Kuwait: Market for Liquefied Petroleum Gas (LPG) 2022

Market Size for Liquefied Petroleum Gas (LPG) in Kuwait

In 2021, the Kuwaiti liquefied petroleum gas (LPG) market was finally on the rise to reach $X after two years of decline. Overall, consumption saw a noticeable expansion. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Liquefied Petroleum Gas (LPG) in Kuwait

In value terms, liquefied petroleum gas (LPG) production expanded remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, showed a perceptible downturn. The growth pace was the most rapid in 2017 with an increase of 34% against the previous year. Liquefied petroleum gas (LPG) production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Liquefied Petroleum Gas (LPG)

Exports from Kuwait

In 2021, after two years of decline, there was significant growth in shipments abroad of liquefied petroleum gas (LPG), when their volume increased by 6.7% to X tons. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 11% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, liquefied petroleum gas (LPG) exports expanded remarkably to $X in 2021. Overall, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 44% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons), China (X tons) and Japan (X tons) were the main destinations of liquefied petroleum gas (LPG) exports from Kuwait, with a combined 88% share of total exports. These countries were followed by Indonesia, the Philippines, South Korea, Vietnam, Thailand and Taiwan (Chinese), which together accounted for a further 10%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +18.4%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Japan ($X) constituted the largest markets for liquefied petroleum gas (LPG) exported from Kuwait worldwide, together accounting for 68% of total exports. Indonesia, the Philippines, South Korea, Thailand, Vietnam and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 5.8%.

In terms of the main countries of destination, the Philippines, with a CAGR of +6.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average liquefied petroleum gas (LPG) export price amounted to $X per ton, increasing by 4.3% against the previous year. Overall, the export price, however, showed a abrupt shrinkage. The pace of growth was the most pronounced in 2017 an increase of 42% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was India ($X per ton), while the average price for exports to Vietnam ($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 the Philippines (-7.9%), while the prices for the other major destinations experienced a decline.

Imports of Liquefied Petroleum Gas (LPG)

Imports into Kuwait

In 2021, imports of liquefied petroleum gas (LPG) into Kuwait soared to X tons, with an increase of 34% against 2020. In general, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2013 when imports increased by 217%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, liquefied petroleum gas (LPG) imports soared to $X in 2021. Over the period under review, imports showed a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of 175%. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of liquefied petroleum gas (LPG) to Kuwait, with a 56% share of total imports. Moreover, liquefied petroleum gas (LPG) imports from South Korea exceeded the figures recorded by the second-largest supplier, the United States (X tons), sixfold. The third position in this ranking was held by Germany (X tons), with an 8.8% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea amounted to +20.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+57.4% per year) and Germany (+107.8% per year).

In value terms, South Korea ($X) constituted the largest supplier of liquefied petroleum gas (LPG) to Kuwait, comprising 59% of total imports. The second position in the ranking was taken by Oman ($X), with a 12% share of total imports. It was followed by the United States, with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea stood at +20.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Oman (+14.0% per year) and the United States (+33.6% per year).

Import Prices by Country

The average liquefied petroleum gas (LPG) import price stood at $X per ton in 2021, increasing by 1.6% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 44%. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+5.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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