Propane Market Size And Forecast
The Global Propane Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Propane Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.
Propane Market was valued at USD 131.35 Billion in 2019 and is projected to reach USD 163.88 Billion by 2027, growing at a CAGR of 12.82 % from 2020 to 2027.
What is Propane?
Propane is obtained as a by-product of natural gas processing and crude oil refining. It is a three-carbon alkane categorized as one of the liquefied petroleum gases with the molecular formula C3H8. There are two ways in which propane is produced – refining and natural gas production. Propane, alongside with butane, is obtained from liquid components by natural gas processing to avoid condensation in natural gas pipelines. The propane is denser than gas, so the extracted propane is stored and transported in a liquid state. The next step is to mix odorant and propane since it is naturally colorless and odorless.
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The propane is categorized into 3 grades – HD5, HD10, and commercial propane and each grade comes from the same raw material. It has a low melting point, very high hydrogen content, and combustion is much cleaner than that of coal. It is are predominately used in commercial, agriculture and residential sectors. Its extensive application in construction sites, automotive sector, industrial segments, and electricity generation from gas turbines.
Global Propane Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
The increasing demand from the residential sector and around their homes for furnaces, water heater, air conditioner, fireplaces, and other application, increasing demand for low sustainable fuel in the automotive sector, and growing demand in construction activities in the developing and developed regions is expected to fuel the growth of the global propane market.
Moreover, the rise in the demand for applications such as metal-cutting torches and for use in snow melting is anticipated to propel the market growth for the forecast period. However, factors such as high installation and maintenance cost, safety issues related to propane handling, and depleting levels of fossil fuels are the potential restraints hampering the overall market. The untapped potential in emerging markets offers favorable growth opportunities.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The “Global Propane Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.
Global Propane Market Competitive Landscape
The “Global Propane Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as AmeriGas Propane Inc., DCC plc., China Petroleum & Chemical Corporation (SINOPEC), Ferrellgas, Saudi Arabian Oil Co., Gazprom, Air Liquide, GAIL (India) Limited, Indian Oil Corporation Ltd., Suburban Propane L.P., and Others. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
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Propane Market, By Application
• Residential
• Commercial
• Chemicals & Refineries
• Others
Propane Market, By Geographic Scope
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
• Rest of the World
o Middle East & Africa
o Latin America
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