Global Propane Market to Rise to US$145.82 bn by 2022 as Consumption in Domestic Sector Rises
The global propane market has been examined in a recent market research report published by Transparency Market Research. The report is titled “Propane Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2014 - 2022.”
Browse the full Propane Market by Application (Residential, Commercial, Chemical & Refinery, Industrial, Transportation and Agriculture) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2014 - 2022 report at https://www.transparencymarketresearch.com/propane-market.html
The report gives a detailed overview of the present state of key market elements and factors influencing market’s growth as well as an overview of future developmental prospects of the market from 2014 through 2022. It states that the market, which was pegged at US$114.44 bn in 2013, will expand at a modest 3.56% CAGR over the report’s forecast period and rise to a valuation of US$145.82 bn by 2022.
Propane is a gaseous fuel extracted from crude oil and used across residential, industrial, transportation, commercial, and chemicals and refinery sectors. Propane is highly regarded owing to its cleaner form as compared to other fuel types– it burns clearly and does not emit any harmful gases. Owing to this factor, the demand for propane has witnessed a significant rise in the transportation industry in the past few years, which is taking critical steps in reducing its carbon footprint on a global front. The demand for propane in the residential and industrial sectors has also significantly increased in the past years owing to its lower cost and higher calorific value compared to other fuels.
For the purpose of the study, the global propane market has been segmented on the basis of two major categories in the report: application area and geography.
On the basis of application, the market has been segmented into commercial, agricultural, residential, industrial, transportation, and chemicals and materials. The use of propane in the residential sector is expected to accelerate over the report’s forecast period owing to the unreliable supply and costs of conventional gases and stringent environmental regulations that will compel users to opt for cleaner fuels in the near future.
From a geographical perspective, the market has been segmented into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. Of these, Asia Pacific held the largest share in the global market in 2013, an estimated 39.18%, and is expected to remain the largest regional market during report’s forecast period. The regional market is expected to account for a share of 41.39% in the global market by 2022. Growth of the propane market in Asia Pacific will be majorly driven by the vast demand in petrochemical industries in the region. Furthermore, the flourishing growth of the chemical processing and manufacturing industries in developing countries such as India and China will also enable the Asia Pacific propane market to gain traction over the report’s forecast period.
The report also presents a detailed overview of the competitive landscape of the global propane market. It profiles some of the key vendors operating in the global market, including Aero Energy, DCC plc, Campora Propane Services, AmeriGas Propane Inc., Lykins Energy Solutions, Ferrellgas Partners, L.P., Sparlingss Propane Co. Ltd., Marsh LP Gas Company Inc., ThompsonGas, Suburban Propane Partners LP, and UGI Corporation.
The market has been segmented into:
Global Propane Market: Application Analysis
- Chemical & Refinery
Global Propane Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- Saudi Arabia
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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