Middle East: Market for Liquefied Petroleum Gas (LPG) 2024

Market Size for Liquefied Petroleum Gas (LPG) in the Middle East

The Middle Eastern liquefied petroleum gas (LPG) market skyrocketed to $X in 2023, picking up by X% against the previous year. Overall, consumption showed a pronounced decline. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2023, consumption failed to regain momentum.

Production of Liquefied Petroleum Gas (LPG) in the Middle East

In value terms, liquefied petroleum gas (LPG) production surged to $X in 2023 estimated in export price. In general, production continues to indicate a noticeable decline. The growth pace was the most rapid in 2018 with an increase of X%. As a result, production reached the peak level of $X.8B. From 2019 to 2023, production growth failed to regain momentum.

Exports of Liquefied Petroleum Gas (LPG)

Exports in the Middle East

In 2023, the amount of liquefied petroleum gas (LPG) exported in the Middle East soared to X tons, picking up by X% against 2022. In general, exports enjoyed a strong increase. The growth pace was the most rapid in 2021 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2022 to 2023, the growth of the exports remained at a lower figure.

In value terms, liquefied petroleum gas (LPG) exports soared to $X in 2023. Overall, exports enjoyed tangible growth. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates represented the major exporting country with an export of around X tons, which reached X% of total exports. It was distantly followed by Saudi Arabia (X tons), Qatar (X tons), Iran (X tons) and Kuwait (X tons), together mixing up a X% share of total exports. Oman (X tons) and Turkey (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Turkey (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Qatar ($X) constituted the countries with the highest levels of exports in 2023, with a combined X% share of total exports. Kuwait, Iran, Oman and Turkey lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, Turkey, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2023, growing by X% against the previous year. In general, the export price, however, recorded a pronounced descent. The pace of growth appeared the most rapid in 2022 an increase of X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced a decline in the export price figures.

Imports of Liquefied Petroleum Gas (LPG)

Imports in the Middle East

In 2023, approx. X tons of liquefied petroleum gas (LPG) were imported in the Middle East; growing by X% on 2022. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, liquefied petroleum gas (LPG) imports reduced to $X in 2023. Total imports indicated noticeable growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X%. The level of import peaked at $X in 2022, and then dropped in the following year.

Imports by Country

Turkey represented the major importer of liquefied petroleum gas (LPG) in the Middle East, with the volume of imports amounting to X tons, which was near X% of total imports in 2023. It was distantly followed by the United Arab Emirates (X tons), constituting a X% share of total imports. Lebanon (X tons), Oman (X tons) and Israel (X tons) held a relatively small share of total imports.

Imports into Turkey increased at an average annual rate of X% from 2012 to 2023. At the same time, Israel (X%), the United Arab Emirates (X%), Oman (X%) and Lebanon (X%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2023. The United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total imports, while Turkey saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported liquefied petroleum gas (LPG) in the Middle East, comprising X% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Lebanon, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Turkey stood at X%. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Lebanon (X% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2023, falling by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by X%. Over the period under review, import prices reached the peak figure at $X per ton in 2022, and then declined markedly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Lebanon ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Lebanon (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform