Propane is a gas that is extracted from crude oil through stabilization process using fractional distillation. It is used by the residential, commercial, transportation, industrial, and chemical & refinery sectors. Propane is also one of the green fuels as it burns clearly and efficiently without any harmful emissions. Growing energy demand of a country is fulfilled through propane imports.
Albany, NY -- (SBWIRE) -- 11/02/2015 -- The propane market report analysis of the global propane industry. The report divides the market on the basis of application and geography. It also provides the forecast and estimates for each application and region. The report analyzes demand and supply characteristics of the market by providing detailed forecast and analysis of revenue for the period 2014–2022.
The propane market primarily includes six types of applications: residential, commercial, agricultural, industrial, transportation, and chemical & refinery. Stringent environment regulations and growing petrochemical industry are expected to be the major growth drivers for the propane market. Propane ranks as the fourth important source of energy for the residential segment. As an energy source, propane competes with electricity, natural gas and fuel oil on the parameters such as profitability, price and availability. In certain geographic areas, propane is comparatively cheap as compared to electricity. The residential segment was the largest consumer of propane globally, accounting for 32.57% of the global share in 2013. The share of the residential segment is expected to reach 30.47% by 2022. Propane is used in residential applications as a substitute fuel owing to low carbon emissions and safety. Propane-powered home appliances deliver high efficiency output and value compared to other energy sources. Chemical & refinery sector was the second-largest consumer of propane globally, accounting for 25.74% of the global share in 2013. The segment's share is expected to reach 29.77% by 2022.
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Asia Pacific, with growing population and booming transportation sector, is expected to dominate the market in the next few years. As infrastructure development and manufacturing activities in the region are increasing, the demand for propane is also expected to grow at constant rates throughout the forecast period. Both the chemical processing and petrochemical industries are likely to exhibit significant growth in demand for propane in the near future. Fuel competition in nations, which subsidize kerosene, hampers the demand for propane. Natural gas producing regions often sell natural gas at prices that are significantly lower than domestic propane prices, which hampers propane demand. Oversupply, undersupply and higher prices due to cold weather affect propane demand for limited periods. The U.S., Mexico and Canada favor adoption of propane in the transportation sector. Substantial growth in the industrial sector is fueling the transportation industry. This, in turn, is likely to boost the growth of the propane market in the next four to five years. Introduction of several emission norms have helped the propane market grow substantially in the recent years. Propane prices have decreased since the past few years and demand for propane from the petrochemical industry has increased substantially. Plans to build propane to propylene petrochemical facilities in various countries including China offer wide opportunities for the propane market during the forecast period. Increasing applications in petrochemical plants have accelerated the overall market growth of propane in the past few years.
The report includes geographical regions such as North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Every region has been further bifurcated on the basis of the application segments. Revenue forecasts and estimates for each product segment have been provided for the period 2014–2022.
The report also provides detailed analysis and revenue of companies such as Ferrellgas Partners, L.P., Lykins Energy Solutions, Marsh LP Gas Company Inc., Suburban Propane Partners, L.P., ThompsonGas and Sparlingss Propane Co. Ltd.
With the help of Porter's Five Forces model, the report provides a detailed analysis of the various factors influencing the propane market. The analysis also helps understand the degree of competition prevalent in the market. Furthermore, the report analyzes the value chain and the various drivers and restraints of the global propane market.
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