The global propane market is the subject of analysis of a new market research report published by Transparency Market Research (TMR). The report, titled “Propane Market – Global Industry Analysis, Size, Share, Growth Trends and Forecast 2014 – 2022”, 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.
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.
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.
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