Market: Introduction
Propane is an alkane with a molecular formula C3H8, and is commercially referred to as Hydrocarbon Gas Liquid (HGL) and Liquefied Petroleum Gas (LPG). It is a gas at standard room temperature and pressure, however it can be compressed to a liquid form, which makes transportation easier. It is found mixed in natural gas and petroleum deposits. Propane is a by-product of natural gas and refining industry, it is commonly used as a fuel and is a nonrenewable chemical.
Primarily propane is used as a fuel. Propane has various applications such as a fuel for fleet vehicles, appliances and residential, commercial and chemical refineries. Major sectors with the extensive use of propane are industrial (Chemicals), transportation, commercial and residential. Propane is a relatively clean burning fossil fuel, and was approved as an alternative fuel under the US Clean Air Act. However, its combustion does produce nitrogen oxide, carbon monoxide, greenhouse gas, sulphur dioxide which are toxic waste and does harm the environment.
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The chemicals and materials vertical is slated to witness emphasis shifting towards new-fangled value streams as well as applications driving it. One amongst them would be feedstock volatility, which is bound to influence the export competitiveness throughout. Plus, decarbonisation is making inroads, wherein renewable and recycled feedstock-based polymers are inevitable with regards to product offerings.
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Propane Market: Dynamics
Market: Driver
Industrial sector and residential sector are two primary factors expected to dominate the propane market in the future. Propane is used for multiple industrial process, large scale application such as commercial-grade propane-fueled furnaces and water heaters, which are used in hospitals, warehouse and manufacturing facilities. Over the coming years an increase in demand for propane from industrial and residential sector is highly anticipated owing to the industrial expansion plans of developing economies. Metal processing industries are also an avid consumer of propane to fuel their cutting torches, soldering, and vulcanizing equipment among other appliances, which is expected to propel the propane growth in the coming years.
The propane market is extensively driven by the rapidly increasing propane engine fuel (LPG) market in the recent years. The mixture of propane and butane is used as a fuel in internal combustion engines in vehicles as well as in generators (stationary applications), in the recent years the propane market has witnessed the growing demand owing to increase in LPG (Autogas) fueled vehicles. Moreover, usage of propane as a cooking and grilling fuel across the globe is also a major factor for the growth of propane market in the recent years. Propane market has a major advantage of a relative cost effective fuel options. The fuel has better performance and is comparatively a clean burning fuel which is one of the driving factors for the demand with its economic feasibility.
Market: Restraints
Propane being a clean burning fuel compared to other fuels is still a fossil fuel. The major concern in the propane market is the availability, it is largely produced or extracted from non-renewable natural resources and moreover depleting levels, this is expected to hamper the global market for propane in the coming years.
Propane supply and availability is co-dependent to the supply and availability of petroleum, so it cannot be used as a substitute when there is a shortage in petroleum, this factor could affect the propane market in the coming years.
Market: Trends
Continuing development of propane engine fuel markets is expected to provide significant growth opportunities in the propane market. Increasing LPG fueled vehicles is expected to open new opportunities for manufacturers and end users.
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Propane Market: Segmentation
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Propane Market: Regional Outlook
Asia Pacific is expected to hold a major share in the propane market owing to higher number of consumers in the residential, commercial, and the automotive sector. The prominence is expected to continue over the coming years owing to increase in demand from countries such as China, India, and Thailand for applications such as cooking fuel, automotive gas, and agriculture sector (Stationary Applications).
North America is also expected to hold a prominent market share owing to the large production of propane across countries such as U.S. and Canada. On the other hand with well-established petroleum refineries in the region of Europe, propane market is expected to drive in the coming years and the prices tend to fluctuate seasonally. GCC is projected to dominate the propane market in the Middle East & Africa, with Latin America to be an emerging region.
Propane Market: Key Players
DCC Plc, SINOPEC, Saudi Arabian Oil Co., Suburban, Ferrellgas, Gazprom, AmeriGas Propane, Inc., Air Liquide, GAIL (India) Limited, Indian Oil Corporation Ltd., , Lykins Energy Solutions, and Marsh L.P. Gas Co. Inc. ?Among others.
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