Global Liquefied Natural Gas (LNG) Market Report and Forecast 2024-2032

Global Liquefied Natural Gas (LNG) Market Outlook

The global liquefied natural gas (LNG) market size reached approximately 4.52 billion barrels in 2023. The market is projected to grow at a CAGR of 2.8% between 2024 and 2032, reaching a volume of around 5.78 billion barrels by 2032.

Key Trends in the Market

Natural gas primarily consists of methane and is commonly found in underground reservoirs alongside oil deposits or in standalone natural gas fields. Liquefied natural gas (LNG) is formed after natural gas is greatly cooled down to about -162°C. LNG is clear and colourless in form, and it is a non-toxic liquid.

• One of the primary factors aiding the global liquefied natural gas (LNG) market growth is the increasing demand for liquefied natural gas in different applications. LNG is a versatile energy source, capable of providing power for heating, running electrical grids, and even fuel ships. The gas is already being employed in Europe and North America for heating and electricity.

• With the growing awareness about the increasing carbon emissions and global warming, the world is shifting towards a more environment-friendly and low-carbon economy. The global liquefied natural gas (LNG) market demand is expected to surge during the forecast period owing to its cost-effectiveness and low carbon dioxide emissions. Market players are also gravitating towards natural gases and are increasingly utilising them due to such benefits.

• Owing to the increasing awareness of the benefits of LNG, organisations around the world are launching major projects to establish efficient LNG plants and increase production speed. One of the major liquefied natural gas (LNG) market trends is the implementation of government policies promoting the use of the LNG.

Market Analysis

Based on end use, the market is segmented into power and transportation, among others. The global liquefied natural gas (LNG) market segmentation, based on regional production and demand, includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global liquefied natural gas (LNG) market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Shell International B.V. 

• Chevron Corporation 

• Exxon Mobil Corporation 

• Cheniere Energy, Inc. 

• Energy Transfer LP 

• Freeport LNG Development, L.P. 

• ConocoPhillips Company 

• Venture Global LNG, Inc.

• Sempra Energy 

• Petróleo Brasileiro S.A.

• Others

Market Share by End-Use

According to the global liquefied natural gas (LNG) market analysis, one of the most prominent uses of LNG is for power generation. This can be attributed to the increasing inclination towards cleaner energy options for producing electricity. LNG stands out as a cleaner fuel compared to coal and oil, releasing fewer greenhouse gases, sulphur dioxide, and particulate matter when used for power generation. Moreover, it is known to be more efficient in turning fuel into electricity when compared to older coal-fired power plants.

Market Share by Type

The Asia Pacific, based on demand and production, is expected to account for a major portion of the global liquefied natural gas (LNG) market share. Among the countries, Japan is likely to experience high demand, and it is expected to experience substantial growth in the forecast period. Meanwhile, China is also anticipated to witness significant development due to robust economic progress, which is driving greater usage of gas-based power facilities in the region.

Competitive Landscape

Shell International B.V. is one of the leading energy companies in the world with an operating history dating back to 1907.  It was formed after the merging of the Royal Dutch Petroleum Company and the "Shell" Transport and Trading Company. It is an England-based investment holding company that focuses on the exploration, extraction, processing, and production of gas and oil.

Chevron Corporation is an American company operating in the oil and gas sector. The company has been operating in the field since 1879, which started with the foundation of Pacific Coast Oil Co. Over the years, the company has developed expertise in a variety of fields, such as production of different types of gases, refining, energy technologies, pipelines, and renewable energies, among others.

Exxon Mobil Corporation is a global oil gas company established in the year 1999 through the merger between Exxon Corporation and Mobil Corporation. As one of the world’s largest oil and gas companies, the company works with and distributes a wide variety of resources, such as natural gas, nuclear fuels, petroleum, chemicals, coal, and mineral ores.

Other liquefied natural gas (LNG) market players include Cheniere Energy, Inc., Energy Transfer LP, Freeport LNG Development, L.P., ConocoPhillips Company, Venture Global LNG, Inc., Sempra Energy, and Petróleo Brasileiro S.A., among others.

Key Highlights of the Report