LNG is fastest growing segment fueling the growth of Liquefied Natural Gas Market

 

Liquefied Natural Gas or LNG is natural gas (predominantly methane, CH4) that has been converted temporarily to liquid form for the ease of storage or transport by cooling it to approximately −162 °C. LNG takes up about 1/600th the volume of natural gas in the gaseous state. It is odorless, colorless, non-toxic and non-corrosive.

The global Liquefied Natural Gas Market is estimated to be valued at US$ 8.8 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

LNG has emerged as one of the fastest growing segments in the natural gas market owing to increasing demand and focus towards cleaner sources of energy. The favourable properties of LNG like ease of transportation over long distances through ocean-going tankers and relatively compact size of storage tanks make it a convenient way to trade natural gas between regions, and an alternative to pipelines. The growing prominence of LNG is majorly driven by increasing demand from the power generation sector and rising consumption of natural gas as a transition fuel. Also, push for cleaner fuels to curb emission is fuelling the adoption of LNG as it emits less carbon and particulate matter. The increase in trading activities between major economies and new LNG infrastructure construction projects are also propelling the LNG market growth.

Segment Analysis

The global liquefied natural gas market is segmented by type and end-use industry. Based on type, the market is divided into ethane, propane, butane, and pentane and higher. Among these, the pentane and higher segment accounted for the largest share of more than 35% in 2022. Pentane and higher LNG provides better combustion properties and higher energy content than other types, which has increased its preference across industries.

Key Takeaways
The global liquefied natural gas market is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing demand for cleaner fuels.

Regional analysis:
Regionally, Asia Pacific dominated the global market with around 40% share in 2022 driven by high demand from China, India, and other southeast Asian countries. Asia Pacific region is expected to witness the fastest growth during the forecast period due to rapid industrialization and increasing demand for cost-effective and cleaner energy than coal and oil.

Key players:
Key players operating in the liquefied natural gas market are Asahi Kasei Corporation, Ascend Performance Materials, BASF SE, Invista, Lanxess Ag, PetroChina Liaoyang Petrochemical, Radici Group, Rhodia, Shandong Haili Chemical Industry Company Ltd., and Shandong Hongye Chemical Company, Ltd.

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