Liquefied Natural Gas (LNG) is a liquid form of natural gas, which is composed mainly of methane and other gases such as Ethane, Propane, Butane and Nitrogen. LNG liquefaction is a procedure in which Natural Gas is converted into Liquefied Natural Gas by cooling it in a liquefaction plant which makes it more efficient to transport. LNG is an odorless gas which has -162°C boiling point, a density ranging from 430 kg/m3 & 470 kg/m3 and energy content between 24 MJ/L to 21 MJ/L. The structure of LNG value chain comprises of five crucial stages including exploration & production, processing, shipping, regasification & storage and distribution.
LNG is used in various industries including construction & dairy products, furnaces, fluid bed dryers, food processing, manufacturing, mining, power generation sector and rotary kilns. Apart from industries, due to low emission rate of carbon, it is also used as alternative fuels in various mode of transports such as rails, ships (ferries), trucks and natural gas vehicles and is also used by domestic users for cooking & heating purposes.
Asia Pacific emerged as a major region for the LNG market due to increasing liquefaction capacity and exports of regional LNG projects and increasing LNG imports by China, India and South Korea.
The global LNG market is expected to grow with rising energy consumption, growing urban population, increasing demand of natural gas vehicles, accelerating economic growth and increasing preference of LNG in developing economies. Key trends and developments of this market includes evolving LNG export capacity additions, growing demand for LNG bunkering, progressing LNG projects, growing LNG spot market and increasing shift towards modular technology. However, there are some factors which can hinder growth of the market including expiration of exports contracts, stringent regulations and lack of infrastructure facilities.
The report “Global Liquefied Natural Gas (LNG) Market: Industry Analysis & Outlook (2018-2022)” by Koncept Analytics provides an extensive research and detailed analysis of the present market along with future outlook. The report discusses the major growth drivers, key tends & developments and challenges of the market, covering Asia Pacific, Middle East, Europe and the Americas along with the global market. The report profiles the key players of the market including Royal Dutch Shell Plc, Exxon Mobil Corporation, British Petroleum Plc and Chevron Corporation.