(MENAFNEditorial)
Global propane market is anticipated to witness significant growth over the next six years on account of increasing demand from central heating and LPG end-users. Increasing application scope of propane as automobile fuel coupled with lucrative growth in vehicle sales in emerging countries including India China and Brazil is further expected to propel the market growth over the forecast period. Technological advancements in internal combustion engines is anticipated to open several growth opportunities for the market in major applications including propane fuelled vehicles irrigation pumps and commercial lawn mowers over the next six years. Increasing application scope of propane in plastic manufacturing is also anticipated to fuel market growth over the forecast period.
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Furthermore high demand for plastics from various end-use industries including automotive aerospace and transportation is further expected to have positive impact on propane market growth over the next six years. Increasing demand for propane from other end-users including agriculture industrial and commercial for heating applications is likely to drive the market further. Rising demand for energy coupled with increasing awareness towards global warming is expected to significantly propel market growth over the projected period. Olefin producers have been shifting their demand from naphtha towards propane on account of increasing naphtha prices is expected to boost propane demand over the next six years. In addition improved efficiency of substitutes including natural gas and electricity coupled with increasing propane prices is anticipated to have negative impact on the market over the forecast period.
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Key players of propane market include BASF SE Evonik Industries Valero Energy Corporation Sinopec Chevron Corporation Exxon Mobil Corp. BP plc Reliance Industries Limited and PDVSA. SHV energy agreed to market and distribute biopropane produced at Neste Oil Corporation to major European countries including France Germany Scandinavia Benelux and the U.K. Biopropane is expected to replace existing fossil fuel application in various industries and significantly result in carbon savings. In addition some researchers of Manchester Institute of Biotechnology have started R&D activities to develop renewable propane. This research enables biosynthesis of gas propane and mainly aimed at developing next generation biofuels. Developing propane from glucose using genetically engineered bacterium E coli have been succeeded in recent years which is further expected to open several growth prospects for the market over the forecast period.
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