CHINA LIQUEFIED NATURAL GAS (LNG) MARKET

CHINA LIQUEFIED NATURAL GAS (LNG) MARKET

  • November 2021 •
  • 35 pages •
  • Report ID: 6183501 •
  • Format: PDF
Natural gas is a fossil fuel majorly constituting methane.Similar to other fossil fuels, it is formed deep beneath the earth’s surface, given the decomposition of dead plants as well as animals under extreme pressures and heat.

Natural gas is cleaner than most other fossilized fuels. However, its calorific value is lesser than fossil fuels such as petrol, diesel, and LPG.
China is the major consumer of energy as well as the largest manufacturer and consumer of coal globally. The country utilized nearly 145.46 exajoules of primary energy in the year 2020. Moreover, in the same year, oil and coal altogether equated to 76.15% of primary energy consumption. However, the overall coal consumption in China depreciated in 2020. On the other hand, nuclear energy, renewable energy, and hydroelectricity depicted a significant increase in their share of primary energy consumption.
Furthermore, the renewable energy capacity in China is accelerating as the government endeavors towards carbon neutrality by 2060.Furthermore, prioritizing sustainability and public health, the country emerged as a global leader in terms of developing renewable energy as an investor and manufacturer, particularly in the field of solar energy.

Therefore, these factors are anticipated to facilitate the LNG market growth in China over the forecasted years.
Key players operating in the market are Beijing Enterprises Holdings Limited, Sinopec Shanghai Petrochemical Co Ltd, China National Offshore Oil Corporation (CNOOC), etc.