Propane Market to Derive Growth from The Rising Demand for Low Emission Sustainable Fuel, says TMR

Propane is a type of liquefied petroleum gases with low energy density. It is environmental- friendly because it burns efficiently and without harmful emissions when compared to gasoline and coal. It is used as a low emission fuel in domestic and industrial applications. Propane is compressed and stored in liquid form and is toxic and colorless in nature. It is a byproduct of natural gas, crude oil, petroleum refining, and natural gas processing. The other gases included in the group of LPG of which propane is a member are butane, Isobutylene, propylene, butadiene, and other hydrocarbon gases.

Propane Market - Scope of the Study

Transparency Market Research, in its new business study, provides a future outlook for the propane market. It provides a wealth of information on key market dynamics, including the drivers, restraints, trends, and challenges prevailing in the propane market, which can help market players identify the growth opportunities. TMR's study outlines the growth indicators of the propane market for the period of 2019-2027, along with forecast statistics in terms of value (US$ million).

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This business study brings to the fore the growth course of the propane market. Important indicators of the propane market, including value and supply chain analysis, pricing analysis, historical value and volume analysis, as well as Y-o-Y growth trend analysis have been provided in the report. Detailed information covered in the report can help readers anticipate the quantitative growth prospects of the propane market during the forecast period.

Propane-based Applications in Residential Sectors Acts as Catalyst for Propane Market Growth

The use of propane is rising in residential sectors as it is convenient and economical. The consumption of propane in residential sectors is in form of water heaters, air conditioners, refrigerators, lighting, and gas systems. Propane gas tanks are constructed outside the facilities and the consumers have to pay their bills according to the use.

Players in construction sector are providing lucrative offers to consumers like community propane systems which promotes in creating ample space for designing other amenities such as swimming pools, driveways, and septic tanks. North America has proved to be a pioneer in such residential projects. The centralized propane gas system is similar to natural gas station. Thus, it proves to be effective, and is a budget friendly option for the consumers. This aspect propels the growth of the propane market.

Portable generators are installed in residential homes and connected with the circuit breaker panel. Easy installation with extension wires with a transfer switch connection proves to be a sustainable option during power cuts. Portable gas cylinders can be transported, installed, and refilled easily.

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North America Market to Expand Significantly Owing to Large Production and Supply of Propane in Compressed Liquid Form

Rapid urbanization is the key factor that promotes the growth of residential sectors which, in turn, is bolstering the demand for propane gas stations. The use of propane gas as a sustainable fuel with low sulfur content and zero lead content makes it popular among automobile sectors and end-use industries that deal with industrial appliances, farm equipment, and home utilities. The U.S is one of the leading consumers of propane across the world. It is one of the major suppliers of compressed liquid propane due to abundant natural reserves. The production and supply of propane is large in the U.S. In addition, there is an increased demand for propane as domestic fuel. All these factors will help the global propane market reach US$ 109 Bn by 2027.

Burning of propane causes less emissions as compared to other fuels. This makes it environmental-friendly and sustainable. Asia Pacific is also expected to expand at a significant CAGR during the forecast period of 2019-2027. Countries like India and China are witnessing large consumption of propane.

The competitive landscape of global propane market is fragmented due to the prominent presence of large number of natural gas producers worldwide. Owing to the vast production outputs of natural gas, major players are investing in joint ventures, partnerships, and mergers and acquisitions. R&D activities are conducted for development of propane from natural resources like palm. Manufacturers are increasing the production to meet the demands of end-users.

Key market players operating in the global propane market are DCC PIc, AmeriGas, Propane, Inc., Saudi Arabian Oil Co., Air Liquide, GAIL (India) Ltd., Suburban, Propane, L.P., and Lykins Energy Solutions.

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Global Propane Market - Segmentation

TMR's study on the propane market includes key insights categorized into two broad segments - application and region. Changing industry trends and other important dynamics associated with these segments have been discussed in detail. The report includes market revenue comparison analysis and market attractiveness analysis to determine the impact of each segment on the overall growth of the propane market.

By Application
Residential
Commercial
Chemicals & Refineries
Industrial
Transportation
Agriculture

By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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Propane Market: Community Propane Systems Increasingly Used in Upmarket Residential Townships in the U.S.

Since the residential sector accounts for the highest share of the propane market, which tantamount to ~43% for propane-based applications, market players are providing innovative offerings to consumers. For example, builders and developers in Texas, U.S., are offering community propane systems to property buyers. Using community propane systems instead of individual tanks helps builders in creating more space for designing driveways, swimming pools, septic tanks, and other value-add amenities in large township projects. Thus, with the help of centralized propane distribution, buyers can use gas systems just like natural gas in cases when a natural gas station is not present in close proximity.

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