India LPG Market to Surpass 35 MMT by FY2026
Growing demand for environmental friendly fuels,
rising per capita income and introduction of new schemes by the Government of
India to drive consumption of LPG in India through FY2026
According to
TechSci Research report, “India LPG Market By End Use Segment,
By Source, Competition Forecast and Opportunities, FY2012 - FY2026’’, LPG
consumption in India is forecast to surpass 35 MMT by FY26. Growth in
the country’s LPG market over the past few years can be attributed to rising
demand from residential and commercial segments in the country. Number of LPG
consumers in India increased from 1387.3 million in FY13 to 2,041 million in
FY16. Moreover, introduction of Ujjwala Yojana is further expected to increase
consumption of LPG in the residential segment across of the country. Under this
scheme, around 5 billion free LPG connections would be offered to families that
are below the poverty line in India. Thus, on account of aforementioned factors
consumption of LPG in India is forecast to increase continuously through FY26.
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LPG market in India was dominated by
the residential sector in FY16, followed by commercial segment. Residential segment
is expected garner highest market share in India LPG market through FY26 as
well. Moreover, IOCL dominated LPG market in India in FY16, owing to the
company’s expansion plans and construction of new pipelines across various
states in India. IOCL is planning to construct a pipeline of more than 2,000 km
from Kandla in Gujarat to Gorakhpur in Uttar Pradesh for transportation of LPG.
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“Imports
of LPG in India is forecast to almost double from 7.98 MMT in 2015 to 15.50 MMT
by 2025, as the domestic requirement for LPG is not being meet through domestic
production. Oil marketing companies such as IOCL, HPCL and BPCL are anticipated
to remain major suppliers and importers of LPG in the country through FY26.
Moreover, introduction of favorable government policies, rising per capita
income and expanding distribution network are further projected to boost
consumption of LPG in India during FY17-FY26.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“India
LPG Market By End Use Segment, By Source, Competition Forecast and
Opportunities, FY2012 - FY2026” has evaluated the future growth potential of India
LPG market and provides statistics and information on market size, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment evaluation.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in India LPG market.
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