The
global propane market is the subject of analysis of a new market
research report published by Transparency Market Research (TMR) ,
states that the market will expand at a moderate 3.56% CAGR over the
report’s forecast period and value US$145.82 bn by 2022.
In-depth
research report on Propane Market with Full TOC at :
http://www.transparencymarketresearch.com/propane-market.html
The
cleaner nature of propane as compared to other oils is a chief factor
leading to its increased and constantly rising demand on a global
front. Analysts suggest that the rising applications of propane in
domestic segments and the transport industry are gradually making it
the primary fuel worldwide. The continuously rising demand for new,
efficient, and cleaner energy sources from the increasing global
population and an improved awareness about the effects of a number of
petrochemical fuels on the environment are factors expected to boost
demand for propane in the coming years.
Propane
is also preferred over other fuels owing to its high calorific value
and comparatively lower cost. However, due to the inadequately
developed retailing infrastructure of propane and the lower number of
propane-enabled vehicles, the market for propane is hindered to a
certain extent.
The
report segments the market on the basis of two criteria: application
and geography.On the basis of application, the market is segmented
into commercial, chemical and refinery, agricultural, residential,
transportation, and industrial sectors. Propane is the fourth
important energy source for the residential sector. As an energy
source, it competes with fuel oil, natural gas, and electricity in
the domestic sector on parameters such as availability, price,
profitability, and environmental impact. Across several regional
markets, propane is cheaper than electricity, and is thus more
preferred.
Of
the key application segments of propane studied in the report, the
residential segment emerged as the largest consumer of propane on a
global front in 2013 by accounting for a 32.57% of the global market.
By 2022, the share of this sector in the global market is expected to
decline to 30.47% owing to the increasing share of the market in
transportation and other sectors. The chemical and refinery sector
was the second-largest consumer of propane on a global front in 2013
with a 25.7% share in the market. This segment is expected to account
for a larger share of the market, which is an estimated 29.77% by
2022.
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On
the basis of geography, the market is segmented into North America,
Asia Pacific, Latin America, Europe, and Middle East and Africa.Of
these, Asia Pacific, which led the market and accounted for a 39.18%
of the global propane market in 2013, is expected to dominate the
global propane market over the report’s forecast period owing to
the booming transportation industry and rising population. The rising
manufacturing and infrastructure development activities in this
region are also leading to an increased demand for propane. The
demand for propane is expected to be hindered in regions that provide
subsidies on fuels such as kerosene. The market is also expected to
expand at a low pace in regions that domestically produce natural gas
and are capable of selling natural gas at a price significantly lower
than that of propane.
Some
of the key vendors operating in the global propane market are Marsh
LP Gas Company Inc., Lykins Energy Solutions, Sparlingss Propane Co.
Ltd., Ferrellgas Partners, L.P., ThompsonGas, and Suburban Propane
Partners, L.P.
The
market is segmented as follows:
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
Browse
Article Of Propane Market :
http://www.transparencymarketresearch.com/article/propane-market.htm
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