (April 12, 2021) — The "Global LPG Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global liquified petroleum gas (LPG) market is expected to grow at a compound annual growth rate of 4.91% over the forecast period to reach a market size of $153.146 billion in 2026 from $109.493 billion in 2020.
The pandemic has adversely impacted the global demand for LPG in the market, especially in commercial sector, and impacted the growth rate of it. On the other side, the residential demand for personal consumption purposes has increased. Overall, the increasing demand for the LPG has projected a positive growth in upcoming period.
Due to lockdowns, the demand of LPG in Europe continues to affect adversely in the market. In other regions, several players are entering into the market with the aim to fulfill the demand for LPG. The U.S. and Russia are expanding in the LPG market to acquire the significant market share.
Growth of SMEs
Some under-construction projects of NGL are Arbuckle II, Front Range Expansion, Texas Express Expansion, Mariner East 2X, and Lone Star Express Expansion that are projected to be operational by 2020. Some developed projects that will be operational by 2022. The marine industry has the significant growth for LPG market in the upcoming future as LPG is becoming popular as a marine fuel in shipping industry.
All these upcoming projects, and boom in sale oil U.S. is going make the U.S. as the top supplier and producer of the crude oil in the market and the top supplier of the LPG as well. This increase in supply (along with the increase in demand) also helps to maintain the prices of LPG in the market and creates a potential demand and growth for the same in the future.
Asia Pacific to Witness Lucrative Growth
Asia Pacific is predicted to have an attractive region for global LPG market, as due to increasing population in this region, the demand for the LPG is booming in there, especially in China, India, and Japan.
Also, the investments in industrialization and urbanization in these developing countries is increasing due to cost-effectiveness is driving the growth of demand of LPG in forecast period in Asia Pacific region. Apart from it, government initiatives to promote the LPG for cooking instead of conventional fuels to reduce the harmful gases into the environment.