ALBANY, N.Y.--(BUSINESS WIRE)--Transparency Market Research has announced the addition of a new research report titled “Propane Market by Application (Residential, Commercial, Chemical & Refinery, Industrial, Transportation and Agriculture) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2014 - 2022”. According to the report, the global propane market will expand at a modest 3.56% CAGR during the forecast period of 2014 to 2022. In 2013, the propane market was worth US$114.44 billion and will reach a market value of US$145.82 billion by 2022.
Propane, being a green fuel, has been approved by several governments worldwide. Stringent regulations imposed by governments will fuel the growth of this market. Furthermore, the focus on reducing dependency on conventional gas sources will also support the growth of the propane market.
Asia Pacific dominates the global propane market and held a market share of 39.18% in 2013. The Asia Pacific propane market is expected to contribute to 41.39% of the global market share by 2022. The rapidly growing demand for propane in Asia Pacific can be attributed to the presence of a large number of petrochemical industries in this region. The North American propane market will also demonstrate moderate growth due to its surplus supply and affordable rates of propane.
Application-wise, the global propane market is dominated by the residential segment, which held a 32.57% share in 2013. This sector is expected to take up 30.47% of the global propane market by 2022. Another major application sector in the global propane market is chemical and refinery. The market share of this sector is anticipated to grow from 25.74% in 2013 to 29.77% in 2022.
The established companies in the global propane market are L.P., Suburban Propane Partners, Lykins Energy Solutions, ThomsonGas, and Ferrellgas Partners.
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