Propane Market Size Worth $106.9 Billion By 2025 Owing To Rising Demands Of Propane For Fueled Furnaces And Water Heaters In Various Industries | Grand View Research, Inc.

April 16 08:00 2021
Propane Market Size Worth $106.9 Billion By 2025 Owing To Rising Demands Of Propane For Fueled Furnaces And Water Heaters In Various Industries | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting
According to a new report published by Grand View Research, the global propane market is fueled due to its application across various industries such as propane-fueled furnaces and water heaters. Furthermore, the usage of propane as clean-burning fuel in the residential sector is increasing due to the growing awareness of climate change. However, due to the COVID-19, the propane market saw a downfall as the demand for propane from end-use industries, declined drastically.

The global propane market size is expected to reach USD 106.9 billion by 2025, growing at a CAGR of 3.5% over the forecast period. Propane is an integral part of the rapidly growing industrial end-use market. The global rise in energy demand for various industrial and commercial end-use applications is a major growth driver for the market. It is used as an intermediate commodity for the manufacture of propylene and ethylene, in addition to providing steam. The key growth factors of the global propane market include increasing applications in various industries, along with an increasing demand for higher-efficiency fuels in automotive and other industries.

The global propane market is gaining momentum in the industrial, agricultural, and residential markets, prompting a slew of legislative and regulatory measures to ensure its healthy use. The depletion of non-renewable resources, the price of crude oil, and rising environmental issues have sparked research into a variety of ground-breaking sustainability innovations that could make use of bio-based raw materials. 

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Propane Market Report Highlights

 On the basis of end-use, the industrial segment accounted for over 37.7% of total revenue in 2016. The segment is projected to prosper in the coming years owing to the metal manufacturing industries in Middle Eastern and Asian economies.

 The Asia Pacific is projected to be the fastest-growing region over the future course. Developments in major regional economies, particularly in industrial manufacturing, have attracted western companies to establish production capabilities in the region.

 In August 2020, research commissioned by EIA suggested that switching domestic air-conditioners to propane-based air-conditioners could prevent climate-harming gases equivalent to 1400 coal-fired power stations running for a year.

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Propane Market Segmentation

Grand View Research has segmented the global propane market on the basis of end-use and region:

Propane End-Use Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 – 2025)

     Chemicals and Refineries

Propane Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 – 2025)

     North America
        • The U.S.
        • Canada
    • Europe
        • Germany
        • The U.K.
        • France
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Mexico
    • Middle East & Africa
        • GCC Region

List of Key Players in the Propane Market
    • Exxon Mobil
    • BP P.L.C. (British Petroleum)
    • Royal Dutch Shell
    • Chevron Corp.
    • Total SA
    • Sinopec
    • Statoil ASA
    • Anadarko Petroleum Corp.
    • ConocoPhillips
    • Eni S.p.A

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About Grand View Research

Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.

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