Eurasian LPG market speeds up, reaching $40 billion by 2019
According to a report by MicroMarket Monitor, the liquefied petroleum gas market is expected to reach $40 billion by 2019, at CAGR of 3.2% from 2014 to 2019. Russia is one of the major countries in this sector, followed by the Netherlands in 2014, and is not only expected to garner the largest share of the Eurasia market, but is also projected to grow at the fastest CAGR during the forecast period.
The residential/commercial application is expected to account for maximum share in this region. However, the vehicle fuel application of LPG is estimated to grow at a CAGR of 4.9% from 2014 to 2019. Other major applications of LPG in Eurasia include chemical, and industrial, among others.
The development of the LPG industry is driven by factors such as environmental concerns, low carbon emission and energy-efficiency. Besides, wide applicability, government promotion of its implementation and ease of use are also some of the major reasons accelerating the growth of this market.
As of 2014, the Eurasia liquefied petroleum gas market is dominated by global companies, such as Shell, Exxon Mobil, BP, Gazprom, and Phillips 66. New product launches, partnerships, agreements, collaborations, and joint ventures are the major strategies adopted by most market players to boost the market growth.