Propane being a clean and efficient feedstock to be used in the production of fuel and polymer grade propylene. Classified under liquified petroleum gas (LPG), propane is extensively used as a fuel for cooking, heating, and transportation. Moreover, Propane also finds wide acceptance in end-use industries like process industry, transportation, and agriculture among others.
Resultantly, Propane witnesses a huge demand, worldwide. The global propane demand is expected to reach over 9.5 BN gallons by 2027. Also, usages of propane in residential and commercial construction escalates the market on the global platform.
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Acknowledging the exponential traction, the market is witnessing currently, Market Research Future (MRFR) in its recently published a study report asserts that the global Propane market is expected to grow colossally by 2027, registering a phenomenal CAGR throughout the forecast period (2020 – 2027).
Additional factors that are attributing to the growth of the market include the increasing residential and construction activities led by the ever-increasing population and the rapid industrialization, worldwide. Moreover, the rapidly improving global economy fosters the growth of the market, increasing consumers’ purchasing power.
Demand for propane as an automotive and transportation fuel is another key driving force propelling the growth of the market. Simultaneously, factors such as the rising scrutiny on traditional mobility fuels and demand for low emission sustainable fuels is fostering the growth of the propane market, driving the demand in the transportation sector.
On the other hand, factors such as the volatility in the in the crude oil prices are expected to impede the growth of the market. Nevertheless, factors that would support the growth of the market include the expansion of propane dehydrogenation (PDH) plants globally by major petrochemical producers. Besides, an ever-increasing demand for polymer grade propylene and polypropylene will provided the much-needed impetus to the growth of the market.
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Segmentations
For ease of understanding, the report is segmented into two key dynamics: -
By End-use Industry : Residential Construction, Commercial Construction, Automotive Transportations, and Process Industry among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Geographical Analysis
The Asia Pacific region, heading with the increasing consumption of polypropylene dominates the global propane market. Factors such as the expanding production capacities in the region and the rapid industrialization foster the growth of the regional market. Moreover, the ever-increasing population is increasing consumption of polypropylene, creating a huge demand for liquified petroleum gas (LPG) that is used for cooking.
Moreover, the endless consumption of propane in some of the major end-use industries such as construction and automotive transportations especially in China, Japan, and India helps the regional market to proliferate further.
The Propane market in the North American region accounts for the second-largest market, globally. The growing demand for hydrocarbons from some of the burgeoning sectors such as construction, automotive, and packaging is a key driving force pushing the market growth in the region. Additionally, factors such as high disposable income along with the increasing investments in the end-use industries are fostering the market growth, boosting the demand for clean and efficient fuel. Moreover, the raw material advantage that the region holds helps the North American Propane market to account for nearly 21% of the share.
The European Propane market is rapidly emerging as a profitable market, globally. Factors attributing to the augmenting market demand include the penetration of end-user industries, the presence of a well-established automotive sector and the burgeoning packaging industry. Besides, the growing consumption of hydrocarbon products in the sectors such as aviation, energy, and marine along with the increasing innovations and technological advancements is estimated to propel the growth of the regional market. Some of the European countries such as the U.K., Italy, Germany, and France will be observing a notable growth in the market during the review period.
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Global Propane Market – Competitive Landscape
The competitive market of Propane appears fragmented with the matured small key players along with the new entrants forming a competitive landscape. Through the acquisition, strategic partnership, expansion, product/technology launch collaboration, these players try to gain competitive advantage. Substantial investments are transpired in the RD to develop an entirely different technology compared to their competition.
Major Players:
Key players leading the global Propane market include Royal Dutch Shell plc (Netherlands), Ferrellgas (US), Exxon Mobil Corporation (US), Equinor ASA (Norway), Chevron Corporation (US), Eni SpA (Italy), ConocoPhillips Company (US), Anadarko Petroleum Corporation (US), Chesapeake (US), and Canadian Natural (Canada) among others.
Industry/Innovation/Related News:
April 03, 2019 – Polaris Technologies (Australia), a leading global cutting-edge HVAC systems company specialising in a range of highly innovative air-conditioners launched its new ducted air-conditioning unit based on natural refrigerant propane (R290).
The Polaris HideAway series of air conditioners are ducted packaged units that do not require a separate outdoor unit. This further opens new possibilities for designers and architects who can now dispense with unsightly exterior units. Propane is its primary ingredient in refrigerant used in the new AC. Polaris has used a special purpose hydrocarbon blend specifically designed to replace R410A.
Customers are attracted to the propane-based system because it helps them to qualify for Greenstar certification from Green Building Council Australia. The hydrocarbon refrigerants are the only reason the Polaris HideAway systems were capable of passing MEPS,” according to Tony Power from Polaris.
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