Propane is a gas used in natural gas processing used primarily to produce fuel and polymer grade propylene. It is widely accepted as a fuel in industrial and commercial applications mostly in cooking, transportation, agriculture, and other industries. The Global Propane Market Report by Market Research Future (MRFR) outlines drivers, opportunities, factors, and restraints in a comprehensive manner.
Major industry participants in the Global Propane Market include Exxon Mobil Corporation, Ferrellgas, ConocoPhillips Company, Eni SpA, Anadarko Petroleum Corporation, Royal Dutch Shell plc, Canadian Natural, Equinor ASA, Chesapeake, and Chevron Corporation.
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MRFR states the Global Propane Market to exhibit 4.50% CAGR from 2018 to 2023 (forecast period) to touch a size of USD 7,149.90 million. The market demand is touted to reach 9.5 billion gallons by 2023. This can be duly attributed to the need for a clean fuel source for cooking in the residential sector. Revival of infrastructural projects in developed economies combined with investments in developing economies is a positive indicator of the massive market potential.
The use of Propane-based additives during winter is a vast opportunity which can be capitalized on by manufacturers. Stringent rules pertaining to automotive fuels as well as adherence to new emission standards can drive the Global Propane Market demand during the forecast period. Expansion moves in the form of Propane dehydrogenation plants can work favorably for the market. This is exemplified by the setup of a Propane dehydrogenation plant by Borealis AG in Belgium with an annual capacity of 750,000 metric tons. Furthermore, portable Propane heaters by construction workers for keeping warm during cold weather can drive the Global Propane Market.
The decline in crude oil production can pose a challenge to the market.
The Global Propane Market is segmented by End-Use Industry.
By End-Use Industry, it is segmented into automotive & transportation, agriculture, industrial machinery, commercial construction, residential construction, process industry, and others.
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The Process Segment accounted for the largest revenue share in 2017 due to the demand for propane in polypropylene production. The construction segment, on the other hand, can command a respectable share of the propane market due to demand for cooking fuel for heating and cooking. Rise in commercial construction in developing economies can propel the segment growth share in the market in the coming years.
Latin America, Asia Pacific (APAC), North America, Europe, and the Middle East & Africa (MEA) are regions taken into view for the Global Propane Market Report.
The APAC region is estimated to experience a remarkable CAGR during the forecast period due to investments in infrastructural development and an uptick in demand from the polymer industry. Rising urbanization and industrialization in the region can facilitate market growth. Conversion of oil furnaces to Propane is a window of growth for the market in the forthcoming years. Moreover, LPG connections for cooking purposes made readily available under government schemes can boost the regional propane market growth. China, Japan, and India are regions which can contribute greatly due to being importers to the U.S.
The North America propane market is built on exports to Europe and Asia Pacific. High demand for liquefied petroleum gas (LPG) in the U.S. is touted to drive regional market growth. Preference of clean fuels with regards to stringent emission policies has led to various states in the U.S. switching to propane-fueled buses. Recently, the state of Montana has joined schools across other states for the procurement of propane-run buses which reduce overhead expenses by a higher margin. This can augur well for the Global Propane Market Growth. The purchase of propane-fueled fleets by the logistics sector is another indicator of the growth expected of the market.
Massive demand for polypropylene in various end-use industries of healthcare, energy, consumer goods, automotive, food packaging, and others in the European region can induce the demand for propane. Imports of Propane from the Middle East and the U.S. can ensure the constant supply of the chemical.
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