ALBANY, New York, March 26, 2020 /PRNewswire/ -- As per a recent report by Transparency Market Research the global propane market is projected to witness a substantial growth during the tenure of 2019 to 2027. The report states that the market is anticipated to witness 5% CAGR during the estimated duration. Owing to the growth in demand for propane in various commercial and domestic applications, the global propane market is expected to witness a massive influx of new players making the dynamics of the market quite intensive. However, the global propane market is anticipated to be quite lucrative as the market shall rise from US$ 72 Bn in 2018 to ~US$ 109 Bn by the end of 2027, which is projected to attract new players in the global propane market. This shall make the landscape of the joint global propane market highly competitive, says the report by Transparency Market Research.
The residential sector accounts for the highest share of the propane market, which tantamount to ~43% for propane-based applications.
Upmarket residential neighborhoods in the U.S. lack access to natural gas. Developers build propane tanks outside the entry gates to these communities to avoid the barreling of individual tanks inside the community. To simplify the process, players operating in the propane market bill homeowners according to their usage, who need not pay upfront during the time of delivery.
In terms of value, the global propane market is anticipated to expand at a CAGR of ~5% during the forecast period, to reach a value of US$ 109 Bn by 2027.
Explore the latest study on global propane marketunder the title: Propane Market (Application: Residential, Commercial, Chemicals & Refineries, Industrial, Transportation, and Agriculture) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/propane-market.html
Key Drivers Propelling the Growth of Global Propane Market
Growing Consumption of LPG to Boost the Growth
The global propane market is driven majorly by the growing application of LPG in both commercial and domestic sectors. The LPG cylinders are extensively used in restaurants, homes, and other industries for various purposes. They provide pollution-free, safe and secure combustion. This property of LPG makes them excellent choice for the various purposes like cooking, grilling, and heating in domestic sectors. Moreover, the in industries the commercial LPG is used for cutting metals and in several furnaces. These widespread applications of LPG in domestic and commercial sectors shall boost the growth of global propane market from 2019 to 2027.
Additionally, consumer security is the major factor that is anticipated to propel the growth of global propane market in 2019 to 2027. Since LPD cylinders provide optimum security against leakage that can turn out to be catastrophic if not detected. This is the major advantage that accelerates the use of LPG from 2019 to 2027. As a result of this growing application of LPG cylinders due to their security benefits, the market is projected to grow substantially from 2019 to 2027.
In terms of revenue and volume, Asia Pacific accounted for the largest share of the global propane market in 2018. This dominance of the region is projected to continue in coming years, owing to a rise in the demand for cooking fuel in the form of LPG. China has become a top propane-importing country in the world, due to rising domestic fuel consumption in the country. The propane market in China is projected to expand at a rapid pace during the forecast period.
The global propane market is highly competitive and largely fragmented. This nature of the market is the result of the presence of prominent players that are dominating the dynamics of the market. However, due to this scenario, the new players might find it difficult to enter the global propane market.
Therefore, these players are indulging in strategies such as mergers and collaborations to acquire adequate resources that can help them gain sustainability in the global propane market.
Analyze propane market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
The global propane market is segmented in the basis of:
Global Propane Market, by Application
Chemicals & Refineries
Global Propane Market, by Region
Rest of North America
Rest of Europe
Asia Pacific (APAC)
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of Middle East & Africa
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