A recent Transparency Market Research report on global propane market states that the market is projected to witness a substantial growth in the duration of 2019 to 2027. Due to extensive application in several petrochemical and other industries, the global propane market shall witness a robust 5% CAGR during the tenure, says the report. Additionally, the expert analysis of the market by the experts at Transparency Market Research states that the global propane market is anticipated to have a good start as the market stood at US$ 72 bn during 2018.
Asia Pacific Dominates the Market due to Numerous Government Initiatives
Geography is an important aspect that boosts the growth of global propane market. On geographical front, Asia pacific is anticipated to dominate rest of the region of global propane market and is also projected to show massive growth over the period of time. The dominance of the region is the result of economic development of countries like India and China.
Not a while ago, Indian Government announced a huge subsidies on purchase of LPG for the people who are under poverty line. This encourage the public to use LPG cylinders instead of consuming traditional fuels. Initiatives like this are major factor that are boosting the dominance of Asia Pacific in global propane market during the tenure of 2019 to 2027.
Security of Consumers Also Drives the Growth
Security of the user is also a major factor that is boosting the growth oif global propane market during the tenure. This is because the LPG cylinders provide optimum security to the user from leakage that can wreak havoc on the users. Each cylinder is tested before supplying to the vendors are strictly build under stringent regulation. Owing to the security people across the globe are inclining LPG cylinders which is having a progressive impact on global propane market.
Consumption of LPG in Domestic and Commercial Level Boosts the Growth
The growth of global propane market is driven by several factors says the experts at Transparency Market Research. One of the key aspect is the growth in the consumption of LPG in both levels -domestic and commercial across the globe. The Liquefied Petroleum Gas has become the most important fuel source in houses and industries. It also plays a crucial role in cooking, grilling, heating at almost every house and industry.
Moreover, LPG offers advantages like low burning cost, low emissions, less pollutions, greater inflammability and positive impact on environment. Based on these benefits of LPG, the global propane market is projected to progress steadily from 2019 to 2027.
Some Prominent Players of Global Propane Market are:
- AmeriGas Partners LP
- Bharat Petroleum Corporation Limited
- Reliable Propane