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. 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.
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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.
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.
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Further key findings from the report suggest:
• Globally, propane volume exceeded 195 million tons in 2016 and is expected to grow at a CAGR of 3.0% from 2017 to 2025
• Global demand in commercial end-use exceed 50 million in 2016 and is expected to observe the fastest growth with an estimated CAGR of 3.2% from 2017 to 2025. In North America, a large number of restaurants are adopting propane gas for cooking.
• Asia Pacific is projected to be the fastest growing region over the future course. Developments in major regional economies, particularly in industrial manufacturing, has attracted western companies to establish production capabilities in the region.
• India’s propane consumption is expected to grow at a CAGR of over 10%, which is mainly attributable to growing demand from industrial and commercial sectors.
• 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
• Companies are extensively involved in M&As and capacity expansions to improve their global footprint and thereby capture greater market share. Establishing supply agreements with retailers is a key determinant for manufacturer’s profitability
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