Propane is a type of liquefied petroleum gases with low energy density. It is environmental- friendly because it burns efficiently and without harmful emissions when compared to gasoline and coal. It is used as a low emission fuel in domestic and industrial applications. Propane is compressed and stored in liquid form and is toxic and colorless in nature. It is a byproduct of natural gas, crude oil, petroleum refining, and natural gas processing. The other gases included in the group of LPG of which propane is a member are butane, Isobutylene, propylene, butadiene, and other hydrocarbon gases.
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Propane is used on a large scale as a fuel across the globe. It is used in its purest form in countries such as the U.S, Canada, Australia, and China. Propane is used by mixing various liquids in form of LPG in other countries due to limited production and supply. Propane is cost-effective and efficient which proves to be an affordable substitute for fuel. These factors have fueled the growth of propane market. The global market for propane is projected to expand at a CAGR of approximately 5% during the forecast period of 2019-2027.
Propane-based Applications in Residential Sectors Acts as Catalyst for Propane Market Growth
The use of propane is rising in residential sectors as it is convenient and economical. The consumption of propane in residential sectors is in form of water heaters, air conditioners, refrigerators, lighting, and gas systems. Propane gas tanks are constructed outside the facilities and the consumers have to pay their bills according to the use. Players in construction sector are providing lucrative offers to consumers like community propane systems which promotes in creating ample space for designing other amenities such as swimming pools, driveways, and septic tanks. North America has proved to be a pioneer in such residential projects. The centralized propane gas system is similar to natural gas station. Thus, it proves to be effective, and is a budget friendly option for the consumers. This aspect propels the growth of the propane market.
Portable generators are installed in residential homes and connected with the circuit breaker panel. Easy installation with extension wires with a transfer switch connection proves to be a sustainable option during power cuts. Portable gas cylinders can be transported, installed, and refilled easily.
North America Market to Expand Significantly Owing to Large Production and Supply of Propane in Compressed Liquid Form
Rapid urbanization is the key factor that promotes the growth of residential sectors which, in turn, is bolstering the demand for propane gas stations. The use of propane gas as a sustainable fuel with low sulfur content and zero lead content makes it popular among automobile sectors and end-use industries that deal with industrial appliances, farm equipment, and home utilities. The U.S is one of the leading consumers of propane across the world. It is one of the major suppliers of compressed liquid propane due to abundant natural reserves. The production and supply of propane is large in the U.S. In addition, there is an increased demand for propane as domestic fuel. All these factors will help the global propane market reach US$ 109 Bn by 2027.
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Burning of propane causes less emissions as compared to other fuels. This makes it environmental-friendly and sustainable. Asia Pacific is also expected to expand at a significant CAGR during the forecast period of 2019-2027. Countries like India and China are witnessing large consumption of propane.
The competitive landscape of global propane market is fragmented due to the prominent presence of large number of natural gas producers worldwide. Owing to the vast production outputs of natural gas, major players are investing in joint ventures, partnerships, and mergers and acquisitions. R&D activities are conducted for development of propane from natural resources like palm. Manufacturers are increasing the production to meet the demands of end-users.
Key market players operating in the global propane market are DCC PIc, AmeriGas, Propane, Inc., Saudi Arabian Oil Co., Air Liquide, GAIL (India) Ltd., Suburban, Propane, L.P., and Lykins Energy Solutions.
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TMR’s study on the propane market includes key insights categorized into two broad segments – application and region. Changing industry trends and other important dynamics associated with these segments have been discussed in detail. The report includes market revenue comparison analysis and market attractiveness analysis to determine the impact of each segment on the overall growth of the propane market.
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