Impact of COVID-19 on Liquefied Petroleum Gas (LPG) Market: Implications on Business

Liquefied petroleum gas has emerged as a clean, efficient, and portage energy source that has garnered considerable popularity around the world. Although liquefied petroleum gas is primarily obtained during oil production and natural gas, in the current scenario, it is increasingly being produced from an array of renewable resources. The exponential rise in the demand for liquefied petroleum gas can be largely attributed to its unique properties due to which, in the current day and age, it can potentially be used in a broad spectrum of industrial spheres for multiple applications. Liquefied petroleum gas is predominantly used across the residential sector, particularly in the Asia Pacific region as a clean-burning smoke-free fuel for indoor cooking.

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Due to soaring environmental concerns across the world, governments in various nations are encouraging the use of liquefied petroleum gas by offering subsidies and tax concessions to suppliers and launching favorable policies. The growing awareness pertaining to climate change and global warming has further boosted the demand for liquefied petroleum gas, as it emits negligible quantities of black carbon. The liquefied petroleum gas market is one of the key drivers of economic growth, particularly in rural regions and developing nations due to which, the global liquefied petroleum gas market is expected to grow during the forecast period.

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Apart from commercial and residential sectors, transportation, industrial, petrochemical, and refinery sectors are some of the most prominent end users of liquefied petroleum gas. Liquefied petroleum gas also plays a pivotal role in minimizing desertification and deforestation due to which, the demand is likely to remain strong across the world. At the back of these factors, along with a growing emphasis on creating a sustainable energy future in both, the rural as well as the urban areas of the world, the global liquefied petroleum gas market is poised to attain a market value of ~US$ 310 Bn by the end of 2030.

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In the current scenario, as awareness levels regarding potential environmental and health safety benefits continue to grow, liquefied petroleum gas is increasingly being used in a range of agricultural, commercial, horticultural, industrial, and manufacturing applications. The global liquefied petroleum gas production has witnessed unprecedented growth in the past decade due to considerable demand from the domestic sector wherein liquefied petroleum gas is used for heating and cooking purposes.

Liquefied petroleum gas is one of the most versatile and flexible fuels and as per current trends, it is one of the most adopted alternative fuel sources worldwide. Liquefied petroleum gas is nearly five times more efficient in comparison with traditional fuel alternatives due to which, the demand is expected to witness further growth.

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The Commission Transport 2050 Strategy in the European Union aims to decrease Europe’s dependency on oil and reduce the greenhouse emission of the region by nearly 60% by 20250. Other objectives in the proposed initiative include city logistics free of CO2 in urban centers by 2030 and efforts to curb the number of vehicles operating on conventional fuels by half. Projects and strategies similar to these are likely to boost the demand for liquefied petroleum gas during the assessment period. This is expected to fuel the growth of the liquefied petroleum gas market.

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