Asia Liquefied Petroleum Gas (LPG) Market - Forecast & Opportunities, 2024

NAVI MUMBAI, India - Sept. 26, 2019 - PRLog -- Asia 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, #AsiaLPGmarket has been categorized into Refinery, Associated Gases & Non-Associated Gases. Among the sources, Refinery category accounted for the 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 has resulted in unfavorable market conditions for refinery-based LPG. In such a scenario, extracting more LPG from non-associated gas reserves becomes a more economically viable option.


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