Global LPG Market is anticipated to Surpass 380 MMTPA by 2026 Increasing demand for clean and cost effective fuel coupled with favorable government initiatives to drive global LPG market through 2026
According to TechSci Research report, “Global LPG Market By Application, By Region, Competition Forecast & Opportunities, 2012 – 2026”, LPG consumption across the globe is forecast to surpass 380 MMTPA by 2026. Increasing demand for clean and cost effective cooking fuel coupled with introduction of n ew schemes by various governments, both in developing as well as developed economies, and planned capacity expansions of major petroleum refineries are projected to boost global LPG market during 2017 – 2026. Difference between LPG supply and demand in Asia rose to 1.42 million barrels per day (bpd) in 2016, which was higher than 2015, 1.3 million bpd. China and India are the two major importers of LPG, and both the countries cumulatively imported more than 9 MMTPA from Middle -East & Africa and North America in 2016. China imports were primarily driven by propane dehydrogenation (PDH) production and Indian LPG imports were mainly directed towards household application.
Browse 6 market data Tables and 223 Figures spread through 290 Pages and an in-depth TOC on "Global LPG Market " https://www.techsciresearch.com/report/global-lpg-market-by-application-household-commercial-industrialtransportation-others-by-region-asia-pacific-north-america-europe-mea-south-america-competition-forecast-andopportunities/978.html Asia-Pacific region dominated the global LPG market in 2016 in terms of consumption, and the region is estimated to generate significant demand for LPG through 2026, which can be attributed to growing preference for a clean and cost effective fuel alternative, rising population and soaring LPG imports. North America region held the second largest share in LPG consumption in 2016, followed by Europe, MEA and South America. In terms of application, the household sector captured a majority share in the global LPG market in 2016, and the sector is forecast to maintain its dominance during the forecast period as well due to rising use of LPG in cooking and heating purposes. Demand for LPG from the commercial sector is also forecast to witness growth, owing to its application in food, ag riculture, steam raising and other application areas. Few of the major companies producing and marketing LPG globally include BP p.l.c, Statoil, Saudi Aramco, Royal Dutch Shell Plc, Total S.A., and ADNOC.