The sales of Liquefied Refinery Gases (LRG) made in petrochemical plants in the US saw significant fluctuations from 2013 to 2023. The market saw a peak value in 2013, followed by a sharp decline until 2015. Despite a slight recovery between 2016 and 2017, the trends remained unstable through 2020. Notably, there was a 17.14% drop in sales from 2019 to 2020. Nonethless, the market picked up pace with a 14.27% growth in 2021, slightly stabilizing in subsequent years. In 2023, the market stood at approximately 32.7 billion USD.
Examining the future trends from 2024 onwards, the forecasts indicate marginally declining sales, with a forecasted CAGR of -0.12% over the next five years, predicting a total sales value just over 32 billion USD by 2028. This suggests a relatively stable, albeit slightly contracting, market.
Future trends to watch for include technological advancements in refinery processes, potential regulatory changes, and shifts in consumer demand towards cleaner energy sources, which might impact the demand for LRG.”
