Asia-Pacific: Market for Liquefied Petroleum Gas (LPG) 2025

Market Size for Liquefied Petroleum Gas (LPG) in Asia-Pacific

In 2022, the Asia-Pacific liquefied petroleum gas (LPG) market increased by 14% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +59.2% against 2020 indices. Over the period under review, the market reached the peak level in 2022 and is likely to see steady growth in years to come.

Production of Liquefied Petroleum Gas (LPG) in Asia-Pacific

In value terms, liquefied petroleum gas (LPG) production shrank notably to $X in 2022 estimated in export price. In general, production showed a mild setback. The growth pace was the most rapid in 2021 with an increase of 44%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Liquefied Petroleum Gas (LPG)

Exports in Asia-Pacific

In 2022, approx. X tons of liquefied petroleum gas (LPG) were exported in Asia-Pacific; remaining constant against 2021 figures. The total export volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 18%. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, liquefied petroleum gas (LPG) exports rose sharply to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 57% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Australia (X tons) was the major exporter of liquefied petroleum gas (LPG), committing 32% of total exports. China (X tons) held the second position in the ranking, followed by Malaysia (X tons), Singapore (X tons), Brunei Darussalam (X tons), South Korea (X tons) and India (X tons). All these countries together took near 51% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to liquefied petroleum gas (LPG) exports from Australia stood at +7.0%. At the same time, Brunei Darussalam (+515.1%), India (+14.6%) and South Korea (+5.4%) displayed positive paces of growth. Moreover, Brunei Darussalam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +515.1% from 2012-2022. Singapore and Malaysia experienced a relatively flat trend pattern. By contrast, China (-3.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Australia, Brunei Darussalam and India increased by +9.5, +8.3 and +4.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest liquefied petroleum gas (LPG) supplier in Asia-Pacific, comprising 27% of total exports. The second position in the ranking was held by China ($X), with a 13% share of total exports. It was followed by Singapore, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Australia stood at +2.4%. The remaining exporting countries recorded the following average annual rates of exports growth: China (-5.7% per year) and Singapore (-0.5% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, rising by 5.8% against the previous year. Over the period under review, the export price, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2021 an increase of 33%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (-1.1%), while the other leaders experienced a decline in the export price figures.

Imports of Liquefied Petroleum Gas (LPG)

Imports in Asia-Pacific

In 2022, imports of liquefied petroleum gas (LPG) in Asia-Pacific amounted to X tons, with an increase of 4.4% on the previous year. Total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +8.2% 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 +120.2% against 2012 indices. The growth pace was the most rapid in 2016 with an increase of 16%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, liquefied petroleum gas (LPG) imports soared to $X in 2022. In general, imports enjoyed a strong increase. The growth pace was the most rapid in 2021 when imports increased by 64%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

China (X tons) and India (X tons) represented roughly 56% of total imports in 2022. Japan (X tons) ranks next in terms of the total imports with a 13% share, followed by South Korea (9.9%) and Indonesia (8.8%). The following importers - the Philippines (X tons), Taiwan (Chinese) (X tons) and Vietnam (X tons) - each accounted for a 5.9% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of +22.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Japan ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 72% share of total imports.

In terms of the main importing countries, China, with a CAGR of +20.0%, recorded the highest growth rate of 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-Pacific stood at $X per ton in 2022, rising by 15% against the previous year. Overall, the import price, however, continues to indicate a pronounced downturn. The growth pace was the most rapid in 2021 when the import price increased by 44% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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 Indonesia (-1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform