The size of the global market for Propane is expected to reach 212.8 by 2027, expanding at a compound annual growth rate (CAGR) of 4.1%.
The main driving factors for the growth of propane market are rise in demand for energy on high consumption in commercial and industrial end-use. Increase in demand of liquefied gas of propane from the rising customers worldwide and growing preference of customers because of low cost of propane compared to the alternatives for fuel are the factors that are fueling the growth of global propane industry. Moreover, increase in demand for propane from the petrochemical industry for producing cosmetics, fibers and plastics that boost the global propane market in the coming years. Wide demand of propane in automobile industry as motor fuel with low cost on comparing other fuels are driving the growth of global propane market during the forecast period. On the other hand, variations in crude oil and petroleum prices for the refining & processing of propane for retailing propane and restricted awareness about the advantages coupled with propane amongst the customers are the factors accountable for controlling the growth of global propane market analysis. Demand from marine industry for clean fuel increases the demand for propane and for generation of power for propane will provide opportunities to the propane market.
Growth in the population linked with the rapid industrialization in developing countries that drives federal government for increasing the manufacture to supply the propane. Moreover, the product of propane is increasing the demand in the developed countries. Factors that are increasing the demand of propane from the industry of automobile and growing demand of LPG from the developing consumers are fueling the growth of propane market. Although, variations in crude oil & petroleum prices is limiting the growth of propane market. Growing economies and usage of propane in power plants like India and China because of increase in industrialization and profit in petrochemical industry are driving the growth of propane industry.
Strict rules by government for environment, reduce the usage of conventional gas sources, use of clean fuel in marine industry are the factors that are driving the growth of global propane industry. Evolving economies like India and China with the industrialization and petrochemical industry is propelled to drive the propane industry in the coming years. Restricted awareness regarding the advantages of propane as clean fuel is estimated to control the propane market outlook. On using propane in power plants provides opportunities for the growth of propane market during the forecast period.
Global propane market is segmented into end-use and region. On the basis of end-use, propane market is divided into commercial, industrial, transportation, residential, chemicals & refineries and agriculture.
Geographically, regions involved in the global propane market analysis are Europe, North America, Latin America, Asia Pacific and Middle East & Africa. Asia Pacific is the region which holds largest propane market share and is expected to grow the propane market outlook in the coming years. Increase in the development activities of infrastructure are increasing the propane market growth.
Key players involved in the development of global propane market analysis is Lykins Energy Solutions, ThompsonGas, AmeriGas, PetroChina Company Limited and others.
Propane Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||By End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Lykins Energy Solutions, ThompsonGas, AmeriGas, PetroChina Company Limited.|
Key Segments in the “Global Propane Market” report are:
By End-User, market is segmented into:
- Chemicals & refineries
By Region, market is segmented into:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa