Propane Market Analysis 2021, Share, Size, Regional Trend, Future Growth, Leading Players Updates, Industry Demand, Current and Future Plans by Forecast to 2027
Market Segmentation
The global propane market has been segmented by
end-use industry and region.
Based on end-use industry, the market has been
segmented into residential construction, commercial construction, process
industry, agricultural, industrial machinery, automotive and transportation,
and others.
The construction industry together accounted for the
largest value share in 2017, however, process industry individually held the
largest market value share for propane in 2017 and is expected to maintain its
dominance throughout the forecast period. The latter growth can be attributed
towards the increasing demand for propane in propylene production, which is a
key raw material in production of polypropylene. The construction industry is
trailing behind the process industry, increasing demand for clean fuel in
cooking and heating applications is expected to drive the demand during the
forecast period. Commercial construction is expected to lead the demand for
propane in the construction industry with the ongoing investments in
infrastructural developments in the developing economies of Asia-Pacific and
Middle East & Africa.
In addition, the increasing scrutiny on emissions
from automotive and transportation sector is expected to drive demand for
propane, due to the growing need for clean and efficient fuel over traditional
fuel, especially, in the developed economies such as the US and Europe.
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Competitive Analysis
Some of the key players in the global Silicone are
Ferrellgas (US), Royal Dutch Shell plc (Netherlands), Exxon Mobil Corporation
(US), BP (UK), Chevron Corporation (US), Equinor ASA (Norway), Eni SpA (Italy),
ConocoPhillips Company (US), Chesapeake (US), Anadarko Petroleum Corporation
(US), and Canadian Natural (Canada)
Regional Analysis
Based on region, the global Propane Market has been
segregated into North America, Europe, Asia-Pacific, Latin America, and the
Middle East & Africa.
The market in Asia-Pacific accounted for the largest
value share of the global propane market on account of increased spending on
the growing infrastructural development coupled with considerable increase in
polymer industry.
North America is another prominent market in the
global propane market on account of increasing use of propane as a clean source
of fuel in the construction sector and emerging application in agricultural
applications in the region.
The market in Europe is expected to be stagnant with
a tight supply for propane and high inclination towards naphtha feedstock in
the region.
The market in Latin America and the Middle East and
Africa are likely to grow at a healthy CAGR on account of increased spending on
residential and commercial construction.
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