Wilmington, Delaware, United States, July 13, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Analysts at TMR estimate the propane market to register a CAGR of 4.8% for the forecast period from 2022 to 2031. Critical advantages of use of propane for decline in greenhouse gas emissions such as carbon dioxide and reduced air pollutants such as nitrogen oxide and carbon monoxide is driving the propane market.
Diverse applications of propane due to its environment-friendly properties provide ample opportunities in propane market. Role of environment agencies to promote the use of clean fuel boosting the consumption of LPG to create future market demand for propane. Furthermore, need to switch from conventional energy sources to clean energy that produces less Cox and SOx enforced by government agencies is fuelling the adoption of propane. This has led to increasing propane uses in agriculture, heating, power generation, cooking, and recreation.
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Leaning for substituting conventional fuels such as gasoline and fuel oil with propane toward a cost-effective and viable step for cleaner air stimulates the propane market. For example, in chemical & refinery applications, propane is increasingly used as an essential feedstock to manufacture various materials and compounds. This is paving way to devise marketing strategy for propane with its increasing use in plastic, petrochemical, and recycling industries.
Asia Pacific stood at the fore with 50.1% share of propane market in 2021. Government subsidies for clean energy in developing economies for the growing urbanization and industrialization makes it one of the fastest growing market for propane. This invites demand for LPG for cooking fuel in developing countries to boost the propane market in the region.
Europe is a key region in the propane market due to substantial commercial and industrial use of propane in the region.
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Propane Market –Key Findings of the Report
- Clean nature of propane not matched by crude oil is leading to increasing installation of propane engines in automobiles. Propane engines emit 20% less NOX emission, 12% less CO2 emissions, and 60% less CO emissions than petrol engines to strengthen their adoption in automobiles.
- Crucial advantages of LNG over crude oil in terms of price, energy content, and reduced environmental footprint creates opportunities in propane market, in turn
- Residential application segment held the major share of 46.4% of the propane market in 2021. Indoor heating, cooking, and burning are some key residential applications of propane. Applications for heating residential water in several countries provides impetus to residential application segment of propane market.
- Industrial application segment is anticipated to emerge attractive in the propane market during the forecast period. Substantial use of propane as a fuel in glass, plastics, metal, and recycling industries is fuelling the industrial application segment
- North America is a mature market for propane. Release of propane in large volume from processing of large shale gas deposits in the region accounts for its extensive use in heating appliances and fuel for stoves
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Propane Market – Growth Drivers
- Clean label of propane with significantly less volatile organic content than conventional fuels such as petrol and diesel favors installation of propane engines in automobiles
- Standing as a contemporary energy source with minimal impact on environment substantiates diverse applications of propane in agriculture, heating, power generation, cooking, and recreation
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Propane Market – Key Players
Some of the key players operating in the propane market are;
- AmeriGas Propane Inc.
- China Petroleum & Chemical Corporation
- Saudi Arabian Oil Co.
- GAIL India Limited
- Suburnan propane L.P.
- Marsh L.P. Gas Co. Inc.
- Thompson Gas
- DCC Plc
- Ferrell Gas
- Gazprom Air Liquid
- Indian Oil Corporation Ltd
- Lykins Energy Solutions
- Sparlings
The propane market is segmented as follows;
Propane Market, by Application
- Residential
- Commercial
- Chemical & Refinery
- Industrial
- Transportation
- Agriculture
Propane Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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