The consumption of Liquefied Petroleum Gas (LPG) in China's Transport, Storage, and Post sectors has shown notable fluctuations over the past decade. From an initial value of 89.35 ten thousand metric tons in 2013, consumption experienced significant growth, peaking in various years with minimal setbacks. Notably, there was a sharp decline of 28.95% in 2020, likely influenced by the global pandemic's impact on economic activities. However, the recovery was swift as the year-on-year growth rate reached 14.96% in 2023, standing at 191.51 ten thousand metric tons. The Compound Annual Growth Rate (CAGR) over the last five years was recorded at 8.89%.
Analyzing the forecasted data, the consumption levels are projected to continue rising, reaching 263.87 ten thousand metric tons by 2028. This indicates a forecasted CAGR of 5.06% over the next five years, translating to an overall growth rate of 28.01% from 2024 to 2028. Future trends to watch for include the impact of new energy sources, government policies on fuel consumption, and advancements in transportation technologies which may alter the demand dynamics for LPG in this sector.
