Transition to Liquefied Natural Gas (LNG) Helping Industries Reap Economic and Environmental Benefits:Transparency Market Research

  • March 11, 2015
  • Transparency Market Research
  • News

Regional liquefied natural gas market are demonstrating dynamic changes. It is predicted that the Asia-Pacific LNG market will demonstrate a healthy growth rate due to the growth of the market in countries such as China, India, and South Korea. In addition to this, Japan, South Korea, and Taiwan, known as the JKT region, is expected to remain the backbone of the liquefied natural gas (LNG) market as a result of high LNG imports. South Korea, Japan, and other Asian countries completely depend on LNG to cater to their domestic needs. Furthermore, the European liquefied natural gas (LNG) market, especially in Spain, Italy, and France is experiencing high imports to decrease their dependence on oil and protect the atmosphere from harmful emissions. RoW nations are also importing high amount of LNG to ensure their demand-supply gap is met. In the U.S., proposed LNG exports would account for a minor percentage of natural gas production; however, this will provide a range of benefits to the U.S. economy.

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Industrial Sector Dominating the LNG Market

The global liquefied natural gas (LNG) market is segmented according to end users into electric power, the industrial sector, and others. According to a market research firm, the industrial sector accounted for a 43.0% market share in the global liquefied natural gas (LNG) market in 2012. Industries such as petrochemicals and fertilizers are the major applications of LNG. The electric power sector attributed to a moderate share of the LNG market, followed by other sectors such as commercial and transportation.

Environmental Benefits of LNG

The demand for liquefied natural gas from the aforesaid regions is high. These regions are focusing on LNG because LNG has low carbon intensity and negligible emission as compared to coal and oil. These countries have strict policies focused on the use of cleaner fuel in their industries to reduce their carbon footprint. LNG is 85% less volatile in terms of organic content and produces 70% less amount of harmful emissions on combustion, as compared to traditional fuels.

Economical Benefits of LNG

Nevertheless, environmental benefits are not the only major benefit that liquefied natural gas provides. Transition from conventional fuels that have a high emission rate as compared to LNG can help industries save a significant amount of capital. By employing LNG in their manufacturing and other processes, industries can reap all the environmental and economic benefits associated with LNG.Liquefied natural gas (LNG) is more economical than conventional fuels such as diesel and coal. It also delivers the added advantage of a fixed long-term pricing structure. The commercial and transportation sector is utilizing LNG because of the high variation in prices of traditional fuels such as petrol and diesel. The cost optimization benefit of LNG will drive the global liquefied natural gas (LNG) market significantly in the coming years.

Power Generation to Demonstrate Significant Growth

The global market for liquefied natural gas (LNG) will continue to demonstrate a sustainable growth trajectory over the coming years. Furthermore, the increasing awareness regarding the benefits of LNG as a cleaner fuel will support the growth of the market. Even though the application of LNG in the power generation sector is still at its nascent stage, it promises huge potential, since LNG-based power plants efficiently and effectively support high load during peak hours. LNG is the preferred choice of fuel for small-scale captive electric power plants designed especially for in-house power generation.

This sector will provide good opportunities to companies operating in this market space. Some of the corporations operating in the global market for liquefied natural gas (LNG) are Apache Corporation, Cheniere Energy Inc., BG Group Plc., Sempra Energy, Qatar Petroleum, Kinder Morgan Inc., and Dominion Resources Inc.

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