Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
India liquefied petroleum gas market likely to grow due to the growing usage of LPG for cooking purpose and increasing government initiatives to encourage LPG applications as cooking fuel
India's liquefied petroleum gas market expected to grow with a significant rate over the forecast periods, 2020-2027. The key factors are that LPG offers considerable environmental advantages that are characterized by the low greenhouse and particulate matter emissions compared to conventional fuels. Additionally, the increasing carbon emission levels and associated health problems demand a sustainable energy solution; these factors are anticipated to foster the growth of the liquefied petroleum gas market. Further, the surge in usage of LPG in residential & commercial as replacement of conventional natural resources such as coal, wood, etc., will spur India's liquefied petroleum gas market size. Also, the increasing awareness of the projected scarcity of natural resources, easy availability alongside budget will fuel the growth of India's liquefied petroleum gas industry.
The rapid expansion of the scale of alternative products such as natural gas and dimethyl ether has increasingly eroded the LPG market. As the contradiction between supply and demand is further alleviated, and the capacity of intermediate links such as transportation and trade is more abundant, a stable end market has become a vital link in the industry. Moreover, the upsurge in the use of LPG for various applications, including transportation, residential, and industrial purposes, will accelerate India's liquefied petroleum gas industry in the forecast span. Additionally, the growing usage of LPG to reduce GHG emissions and Indian governments are taking several initiatives and providing subsidies to encourage the adoption of LPG will augment India's liquefied petroleum gas market's robust growth during the analysis period. The growing demand for clean fuel technologies coupled with the mounting focus toward sustainable energy mix will boost the India liquefied petroleum gas market.
Source Overview in the India Liquefied petroleum gas Market
Based on the source, India's liquefied petroleum gas market is classified into the refinery, associated gas, and non-associated gas. The refinery will be the fastest-growing segment in the forecast period. It is attributable to expanding refining capacities, especially in India, along with refineries are one of the primary sources of production of various gases.
Application Overview in the India Liquefied petroleum gas Market
Based on the application, India liquefied petroleum gas market segregated into residential, commercial, chemical, industrial, automotive fuel, refinery, and others. The residential segment is expected to hold the largest market share during the forecast period. Due to the growing usage of LPG in residential heating & ventilating applications, conventional cooking uses. Also, the increasing use of LPG in a wide range of applications, such as water and space heating and cooling, is in the residential sector. Consumers in India utilize LPG for outdoor activities such as camping, and driving is triggering India's liquefied petroleum gas market.
Regional Overview in the India Liquefied petroleum gas Market
Based on geography, India's liquefied petroleum gas market is segmented into North India, South India, West India, and East India. North India generated the most significant revenue in 2019, owing to the rising demand for LPG as a vital cooking fuel, especially among the sub-urban and urban households, along with expanding petrochemical capacities in India.
India Liquefied petroleum gas Market: Competitive Landscape
Companies such as Reliance Industries Ltd. (RIL), ONGC, Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Chennai Petroleum Corp. Ltd, GAIL India Ltd, Hindustan Petroleum Corporation Limited, and Oil India Limited are the key players in India's liquefied petroleum gas market.