Propane Market Projected to Rise to US$145.82 bn by 2022
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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.
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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.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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