Global propane market is expected to witness tremendous growth owing to increasing demand from end-use applications including central heating and LPG. In addition, propane is also used as fuel in automobiles which is anticipated to increase its market share significantly over the forecast period. Technology innovation in internal combustion engine is expected to offer novel avenues for market development in applications such as irrigation pumps, commercial lawn mowers and propane fueled vehicles in the next six years.
Oil price fluctuations are known to adversely impact propane price and is expected to hamper market growth over the forecast period. Presence of substitutes including natural gas and electricity as a result of improved energy efficiency and increasing propane prices is anticipated to act as a restraint for propane market growth over the next six years. Implementation of propane hedging can help in price volatility reduction and thereby providing opportunities for propane market growth over the forecast period. Eco-friendly characteristics including reduced carbon emission of propane are expected to fuel propane market growth over the forecast period.
The U.S. was the largest consumer of propane over the last decade owing to its increasing use in HVAC systems. Extreme climatic conditions in the region have resulted in significant propane demand. Asia Pacific is expected to be the fastest growing region due to growing domestic fuel demand and automotive industry growth on account of increasing population and rapid industrialization. Favorable government policies in emerging economies of China and India are further expected to propel propane market growth in the next six years.
Major application of propane includes manufacturing of plastics for use in residential, industrial, commercial, agriculture and transport sector. End-use industry growth is expected to generate high propane demand thus influencing market growth. Propane market is expected to have strong growth prospects especially in non-industrialized sectors particularly as cooking fuel, off grid refrigeration, soldering, hot air balloons and propellants in aerosol sprays.
Key players in propane market include Chevron Corporation, British Petroleum, BASF, Evonik, Sinopec, PDVSA, Valero Energy Corporation, AmeriGas, ExxonMobil, Shell, Reliance Industries Limited and PetroChina Company Limited.
Avail customized purchase options to meet your research needs:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.