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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Propane Market Report with Full TOC at
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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 segment’s 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 Pacific’s 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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Press Release Of Propane Market
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Global
Propane Market: Application Analysis
- Residential
- Commercial
- Industrial
- Agricultural
- Chemical & Refinery
- Transportation
Global
Propane Market: Regional Analysis
North
America
- U.S.
- Canada
- Mexico
Europe
- Germany
- Turkey
- Spain
- U.K.
- Rest of Europe
Asia
Pacific
- China
- india
- Japan
- Rest of Asia Pacific
Middle
East and Africa (MEA)
- Saudi Arabia
- Angola
- Iran
- Rest of Middle East and Africa
Latin
America
- Brazil
- Rest of Latin America
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