Globally, increasing propane–based agricultural engine has been a major factor driving market growth. Also, growing demand for clean burning fuels due to strengthening of regulations and Paris Climate Agreement has led to the increased utilization in households globally.
The Global Propane Market is expected to reach USD 106.9 billion by 2025, growing at a CAGR of 3.5%, according to a new report by Grand View Research, Inc.
Depletion of non-renewable resources; crude oil and increasing environmental concerns have invigorated research of various innovative sustainable technologies that employ bio-based raw materials for production. Strengthening governmental and federal regulations which are likely to restrict traditional processing from non-renewable resources can be overwhelmed using innovative sustainable technologies.
Industrial was the largest end-use category in 2016 .and is expected to maintain a comparatively high growth rate over the forecast period. Chemicals and refinery were the primary market movers and achieved a share of over 14% in 2016.
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In U.K., LPG supplied to restaurants or commercial food establishments are 100% propane thus every restaurant and hotel, even street vendors are preparing food using this gas as fuel. Apart from cooking, it is also utilized for space and water heating in commercial establishments which are also expected to boost its demand over the forecast period.
Top Players of Propane Market:
Key players including ExxonMobil, BP, Chevron Corp., Royal Dutch Shell, Total SA and Sinopec dominated the industry while accounting for over 60% of the total volume in 2015.
Market Segmentation of Propane Market:
The Global Propane Market segmented on the basis of End-Use and Region.
By End-Use:
Industrial
Commercial
Residential
Transportation
Agriculture
Chemicals and Refineries
By Region:
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa
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