Pune, India, July 19, 2022 (GLOBE NEWSWIRE) -- The global propane market is forecast to witness high demand; Environmental benefits of propane to fuel demand, says Fortune Business Insights. The advantage of propane gas as a convenient and eco-friendly gas is fuelling its demand among users. The increasing demand for low emission sustainable fuel in the automotive and transportation sector is contributing to growth of the global propane market, says Fortune Business insights
Market Drivers-
ALTAGAS launches the First Marine Export Facility
ALTAGAS, a North American energy infrastructure company announced the opening of Ridley Island Propane Export Terminal (RIPET), in British Columbia. RIPET authorizes AltaGas to leverage the power of assets along with the energy value chain. The new marine export facility is expected to contribute significantly to the growth of the global propane market. Factors such as gas gathering and processing, fractionation and export to liquids handling in the facility will fuel demand. The facility also delivers access to premium overseas markets, where the demand for propane is high.
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This will in turn, boost the global propane market. Acquisitions between companies to acquire propane businesses are also fostering the growth of the global propane market. for instance, NGL Energy Partners has announced to purchase wholesale propane business of DCP Midstream. According to the agreement, NGL will have 100% ownership of 5 propane rail terminals which is operated by a subsidiary company of DCP; Gas Supply Resources.
Highlights of the Report-
The report sheds light on current market trends and recent developments in the industry that affect the market growth. Also, the impact of COVID-19 pandemic on market development and expansion is highlighted further in this report. Furthermore, drivers and restraints affecting the market growth are discussed in this report to elaborate on the possible lucrative opportunities for the key market players. The regional information regarding market share and development is provided further. The report focuses on providing factual information and statistical data regarding the current market state and future development during the forecast period.
COVID-19 Impact:
In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification And Investigation Of The Aspects:
We analysed industry trends in the context of COVID-19. We analysed the impact of COVID-19 on the product industry chain based on the upstream and downstream markets. We analyse the impact of COVID-19 on various regions and major countries.
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Regional Segmentation-
Increasing Electricity Generation in North America Will Support Market Growth
Geographically, the global propane market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is predicted to dominate the global propane market owing to the wide use of propane gas for water heaters, air conditioners, pest controls, and generation of electricity in the region. The US is one of the highest exporter and producer of propane gas all over the world; recent discoveries in oil and natural gas processing from the U.S are fostering growth in North America.
In Europe, the traditional markets for propane are the off-grid consumer for space heating and cooling. In Asia-pacific, the economic growth along with rising population are the prime factors which are fueling demand for LPG in countries like India and China and enabling growth of the propane market. In addition, Gulf Cooperation Council has also planned to explore new untraditional sources of feedstock for chemicals industry projects in Algeria and Nigeria for increasing petrochemical industries. GCC has also planned to explore new untraditional sources of feedstock for producing chemicals. This factor is predicted to boost the propane market in the region.
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KEY INDUSTRY DEVELOPMENTS
In May 2019, Altagas is achieved a new milestone by opening its Ridley Propane Export Terminal facility in British Columbia. This will be the first marine export facility for propane in Canada.
In Jan 2019, NGL Energy Partners has announced to purchase wholesale propane business of DCP Midstream. According to the agreement, NGL will have 100% ownership of 5 propane rail terminals which is operated by subsidiary company of DCP; Gas Supply Resources.
List of Key Players Profiled in the Report:
- BP plc
- Chevron Corporation,
- Royal Dutch Shell plc,
- Anadarko Petroleum Corporation,
- ConocoPhillips,
- Reliance Industries Ltd.,
- PetroChina Company Limited,
- Sinopec,
- Evonik, Sika AG,
- Total SA,
- Eni S.p.A,
- Marsh LP Gas Company Inc.,
- Statoil ASA,
- Ferrellgas Partners L.P.
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Propane market Segmentation:
By Application
- Residential
- Commercial
- Industrial
- Agriculture
- Transportation
- Chemicals
By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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