Sarasota, FL -- (SBWIRE) -- 07/09/2018 -- Global Propane Market: Overview
Propane is basically a gas that is mainly taken from crude oil by stabilization method utilizing fractional distillation. It is majorly used by the commercial, residential, industrial, transportation, and refinery and chemical sectors. Propane is considered as a green energy resource as it burns clearly and resourcefully without any injurious emissions. Rising fuel demand of a country is majorly fulfilled by propane imports.
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Global Propane Market: Growth Factors
The global increase in the energy demand in the commercial end-user industries is a major factor that is driving the propane market. Propane is used as an energy resource as well as it is used in the production of propylene and ethylene. The growing applications of propane in different end-user industries and the increased demand for higher efficient fuels are propelling the growth of the propane market. Propane is increasingly being used in the agriculture, commercial, and residential sectors thus creating the need to have protocols for safe use of the product. It is anticipated that the major demand for the propane is from the industrial sector.
Global Propane Market: Segmentation
The propane market is classified based on application and geography. Based on application, the global propane market is further divided into commercial, residential, agricultural, industrial, transportation, and chemical & refinery segments. The residential division mainly includes multi-family housing, planned communities, and housing societies. The commercial division primarily involves restaurants, educational institutions, and showrooms. The industrial division includes space heating and welding. The effectiveness of propane is also increasing in schools and restaurants. In addition, propane is used to produce electricity in commercial buildings.
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Global Propane Market: Regional Analysis
The global propane market is classified into five regions: Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. North America is further sub-divided into the Mexico, U.S., and Canada. Further, the Asia Pacific is sub-divided into India, China, Japan, and others. The industrial and refinery and chemical divisions are projected to propel the demand for the propane market in the Asia Pacific. As the markets in Western Europe have come out from the downturn, better development is anticipated in the region's automotive sector. The power generation and transportation divisions are projected to contribute considerably to the increasing demand for the global propane market in North America in the coming future. Propane demand and popularity majorly exhibit seasonal patterns; particularly during the summer, the demand increases when its cost is low and decreases during the winter season when its cost is high.
Global Propane Market: Competitive Players
Some of the most important market players in the global propane market are BP, Lykins Energy Solutions, Royal Dutch Shell, Ferrellgas Partners Sinopec, ExxonMobil, Marsh LP Gas Company Inc.Chevron Corp., and Total SA, among others.
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