Industry Insight
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.
Application Insight
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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Source Insight
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.
Regional Insight
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.
Competitive Insight
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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