San Francisco, 2 January 2019: The Report Propane Market Analysis, By End-use (Industrial, Commercial, Residential,
Transportation, Agriculture, Chemicals and Refineries), Value Chain Analysis,
Industry Dynamics And Segment Forecasts, 2018 - 2025
According to a report by Grand
View Research, Inc., global propane market is projected to reach USD 106.9
billion by 2025. Growing need for clean burning fuels due to strict regulations
is expected to propel demand for propane in the coming years. Increasing use of
propane in propylene and ethylene production is also anticipated to impel its demand
over the forecast period (from 2018 to 2025). Moreover, its usage in agriculture,
commercial, and residential sectors will drive the market further. Rising demand
for highly efficient fuels in automotive sector will also augment market
growth. Manufacturers have now started focusing on Good Manufacturing Practices
(GMP) to enhance operational efficiency and preserve natural resources. This is
also likely to contribute to the market development over the next few years.
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| Propane Market |
On the other hand, the advent
of alternatives, such as Liquefied Natural Gas (LNG), natural gas, and Liquid
Petroleum Gas (LPG), can hamper market growth. However, growing population and industrialization,
especially in emerging regions, which has led to increased investments in
manufacturing sector by federal governments will fuel market expansion. The
global propane market has been segregated on the basis of end-use and region.
Based on end-use, the market can be further categorized into commercial,
residential, transportation, agriculture, industrial, and chemical, and refineries.
In 2016, industrial emerged as the leading segment and accounted for 37.7% of
total revenue. Rapid expansion of metal manufacturing sector, particularly in
Middle Eastern and Asian economies, will drive the segment further.
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Low labor and operating costs in
Asia Pacific region can support the segment growth in this region. Regional
segmentation includes Asia Pacific, North America, Europe, Latin America, and
Middle East & Africa. Asia Pacific region is predicted to witness the fastest
CAGR over the forecast period. High GDP growth rate and rapid industrialization
in countries, such as China and India, are expected to spur the region’s growth.
In addition, consumption of propane gas in India is estimated to grow at CAGR
of 10% on account of rising demand from commercial and industrial sectors. In
2016, Europe led the market and accounted for 29.8% of the overall revenue
share. Strong economic growth, especially in Eastern Europe, can impel regional
growth. High standard of living and growing population can further stimulate the
regional market growth.
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Increasing use of propane in
various residential applications, such as for refrigerating foods and feeding
fireplaces, can also propel regional development. Moreover, increasing use of
propane-based grills can further augment market expansion in this region. In
North America, the market is predicted to grow well over the forecast period
attributed to easy availability of raw material and huge reserve of shale gas. Rising
adoption of Recreational Vehicles (RVs) equipped with appliances running on
propane can also boost product demand over the coming years. Moreover, increasing number of restaurants
using propane gas for cooking purposes can boost regional market in future. Some
of the leading companies in the global market for propane are Royal Dutch
Shell, Exxon Mobil, Statoil ASA, Chevron Corp., and ConocoPhillips. Most of
these companies invest in M&A activities to expand their business and
product portfolio to gain competitive edge over others.
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Press Release of Propane Market@ www.grandviewresearch.com/press-release/global-propane-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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