[Online Quarterly Update] Liquefied Natural Gas (LNG) Market has witnessed considerable growth as it reached 390 million tonnes in 2020 and is projected to achieve a CAGR of 5.00% in the next ten years until 2030. Liquefied Natural Gas (LNG) is a cooled-down liquid form of natural gas. LNG is approximate -162ºC in temp. and widely used for storage and transportation purposes. It is usually odorless, colorless, non-corrosive, and non-toxic in nature. The liquefaction process of natural gas involves the removal of certain components including helium, dust, hydrogen sulfide, carbon dioxide, benzene, water, heavy hydrocarbons, and other components that can freeze under low temperatures, which is then condensed into liquid form by cooling it to −260° Fahrenheit. Developments made in the production processes; cryogenic storage are opening new opportunities for commercializing natural gas into the market across the globe.
Liquefied Natural Gas finds its applications in heating homes, electric power plants, manufacturing of chemicals and fertilizers, and fuel trucks, cruise ships, cargo vessels, and others. The emergence of large-scale cryogenic storage made it possible to create long-term gas storage reserves. These reserves of Liquefied Gas are the main means for networks to handle local peak requirements. LNG is primarily used to store and transport natural gas from the source to a destination. LNG is likely to become a mainstream fuel for transportation needs. It is currently being evaluated for over-the-road trucking, off-road, marine, and train applications. Based on the application, the Liquefied Natural Gas market is segmented into transportation fuel, power generation, and others. The transportation fuel segment dominates the LNG market owing to the increasing usage of LNG as a fuel in vehicles, especially in the Asia Pacific region. As China is the major consumer of LNG, therefore there is high demand for LNG in the Asia Pacific region. Rising demand for LNG for power generation purposes as it is piped into homes, businesses, and industries where it is burnt for heat or to generate electricity, is expected the augment the market of LNG around the world in upcoming years. A number of power generation projects, especially in emerging countries like China, India, and others, are expected to fuel the demand for LNG in the forecast years.
The Liquefied Natural Gas market was negatively affected globally due to the outbreak of COVID-19. Leading authorities in different countries imposed countrywide lockdowns and strict regulations, which led to the decline in demand and sales of Liquefied Natural Gas during the first half of 2020. Power generation facilities were severely affected due to the coronavirus pandemic. There was a halt in the transportation services which resulted in zero shipments of natural gases during the lockdown. As soon as the operation resumes, the demand for LNG in end-use industries is likely to boost the global market in the future.
Among different regions, the Asia Pacific region holds the major share in the Liquefied Natural Gas market across the globe due to the continuously increasing investments in LNG infrastructure development and rising awareness about the benefits of eco-friendly products across various end-use industries. The demand for LNG is likely to boost in India due to the increasing consumption of gas-based facilities along with the robust growth of the economy, which will fuel the LNG market in the Asia Pacific region. The demand for LNG is rapidly increasing in Europe, as Russia is becoming a dominating player in transporting fuel to remote locations.
Major players for Liquefied Natural Gas include Total, Chevron Corporation, Exxon Mobil Corporation, Petronet LNG Limited, Royal Dutch Shell, China National Petroleum Corporation, Petroleum Nasional Berhad (PETRONAS), Snam SPA, PetroChina Company Limited, Equinor ASA, Gazprom, China Petroleum & Chemical Corporation, Eni SpA, ConocoPhillips Company, and Others.
Years considered for this report:
Historical Period: 2015-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2030
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Objective of the Study:
• To assess the demand-supply scenario of Liquefied Natural Gas which covers production, demand and supply of Liquefied Natural Gas market globally.
• To analyse and forecast the market size of Liquefied Natural Gas.
• To classify and forecast Liquefied Natural Gas market based on application, end-use and regional distribution.
• To identify drivers and challenges for Liquefied Natural Gas market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Liquefied Natural Gas market.
• To identify and analyse the profile of leading players involved in the manufacturing of Liquefied Natural Gas.
To extract data for Liquefied Natural Gas market, primary research surveys were conducted with Liquefied Natural Gas manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Global Liquefied Natural Gas market over the coming years.
ChemAnalyst calculated Liquefied Natural Gas demand globally by analyzing the historical data and demand forecast which was carried out considering imported Liquefied Natural Gas, styrene prices, monomers used for production of Liquefied Natural Gas. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Liquefied Natural Gas manufacturers and other stakeholders
• Organizations, forums and alliances related to Liquefied Natural Gas distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Liquefied Natural Gas manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Liquefied Natural Gas market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Attribute
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Details
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Market size volume in 2020
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390 million tons
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Growth Rate
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CAGR of 5.00% from 2021 to 2030
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Base year for estimation
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2020
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Historic Data
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2015 – 2019
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Forecast period
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2022 – 2030
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Quantitative units
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Demand in tons and CAGR from 2021 to 2030
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Report coverage
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Revenue forecast, demand & supply, competitive analysis, competitive landscape, growth factors, and trends
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Segments covered
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1• By Application (Transportation Fuel, Power Generation, and Others)
2• By End-Use (Heating Homes and Businesses, Fertilizers, Chemicals, Power Generation, and Others)
3• By Sales Channel (Direct Company Sale, Direct Import, Distributors & Traders)
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Regional scope
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North America; Europe; Asia Pacific; South America; Middle East & Africa
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Country scope
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United States; Mexico; Canada; China; India; Japan; South Korea; Taiwan; Singapore; Germany; Belgium; France; United Kingdom; Spain; Italy; Sweden; Austria; Saudi Arabia; Iran; South Africa; Brazil; Argentina
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Key companies profiled
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Total, Chevron Corporation, Exxon Mobil Corporation, Petronet LNG Limited, Royal Dutch Shell, China National Petroleum Corporation, Petroleum Nasional Berhad (PETRONAS), Snam SPA, PetroChina Company Limited, Equinor ASA, Gazprom, China Petroleum & Chemical Corporation, Eni SpA, ConocoPhillips Company, and Others.
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Customization scope
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Free report customization with purchase. Addition or alteration to country, regional & segment scope.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com
