Global Propane Market has been analysed with respect to five key regions—North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The market in Asia-Pacific accounted for the largest market share of the Propane Market and is expected to grow at a highest CAGR during the review period. The market growth can be attributed to growing construction industry with increasing investments in residential and commercial construction to meet the rising demand for modern residences and infrastructure. Besides, the increasing demand for polypropylene in the region and investments in new propane dehydrogenation projects is expected to drive the demand for Propane in the region.
For instance, in January 2019, BASF and Adani group signed an agreement to establish a joint venture worth USD 2.2 billion for producing C3 chemicals in Gujarat, which will include a propane dehydrogenation plant along with other production units. Hence, the latter investments along with the rapid urbanization in Asia-Pacific is expected to boost the Propane demand during the forecast period.
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The North American market trails behind Asia-Pacific in terms of consumption, the regaining pace of construction sector in the US and the abundance of shale gas in the region is the key trend driving the demand for Propane in North America.
Though witnessing a slow demand, the European market is trailing behind North America. The demand for Propane in the region can be attributed towards the growing emission norms with respect to the traditional combustion engines and increasing demand for clean and efficient fuel.
The market in the Middle East & Africa and Latin America are likely to witness substantial growth during the review period owing to the growing construction industry in the regions. The lump sum investments in the construction industry across the G.CC is expected to drive the demand for Propane in the region.
Segmentation:
The Global Propane Market has been segmented by End-Use Industry and Region.
Based on End-Use Industry, the market has been divided into process industry, residential construction, commercial construction, agriculture, industrial machinery, automotive & transportation and others.
By Region, the market has been categorized as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Key Players:
Some of the Key Players in the Global Propane Market 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).
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