A latest report has been added to the wide database of Propane Market by Infinium Global Research. This report studies the Propane
Market by application (residential, commercial, industrial, agricultural, chemical & refinery and transportation) market status and outlook of
global and major regions, from manufacturers, and end industries. The objective of the study is to identify market sizes of different
segments & countries in recent years and to forecast the values for the next six years. Propane Market provides opportunities in micro
markets for stakeholders to invest along with the detailed analysis of competitive landscape, latest trends, and product offerings of the
major companies in the Propane Market. Propane is a hydrocarbon and is sometimes referred to as liquefied petroleum gas (LPG). Propane
is produced from both natural gas processing and crude oil refining. Propane gas turns into liquid under pressure. Furthermore, propane is
nontoxic, colorless, and virtually odorless and is one of the cleanest burning of all the fossil fuels. Propane is used widely in small domestic
heating application as well as in large industrial and manufacturing process. Moreover, propane is commonly used for residential &
commercial heating and cooking, motor fuel, as a raw material in petrochemical industry for the production of plastics, fibers and
cosmetics.
Market Insights
The global propane market was sized over USD 122.53 billion in 2015. The global propane market is projected to grow with a CAGR between
3.0% and 3.5% during 2017-2023 and reach USD 148.72 billion by 2023. Rising demand of liquefied propane gas from increasing consumers
globally and increasing preference of consumers due to lower cost of propane as compare to other fuel substitutes are the key factors
driving the global propane market. Furthermore, rising demand of propane from petrochemical industry for the production of plastics,
fibers and cosmetics will also drive the propane market globally over the forecast period. Moreover, huge demand of propane as motor fuel
from automobile industry coupled with lower cost as compare to other fuels will also drive the global propane market over the forecast
period. However, fluctuations in petroleum and crude oil prices primarily required for processing & refining of propane as well as
inadequate infrastructure for retailing of propane and limited awareness of benefits associated with propane among the consumers are the
prime factors responsible for restraining the growth of this market. Nevertheless, huge demand of clean fuel from marine industry which in
turn increases the demand of propane and use of propane in power generation will bring opportunities to the global propane market.
Hence, the global propane market is expected to face the challenges such as transportation, storage and supply.
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