Finland: Market for Liquefied Petroleum Gas (LPG) 2022

Market Size for Liquefied Petroleum Gas (LPG) in Finland

In 2021, the Finnish liquefied petroleum gas (LPG) market decreased by -5.5% to $X, falling for the third year in a row after two years of growth. In general, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -17.4% against 2018 indices. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Production of Liquefied Petroleum Gas (LPG) in Finland

In value terms, liquefied petroleum gas (LPG) production fell dramatically to $X in 2021 estimated in export price. Over the period under review, production, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2013 when the production volume increased by 422%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Liquefied Petroleum Gas (LPG)

Exports from Finland

For the third year in a row, Finland recorded decline in overseas shipments of liquefied petroleum gas (LPG), which decreased by -36.9% to X tons in 2021. Overall, exports faced a dramatic decrease. The most prominent rate of growth was recorded in 2018 with an increase of 145% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, liquefied petroleum gas (LPG) exports reduced dramatically to $X in 2021. In general, exports faced a precipitous slump. The most prominent rate of growth was recorded in 2018 when exports increased by 292%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Latvia (X tons) was the main destination for liquefied petroleum gas (LPG) exports from Finland, accounting for a 71% share of total exports. Moreover, liquefied petroleum gas (LPG) exports to Latvia exceeded the volume sent to the second major destination, Estonia (X tons), threefold. France (X kg) ranked third in terms of total exports with less than 0.1% share.

From 2012 to 2021, the average annual growth rate of volume to Latvia totaled +44.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+91.3% per year) and France (-70.8% per year).

In value terms, Latvia ($X) emerged as the key foreign market for liquefied petroleum gas (LPG) exports from Finland, comprising 68% of total exports. The second position in the ranking was taken by Estonia ($X), with a 29% share of total exports. It was followed by France, with less than 0.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Latvia totaled +35.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+44.0% per year) and France (-69.2% per year).

Export Prices by Country

The average liquefied petroleum gas (LPG) export price stood at $X per ton in 2021, dropping by -73.9% against the previous year. Over the period under review, the export price continues to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2020 an increase of 166%. As a result, the export price attained the peak level of $X per ton, and then shrank significantly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was France ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+80.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Liquefied Petroleum Gas (LPG)

Imports into Finland

In 2021, purchases abroad of liquefied petroleum gas (LPG) increased by 140% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, saw a abrupt decline. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, liquefied petroleum gas (LPG) imports soared to $X in 2021. Overall, imports, however, recorded a abrupt shrinkage. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Russia (X tons), Norway (X tons) and Algeria (X tons) were the main suppliers of liquefied petroleum gas (LPG) imports to Finland, together accounting for 89% of total imports. The UK and the United States lagged somewhat behind, together comprising a further 10%.

From 2012 to 2021, the biggest increases were in the United States (with a CAGR of +221.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Norway ($X) and the United States ($X) were the largest liquefied petroleum gas (LPG) suppliers to Finland, together comprising 85% of total imports.

In terms of the main suppliers, the United States, with a CAGR of +173.0%, recorded 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

In 2021, the average liquefied petroleum gas (LPG) import price amounted to $X per ton, growing by 20% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 27%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for Algeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (-2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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