Published By : 02 Sep 2016 | Published By : QYRESEARCH
The applications of propane includes recreational, industrial, transportation, storage, and residential purposes. It is cost-effective for storing and transporting as a liquid. Moreover, it is odorless, non-toxic, and non-corrosive in nature, thus increasing their popularity. Propane burns efficiently without any harmful emissions. Hence, propane is also one of the green fuels, which is propagated by key players across the globe. Propane fulfills the growing demand for energy of a country. The end-user segments, which are driving the propane market include industrial, transportation, and commercial.
Extensive Use in Marine Industry Drives Propane Market
Regulations implemented to minimize the pollution in seas caused by dumping, and oil and exhaust pollution are helping the global propane market to grow. These regulations aim to preserve marine environment by eliminating pollution through oil and other harmful substances, by curtailing the accidental discharge of such harmful substances. Since propane emit less sulfur and carbon emissions, their demand is expected to surge in the forthcoming years. The rising fuel prices is another factor driving the demand for alternative fuels, which are cost effective. Since propane is both cost effective and clean source of energy, their demand will soar in the coming years.
Residential Sector to Hold Key Shares in Propane Market
In terms of volume, the residential segment accounted for 32.57% of the global propane market in 2013 and is expected to hold 30.47% market share in 2022, states a new report published by Transparency Market Research. Propane is the most popular residential fuel which is extensively used for cooking all over the world. Propane-powered appliances deliver enhanced efficiency as compared to other energy sources to residential consumers, which is fueling their demand. On the other hand, the agricultural segment is the least lucrative segment of the market.