Asia: Market for Liquefied Petroleum Gas (LPG) 2025

Market Size for Liquefied Petroleum Gas (LPG) in Asia

The Asian liquefied petroleum gas (LPG) market skyrocketed to $X in 2022, increasing by 17% against the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Liquefied Petroleum Gas (LPG) in Asia

In value terms, liquefied petroleum gas (LPG) production dropped rapidly to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2017 with an increase of 18%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Exports of Liquefied Petroleum Gas (LPG)

Exports in Asia

In 2022, exports of liquefied petroleum gas (LPG) in Asia dropped rapidly to X tons, which is down by -44.5% on 2021. Overall, exports, however, posted buoyant growth. The growth pace was the most rapid in 2021 when exports increased by 400% against the previous year. As a result, the exports attained the peak of X tons, and then contracted remarkably in the following year.

In value terms, liquefied petroleum gas (LPG) exports contracted dramatically to $X in 2022. Over the period under review, exports, however, posted strong growth. The pace of growth was the most pronounced in 2021 with an increase of 487%. As a result, the exports attained the peak of $X, and then declined remarkably in the following year.

Exports by Country

Qatar represented the key exporter of liquefied petroleum gas (LPG) in Asia, with the volume of exports recording X tons, which was approx. 53% of total exports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total exports with a 27% share, followed by Saudi Arabia (7%). Kuwait (X tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the United Arab Emirates (with a CAGR of +12.0%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest liquefied petroleum gas (LPG) supplying countries in Asia were Qatar ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), together accounting for 82% of total exports.

The United Arab Emirates, with a CAGR of +6.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, remaining relatively unchanged against the previous year. In general, the export price, however, showed a pronounced descent. The most prominent rate of growth was recorded in 2017 an increase of 30%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Saudi Arabia ($X per ton) and the United Arab Emirates ($X per ton), while Kuwait ($X per ton) and Qatar ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-3.9%), while the other leaders experienced a decline in the export price figures.

Imports of Liquefied Petroleum Gas (LPG)

Imports in Asia

In 2022, imports of liquefied petroleum gas (LPG) in Asia expanded rapidly to X tons, picking up by 12% on the year before. Total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +121.2% against 2012 indices. The growth pace was the most rapid in 2014 with an increase of 14%. The volume of import peaked in 2022 and is likely to see steady growth in years to come.

In value terms, liquefied petroleum gas (LPG) imports surged to $X in 2022. Over the period under review, imports enjoyed resilient growth. The pace of growth appeared the most rapid in 2021 with an increase of 61%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X tons) and India (X tons) were the major importers of liquefied petroleum gas (LPG) in Asia, together amounting to near 51% of total imports. Japan (X tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (9%), Indonesia (8%) and Kuwait (5.2%). Turkey (X tons), the Philippines (X tons), Taiwan (Chinese) (X tons) and Vietnam (X tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +197.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest liquefied petroleum gas (LPG) importing markets in Asia were China ($X), India ($X) and Japan ($X), together accounting for 65% of total imports. Indonesia, South Korea, Kuwait, Turkey, the Philippines, Vietnam and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 28%.

Among the main importing countries, Kuwait, with a CAGR of +161.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, increasing by 13% against the previous year. In general, the import price, however, recorded a noticeable curtailment. The growth pace was the most rapid in 2021 an increase of 45%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+4.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform