Singapore: Market for Liquefied Petroleum Gas (LPG) 2022

Market Size for Liquefied Petroleum Gas (LPG) in Singapore

In 2021, the Singaporean liquefied petroleum gas (LPG) market decreased by -64.1% to $X, falling for the second year in a row after three years of growth. Overall, consumption saw a drastic downturn. Liquefied petroleum gas (LPG) consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Production of Liquefied Petroleum Gas (LPG) in Singapore

In value terms, liquefied petroleum gas (LPG) production contracted notably to $X in 2021 estimated in export price. Overall, production faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 when the production volume increased by 60%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Liquefied Petroleum Gas (LPG)

Exports from Singapore

After two years of growth, overseas shipments of liquefied petroleum gas (LPG) decreased by -68.4% to X tons in 2021. Over the period under review, exports saw a abrupt descent. The growth pace was the most rapid in 2017 with an increase of 21%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, liquefied petroleum gas (LPG) exports fell rapidly to $X in 2021. Overall, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2017 with an increase of 29% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons), Malaysia (X tons) and China (X tons) were the main destinations of liquefied petroleum gas (LPG) exports from Singapore, together comprising 70% of total exports. These countries were followed by Vietnam, Bangladesh, Taiwan (Chinese), the Philippines, South Korea and India, which together accounted for a further 26%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +53.5%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), China ($X) and Malaysia ($X) appeared to be the largest markets for liquefied petroleum gas (LPG) exported from Singapore worldwide, with a combined 66% share of total exports. These countries were followed by Vietnam, Bangladesh, Taiwan (Chinese), the Philippines, South Korea and India, which together accounted for a further 28%.

Taiwan (Chinese), with a CAGR of +37.6%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average liquefied petroleum gas (LPG) export price amounted to $X per ton, with an increase of 30% against the previous year. In general, the export price, however, continues to indicate a abrupt downturn. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Vietnam ($X per ton), while the average price for exports to India ($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 Vietnam (-1.4%), while the prices for the other major destinations experienced a decline.

Imports of Liquefied Petroleum Gas (LPG)

Imports into Singapore

In 2021, supplies from abroad of liquefied petroleum gas (LPG) decreased by -69.1% to X tons, falling for the second consecutive year after two years of growth. Overall, imports recorded a mild descent. The pace of growth appeared the most rapid in 2016 when imports increased by 218%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, liquefied petroleum gas (LPG) imports contracted sharply to $X in 2021. In general, imports faced a abrupt contraction. The growth pace was the most rapid in 2016 with an increase of 110%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Indonesia (X tons) was the main liquefied petroleum gas (LPG) supplier to Singapore, with a 91% share of total imports. Moreover, liquefied petroleum gas (LPG) imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from Indonesia totaled +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+1.1% per year) and Qatar (-93.2% per year).

In value terms, Indonesia ($X) constituted the largest supplier of liquefied petroleum gas (LPG) to Singapore, comprising 86% of total imports. The second position in the ranking was held by Malaysia ($X), with a 9.3% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Indonesia amounted to +13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+4.6% per year) and Qatar (-93.2% per year).

Import Prices by Country

In 2021, the average liquefied petroleum gas (LPG) import price amounted to $X per ton, picking up by 79% against the previous year. Over the period under review, the import price, however, recorded a abrupt decline. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Malaysia ($X per ton), while the price for Qatar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :