Asia-Pacific Natural Gas Market Size (2024 - 2029)

The Asia-Pacific natural gas market is anticipated to experience growth over the forecast period, driven by increased investments in production. Despite challenges such as volatile prices and a shift towards clean energy, the market has rebounded to pre-pandemic levels. The demand for natural gas is expected to rise in rapidly growing economies like India, Indonesia, Singapore, and Malaysia, presenting opportunities for expansion beyond the forecast period. China leads the market, with significant growth attributed to its rising domestic production and consumption.

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Market Size of Asia-Pacific Natural Gas Industry

Asia-Pacific Natural Gas Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 4.00 %
Market Concentration Medium

Major Players

Asia-Pacific Natural Gas Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Natural Gas Market Analysis

The Asia-Pacific natural gas market is expected to register a CAGR of 4% during the forecast period.

The market was negatively impacted by the COVID-19 pandemic in 2020. Presently, the market has reached pre-pandemic levels. 

  • Over the medium term, the increasing investments in natural gas production are expected to drive the growth of the market studied. 
  • On the other hand, highly volatile prices and a growing emphasis on clean energy sources are expected to hamper the growth of the Asia-Pacific natural gas market during the forecast period.
  • Countries such as India, Indonesia, Singapore, and Malaysia are the fast-growing economies in the Asia-Pacific region. Thus, the demand for natural gas is expected to rise. This increase is expected to provide an opportunity for growth after the forecast period.  
  • China dominates the market. It is also expected to register the highest CAGR during the forecast period. This growth is attributed to increasing domestic production and consumption.

APAC Natural Gas Industry Segmentation

Natural gas is a fossil energy source formed deep beneath the earth's surface. Natural gas contains many compounds, such as methane, nitrogen, carbon dioxide, etc. Natural gas reserves are found deep inside the earth near other solid and liquid hydrocarbon beds, such as coal and crude oil. Natural gas is mainly used as fuel for generating electricity and heat. Natural gas in its compressed form is used as fuel, known as CNG, for vehicles. It is used as a fuel for boilers and air conditioners worldwide. The Asia-Pacific natural gas market is segmented by geography. The report covers the market size and forecasts for the Asia-Pacific natural gas market across major countries and regions, such as China, India, Japan, South Korea, and Rest of Asia-Pacific. For each segment, the market sizes and forecasts are provided in terms of value in USD billion.

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Asia-Pacific Natural Gas Market Size Summary

The Asia-Pacific natural gas market is poised for growth, driven by increasing investments in production and a resurgence to pre-pandemic levels. The region, a significant global consumer of natural gas, is witnessing rising demand, particularly in fast-growing economies like India, Indonesia, Singapore, and Malaysia. However, the market faces challenges from volatile pricing and a shift towards cleaner energy sources. China stands out as a dominant force in the market, with substantial domestic production and consumption, and is expected to lead in growth during the forecast period. The country's strategic investments and policy reforms aim to bolster its natural gas output, aligning with its increasing energy demands.

The market landscape is moderately fragmented, with key players such as China National Petroleum Corporation, China Petroleum & Chemical Corporation, Oil and Natural Gas Corporation, Chevron Corporation, and GAIL Limited actively participating. Significant investments are being made across the region, including India's push to increase natural gas's share in its energy mix and China's construction of liquefied natural gas tankers. These developments, alongside government initiatives and foreign direct investment policies, are set to drive the market forward, positioning the Asia-Pacific region as a critical player in the global natural gas industry.

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Asia-Pacific Natural Gas Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION - BY GEOGRAPHY

    1. 2.1 China

    2. 2.2 India

    3. 2.3 Japan

    4. 2.4 South Korea

    5. 2.5 Rest of Asia-Pacific

Asia-Pacific Natural Gas Market Size FAQs

The Asia-Pacific Natural Gas Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

China National Petroleum Corporation, China Petroleum & Chemical Corporation, Oil and Natural Gas Corporation, Chevron Corporation and GAIL Limited are the major companies operating in the Asia-Pacific Natural Gas Market.

Asia-Pacific Natural Gas Report Snapshots

Asia-Pacific Natural Gas Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)