Overview of the Global Market for Liquefied Petroleum Gas (LPG)

Market Size for Liquefied Petroleum Gas (LPG)

The global liquefied petroleum gas (LPG) market fell slightly to $X in 2023, waning by X% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked at $X in 2013; however, from 2014 to 2023, consumption failed to regain momentum.

Production of Liquefied Petroleum Gas (LPG)

In value terms, liquefied petroleum gas (LPG) production contracted to $X in 2023 estimated in export price. Overall, production, however, showed a slight contraction. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, production attained the peak level of $X.7B. From 2019 to 2023, global production growth failed to regain momentum.

Exports of Liquefied Petroleum Gas (LPG)

Exports

In 2023, approx. X tons of liquefied petroleum gas (LPG) were exported worldwide; growing by X% compared with the year before. Overall, exports showed a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The global exports peaked at X tons in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

In value terms, liquefied petroleum gas (LPG) exports rose modestly to $X in 2023. In general, exports continue to indicate pronounced growth. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the global exports reached the peak figure at $X in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

Exports by Country

The United States represented the largest exporter of liquefied petroleum gas (LPG) in the world, with the volume of exports reaching X tons, which was approx. X% of total exports in 2023. The United Arab Emirates (X tons) took the second position in the ranking, followed by Canada (X tons), Saudi Arabia (X tons) and Qatar (X tons). All these countries together took near X% share of total exports. Iran (X tons), Algeria (X tons), Kuwait (X tons), Norway (X tons) and Australia (X tons) followed a long way behind the leaders.

The United States was also the fastest-growing in terms of the liquefied petroleum gas (LPG) exports, with a CAGR of X% from 2012 to 2023. At the same time, Iran (X%), Canada (X%), Australia (X%), the United Arab Emirates (X%) and Kuwait (X%) displayed positive paces of growth. Algeria and Saudi Arabia experienced a relatively flat trend pattern. By contrast, Norway (X%) and Qatar (X%) illustrated a downward trend over the same period. The United States (X p.p.), Qatar (X p.p.) and Canada (X p.p.) significantly strengthened its position in terms of the global exports, while Kuwait, Algeria, Norway and Saudi Arabia saw its share reduced by X%, X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) remains the largest liquefied petroleum gas (LPG) supplier worldwide, comprising X% of global exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of global exports. It was followed by Saudi Arabia, with a X% share.

In the United States, liquefied petroleum gas (LPG) exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

In 2023, the average liquefied petroleum gas (LPG) export price amounted to $X per ton, reducing by X% against the previous year. Overall, the export price continues to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2021 when the average export price increased by X%. The global export price 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 ($X per ton), while Canada ($X per ton) was amongst the lowest.

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

Imports of Liquefied Petroleum Gas (LPG)

Imports

In 2023, after two years of growth, there was decline in supplies from abroad of liquefied petroleum gas (LPG), when their volume decreased by X% to X tons. Overall, total imports indicated noticeable growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2012 indices. The growth pace was the most rapid in 2014 with an increase of X%. Over the period under review, global imports reached the maximum at X tons in 2022, and then fell modestly in the following year.

In value terms, liquefied petroleum gas (LPG) imports dropped to $X in 2023. In general, total imports indicated modest 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. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, global imports reached the maximum at $X in 2022, and then contracted in the following year.

Imports by Country

In 2023, China (X tons), distantly followed by India (X tons), Japan (X tons), South Korea (X tons), Mexico (X tons) and Indonesia (X tons) represented the largest importers of liquefied petroleum gas (LPG), together creating X% of total imports. The following importers - Turkey (X tons), the Netherlands (X tons), Belgium (X tons), France (X tons) and the United States (X tons) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of X%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and South Korea ($X) constituted the countries with the highest levels of imports in 2023, with a combined X% share of global imports.

In terms of the main importing countries, China, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average liquefied petroleum gas (LPG) import price amounted to $X per ton, declining by X% against the previous year. Overall, the import price recorded a pronounced descent. The pace of growth appeared the most rapid in 2021 when the average import price increased by X% against the previous year. Global import price peaked at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

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

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

Source: IndexBox Platform