Propane Market is expected to reach USD 145.82 Billion by 2022
Propane Market by Application - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2014 - 2022
[UKPRwire, Fri May 22 2015] The report defines and segments the propane market, providing analysis and forecast of the global revenue. According to the report, the global propane market was valued at USD 114.44 billion in 2013 and is likely to reach USD 145.82 billion by 2022, expanding at a CAGR of 3.56% between 2014 and 2022.
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The propane market has been segmented into six types of applications: residential, commercial, industrial, chemical & materials, agricultural and transportation. The residential segment dominated the global propane market in 2013. Stringent environmental regulations and less reliable conventional gas sources are expected to be major growth drivers for the propane market in residential applications. Demand for propane as a fuel in the marine industry is expected to grow gradually owing to the introduction of strict environmental norms that compel the usage of clean fuels. Propane emits nearly zero sulfur content and nitrogen oxide during combustion as compared to marine diesel oil.
Owing to its clean form of existence as compared to other oils, demand for propane is rising and expected to grow substantially in the next four to five years. Propane is gradually becoming the primary fuel worldwide, chiefly due to its growing applications in transportation and domestic segments. Rising demand for energy and awareness of global warming would significantly augment the propane market in the next four to five years. Propane is highly-preferred due to its higher calorific value and lower cost as compared to other substitute fuels. Hence, the propane market is likely to witness substantial growth in the next five to six years. With lack of propane retailing infrastructure and lesser number of propane-fueled vehicles, the demand for propane from the transportation sector is likely to be limited.
The market for propane has been segmented on the basis of applications into residential, commercial, industrial, transportation, chemical & refinery, and agricultural. The residential segment was the largest consumer of propane globally in 2013. The segmentís market share is expected to further increase by 2022. The residential segment has recently entered into a slowdown in the Latin American countries, while the economies of Middle East & Africa are still exhibiting minimal growth.
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The global market for propane has been segmented into five regions: North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific accounted for 39.18% of the global market share in 2013. It was the largest regional segment in terms of volume in the same year. Asia Pacificís market share is further anticipated to increase to 41.39% by 2022, primarily due to rising demand from the petrochemical industries in the region. Furthermore, rapid development of the manufacturing, petrochemical and chemical processing industries in the emerging economies such as India and China would play a major role in fueling the demand for propane in Asia Pacific. Significant growth in the other industries in Asia Pacific such as power, infrastructure, hydrocarbons, and automobile manufacturing is expected to boost the demand of propane during the forecast period.
Substantial growth in the industrial sector is augmenting the transportation industry in North America. Growing demand for propane from the petrochemical industry in the MEA is expected to boost the market growth in the region. Surplus supply and cheaper rates of propane in North America have resulted in moderate market growth rate in the region.
Companies such as Ferrellgas Partners, L.P., Aero Energy, Campora Propane Services and AmeriGas Propane Partners, L.P. are expected to dominate the market in the near future.
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Global Propane Market: Application Analysis
Chemical & Refinery
Global Propane Market: Regional Analysis
Rest of Europe
Rest of Asia Pacific
Middle East and Africa (MEA)
Rest of Middle East and Africa
Rest of Latin America
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