Traditional application of liquefied petroleum gas (LPG) is for cooking purpose which was dominant driving factor and it is going to continue its impact on the growth of LPG market over the forecast period. LPG is considered more clean fuel as compared with coal and beneficial for environment and hence recommended by government. Hence, Government provides subsidies in purchase of LPG which is expected to be the factor to further drive the market in coming years.
India is one of the countries which provides subsidy on LPG cylinder purchase. LPG market is expected to witness the growth due to its usage as transportation fuel owing to the low cost and environment friendly characteristics when compared with gasoline and diesel. Due to increasing demand of gas and oil, LPG demand is also growing, making profits to industry. LPG gas is produced from associated conventional gases and non-associated conventional gases.
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However, Market major growth of LPG gas is expected from LPG produced from non-associated conventional gas, while production from associated conventional gas is expected to grow at a slower rate. LPG is replacing other fuel substitutes due to its environment friendly characteristics, which is expected to drive the market in coming years. Increasing use of LPG in automobile is going to impact the LPG gas market over the forecast period.
Key drivers such as cost saving, government incentives and emission norms are expected to drive the growth of LPG market. However, substitutes like CNG, coal, induction among others are expected to restraint the market growth. Distribution technology evolution of LPG such as distribution of LPG through pipeline is the major opportunity to increase the growth of the LPG market.
LPG gas finds application in segment of residential/commercial, auto fuel, chemical and refinery. Key driving application of LPG gas market is residential and commercial segment due to its application in cooking as well as due to subsidies offered by the government and legislative regulations which are going to impact the market positively. Hotels, restaurants, hospitals, canteens, educational institutions, hostels, residencies among others use LPG as cooking fuel due to its lower cost. Automobile industry providing new LPG enabled fuel technology is expected to witness the higher growth in coming years. However CNG, gasoline and diesel enabled automobiles may restraint the market growth. LPG is replacing chemicals in many applications such as it is used as refrigerant in place of hydrofluorocarbon and chlorofluorocarbon. Hence, chemical industry is also expected to grow LPG market. Use of LPG in refineries is unexplored segment hence it is expected to grow at slower rate over forecast period.
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LPG is obtained from refineries, non-associated gas and associated conventional gases. Highest amount of LPG is derived from refineries. Second highest amount of LPG is derived from non-associated conventional gas while LPG from associated gas is relatively less explored area. Refineries are the major source of LPG; hence it is expected to witness growth in forecast period.
USA and China are the leading providers of LPG in global market while, North America, Middle East and North Africa are the major producers of the LPG in global market. Furthermore, Asia Pacific is the largest consumer of LPG in global market due to higher population in countries like China. Asia Pacific is expected to drive the major growth of the LPG market over the forecast period. Developing countries such as India, Russia and Brazil are expected to witness growth in consuming LPG. Europe and North America are already developed market regions.
Bayegan, Aygez, China Gas, Bharat Petroleum Corporation, Dolphin Energy, Huntsman Petrochemical, ETG companies, Indian Oil Corporation Ltd., Oman Oil Company, Oil & Natural Gas Corporation Ltd., Petredec Ltd., Qatargas, Phillips 66, Qatar Petroleum, Qatar fuel, Shell, Vitoland, Tasweeq among others are the global key players in LPG market.
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