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. 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, Domestic usage, Commercial and Industrial Usage 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 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 and Industries is going to impact the LPG gas market over the coming era. Key drivers such as cost saving 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.