Global Propane Industry 2018 Market Research Report, Popular Trends & Technological Advancements, Forecast & Opportunities

The Propane Market was worth USD 131.2 billion in 2017 and is projected to reach around USD 163.5 billion by 2024. The Propane Market is estimated to grow at a CAGR of 3.17% during the forecast period 2018-2024. The North America region accounted for the largest market share of approximately 30% in 2017 and is expected to remain dominant through the forecast period. The Asia-Pacific region is expected to grow at the highest CAGR of 4.1% during the forecast period.

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Propane is a hydrocarbon and is sometimes referred to as liquefied petroleum gas (LPG). Propane is produced from both natural gas processing and crude oil refining. Propane gas turns into liquid under pressure. Furthermore, propane is nontoxic, colorless, and virtually odorless and is one of the cleanest burnings of all the fossil fuels. Propane is used widely in the small domestic heating application as well as in large industrial and manufacturing process. Moreover, propane is commonly used for residential & commercial heating and cooking, motor fuel, as a raw material in the petrochemical industry for the production of plastics, fibers, and cosmetics.

Rising demand for liquefied propane gas from increasing consumers globally and increasing preference of consumers due to the lower cost of propane as compared to other fuel substitutes are the key factors driving the global propane market. Furthermore, rising demand for propane from the petrochemical industry for the production of plastics, fibers, and cosmetics will also drive the propane market globally over the forecast period. Moreover, huge demand for propane as motor fuel from automobile industry coupled with lower cost as compared to other fuels will also drive the global propane market over the forecast period.

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However, fluctuations in petroleum and crude oil prices primarily required for processing & refining of propane as well as inadequate infrastructure for retailing of propane and limited awareness of benefits associated with propane among the consumers are the prime factors responsible for restraining the growth of this market. Nevertheless, huge demand for clean fuel from marine industry which in turn increases the demand for propane and use of propane in power generation will bring opportunities to the global propane market. Hence, the global propane market is expected to face challenges such as transportation, storage, and supply.

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• Comprehensive analysis of global as well as regional markets of the Propane.

• Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.

• Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.

• Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.

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