APAC liquefied petroleum gas market expected to reach US$100 bn

The Asia-Pacific liquefied petroleum gas market is classified on the basis of source, application, and country. Source segment is further categorized into refineries, non-associated, and associated. The application segment is classified as residential/commercial, chemical, industrial, auto fuel, and others. Countries taken into consideration are China, Japan, India, South Korea, and others.

As of 2014, the market in China accounted the largest share in the Asia-Pacific liquefied petroleum gas market, followed by Japan. The residential/commercial application of LPG is accounted a maximum share in 2014, followed by chemical application. Considering the LPG sources, refinery is expected to account a major share, whereas non-associated source is expected to grow at a CAGR within the forecast period.

Globally, the Asia-Pacific LPG market is considered to be one of the largest markets, and is expected to retain its position in the coming years. Factors such as large population base, growing liquefied petroleum gas demand, lower carbon emissions and ease of use are driving the growth of this market.

Factors such as high cost of LPG distribution, risk of explosion, and others are restricting the growth of this market. However, increasing governmental promotions for use of LPG offer new growth opportunities to the market players. PetroChina, Sinopec, Shell, Exxon Mobil, BP, Petron, Chevron, IOCL and Phillips 66 are the major players in the Asia-Pacific liquefied petroleum gas market.