Transparency Market Research has published a new report "Propane Market by Application - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2014 - 2022" to its report store.
Albany, NY -- (SBWIRE) -- 11/29/2016 -- The global propane market is fragmented in nature. Many key players are entering into the LPG compression and distribution at the regional level. There exists a high concentration of players at the regional level owing to demand. The threat from new entrants is expected to remain low in the coming years since established players already have the infrastructure and networks in place and so new entrants cannot particularly carve a place for themselves without having to invest heavily. The propane industry is expected to witness numerous joint ventures, exclusive agreements, acquisitions, and even long term agreements among importers and exporters, states a new report by Transparency Market Research (TMR). The threat of substitutes is expected to rise from low to medium owing to chances of piped natural gas (PNG), taking over liquid petroleum gas (LPG) market shares in urban areas. The competition between distribution companies is expanding as new consumers are being added.
According to the report, the global market opportunity in propane is expected to rise from US$121.83 bn in 2015 to US$145.82 bn by 2022. On the basis of geography, Asia Pacific led in 2013 and is estimated to do so through 2022 due to a high demand for propane for space heating in countries having low temperatures such as China, Japan, and South Korea. Analysts say that the propane market in Asia Pacific is expected to account for 41.39% of the market by 2022.
Interpret a Competitive outlook Analysis Report with PDF Brochure : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=221
Propane to be in High Demand from Residential Sector
By application, the residential segment is expected to lead and account for 30.47% of the market by 2022. Propane is high in demand and popular in the residential sector owing to the less carbon emission during combustion and the fact that it is nontoxic. The use of propane is increasing in developing countries across all regions and has replaced wood and traditional fuel entirely. In some rural areas of North America and North Australia, propane is also used in heat producing appliances, livestock facilities, and heat grain dyers.
High Demand from Marine Industry to Drive Propane Market
The demand for cleaner fuel from the marine industry is growing owing to new legislations, which are limiting sulfur oxide emissions. These new rules are being implemented so as to curb pollution in the seas caused by oil and exhaust as well as by dumping. In addition to this, Emission Control Areas (ECAs) have been regulated by many sulfur emission norms, and this will drive the demand for propane as propane has nearly zero sulfur content. Additionally, propane produces lesser NOx during combustion than marine diesel oil. Propane is also cheaper than bunker oil. Thus, the global propane market is expected to grow in the coming years due to the economic and environmental benefits of propane. Another factor driving the market is the adoption of propane in the transportation sector.
Storage and Transportation of Propane to Pose Challenge
Despite the fact that propane is an economical and eco-friendly fuel, with high demand from both the domestic and transportation sector, the market is expected to face challenges relating to storage, transportation, and supply. In addition to this, high cost incurred while handling and storing propane is a problem. Infrastructure and logistic costs are also posing a grave issue. These factors are hampering the growth of the propane market. On the other hand, propane is expected to emerge as one of the most viable energy sources for power generation units and this will result in the market witnessing a substantial growth in the coming years.
Browse Report with Full TOC at : http://www.transparencymarketresearch.com/propane-market.html/
The global propane market is segmented as follows:
Chemical & Refinery
About Transparency Market Research
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR's syndicated reports strive to provide clients to serve their overall research requirement.