DUBLIN--(BUSINESS WIRE)--The "Propane Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for propane is expected to grow at a CAGR of around 5% during the forecast period. Major factors driving the market are the increasing demand from various end-user industries, such as industrial, construction, and petrochemical.
The harmful effects of propane at higher concentrations is expected to inhibit the growth of the market studied.
Asia-Pacific dominated the global market. The largest consumption was witnessed in China and India.
Key Market Trends
Residential Segment to Dominate the market
- In the residential sector, propane is used for air conditioning, heating water, cooking and refrigerating foods, drying clothes, lighting, and fuelling fireplaces.
- Propane is used mostly in homes in rural areas that do not have natural gas service, as well as in mobile homes. Millions of homes use propane to meet some of their energy requirements. In the United States, about five million households use propane as their main heating source and around one fifth of mobile homes use propane for heating.
- Homes that use propane as a main energy source usually have a large propane tank outside of the house that stores propane under pressure as a liquid. Propane dealers deliver propane to the residences in trucks, filling the tanks several times a year as per the requirement.
- The average residential propane tank holds between 500 and 1,000 gallons of liquid fuel. Millions of backyard cooks use propane-powered gas grills for cooking. Moreover, recreational vehicles usually have propane-fueled appliances, giving them a portable source of energy for cooking, hot water, and refrigeration. People often use propane for outdoor cooking, and because of its portability, it is especially popular with campers and mobile homeowners.
China to Dominate the Asia-Pacific Market
- In Asia-Pacific, China is the largest economy, in terms of GDP. In 2019, the country witnessed about 6.1% growth in its GDP, despite having trade disturbance, caused due to its trade war, with the United States.
- China is the worlds largest consumer of propane with an estimated share of about ~20%. To suffice the huge domestic demand, China has imported 14.91 million tons of propane in 2019 representing growth of about 10.8% Y-o-Y over the total imports registered in 2018. The major factor which attributed towards the rise in propane imports in the nation is the increased demand from propane dehydrogenation or PDH plants.
- China represents the second largest autogas market in Asia-Pacific behind Thailand. The autogas market in China had developed largely as a result of local programmes to promote alternative fuels to tackle the worsening problem of air pollution in the nation.
- Autogasschemes, which were initially developed in Guangzhou City and Hong Kong, have now been introduced in over 25 other cities. Currently, in Guangzhou, nearly all of the city's 19,000 taxis and 90% of 8,000 buses had switched to the autogas. Similarly, in Hong Kong, nearly all the taxis operating in city of about 20,000 and 30% of all the public buses run on autogas.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increase in Demand from Residential and Transportation Sectors
4.1.2 Demand in Petrochemical Industry
4.2.1 Harmful Effects of Propane at Higher Concentrations
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Technological Snapshot
4.6 Trade Analysis
5 MARKET SEGMENTATION
5.1 End-user Industry
5.1.5 Other End-user Industries
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.2.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.2.4 South America
126.96.36.199 Rest of South America
5.2.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Saudi Aramco
- BP p.l.c.
- Chevron corporation
- ConocoPhillips Company
- Eni SpA
- Exxon Mobil Corporation
- Royal Dutch Shell PLC
- China National Petroleum Corporation (PetroChina)
For more information about this report visit https://www.researchandmarkets.com/r/rqvisb