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

Pune, India -- (SBWire) -- 11/15/2018 --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 approximate 30% in 2017 and is expected to remain dominant through the forecast period. The Asia-Pacific region is expected to grow at 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 burning of all the fossil fuels. Propane is used widely in 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 petrochemical industry for the production of plastics, fibers and cosmetics.

Rising demand of liquefied propane gas from increasing consumers globally and increasing preference of consumers due to lower cost of propane as compare to other fuel substitutes are the key factors driving the global propane market. Furthermore, rising demand of propane from petrochemical industry for the production of plastics, fibers and cosmetics will also drive the propane market globally over the forecast period. Moreover, huge demand of propane as motor fuel from automobile industry coupled with lower cost as compare 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 of clean fuel from marine industry which in turn increases the demand of 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 the challenges such as transportation, storage and supply.