LPG Market Outlook: Import Growth for Europe to Stall in 2023
This current feature was extracted from the latest edition of Poten’s LPG Market Outlook, a monthly service published on January 13th, 2023.
Imports for Europe increased by 10% y-o-y in 2022 to 31.6 MMt from 2021 figures, with Northwest Europe importing 16.4 MMt and the Mediterranean importing 15.1 MMt. Imports for Northern Europe are forecast to fall slightly to 16.3 MMt in 2023 due to declining demand for LPG in the industrial sector.
High natural gas prices incentivized refiners and other industrial consumers to switch to LPG which drove most of the increase in imports. Now that natural gas prices have come down and the natural gas supply outlook for Europe has improved, the incentive for the industrial sector to increase LPG utilization is not as prevalent in Europe.
To read the full analysis, click here.
