The global propane demand is expected to reach over 9.5 billion gallons by 2023.
Propane is a clean and efficient source of fuel, it is classified under liquified petroleum gas (LPG). It is primarily used for producing fuel and polymer grade propylene. It is used in both liquid and gaseous form. At atmospheric conditions, propane is in gaseous state, whereas, under pressurized conditions it is in liquid state. Most of the propane is used as a fuel for cooking, heating, and transportation with wide acceptance in end-use industries like process industry, transportation, and agriculture among others.
Some of the protuberant demand side drivers for propane includes the increasing demand for propane as a clean source of heating and cooking fuel in residential and commercial construction. Thus, increasing residential and construction activities in the developing and developed regions is expected to propel the demand for propane. For instance, the resurrecting construction industry in the US and increasing infrastructural investments in Asia-Pacific and Middle East & Africa. Thus, to suffice the demand for cooking and heating fuel in new constructions is expected to bolster the demand for propane. Demand for propane as an automotive and transportation fuel is another demand driver which expected to propel the propane demand in the global market. With rising scrutiny on traditional mobility fuels and demand for low emission sustainable fuels is expected to drive the demand for propane in the transportation sector.
Global Propane Market has been segmented by end-use industry and region.
Based on end-use industry, the market has been segmented into residential construction, commercial construction, process industry, agricultural, industrial machinery, automotive and transportation, and others.
The construction industry together accounted for the largest value share in 2017, however, process industry individually held the largest market value share for propane in 2017 and is expected to maintain its dominance throughout the forecast period. The latter growth can be attributed towards the increasing demand for propane in propylene production, which is a key raw material in production of polypropylene. The construction industry is trailing behind the process industry, increasing demand for clean fuel in cooking and heating applications is expected to drive the demand during the forecast period. Commercial construction is expected to lead the demand for propane in the construction industry with the ongoing investments in infrastructural developments in the developing economies of Asia-Pacific and Middle East & Africa.
In addition, the increasing scrutiny on emissions from automotive and transportation sector is expected to drive demand for propane, due to the growing need for clean and efficient fuel over traditional fuel, especially, in the developed economies such as the US and Europe.
Based on region, the global propane market has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The market in Asia-Pacific accounted for the largest value share of the global propane market on account of increased spending on the growing infrastructural development coupled with considerable increase in polymer industry.
North America is another prominent market in the global propane market on account of increasing use of propane as a clean source of fuel in the construction sector and emerging application in agricultural applications in the region.
The market in Europe is expected to be stagnant with a tight supply for propane and high inclination towards naphtha feedstock in the region.
The market in Latin America and the Middle East and Africa are likely to grow at a healthy CAGR on account of increased spending on residential and commercial construction.
Access Full Report Details and Order this Premium Report @
Some of the key players in the global Silicone are Ferrellgas (US), Royal Dutch Shell plc (Netherlands), Exxon Mobil Corporation (US), BP (UK), Chevron Corporation (US), Equinor ASA (Norway), Eni SpA (Italy), ConocoPhillips Company (US), Chesapeake (US), Anadarko Petroleum Corporation (US), and Canadian Natural (Canada)
Sample Report Link “Propane Market” @
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.