Firm: Propane market to grow globally into 2020

May 15, 2015 By    

The global propane market is expected to grow over the next six years, according to Grand View Research, a research and consulting firm that produced a report forecasting propane use into 2020.

According to a report summary Grand View Research produced, increased central heating demand will drive demand around the world over the next six years. Other applications will also be major contributors to global growth, including propane vehicle sales in Brazil, China and India.

In addition, the firm reports that advancements in internal combustion engines are expected to drive sales related to irrigation pumps and commercial lawn mowers over the next six years.

Plastics manufacturing will be another driver of global growth over that period, according to Grand View Research. High demand for plastics in several industries, including automotive, aerospace and transportation, will contribute to propane market growth into 2020. Increasing agricultural, commercial and industrial demand for propane heating applications is likely to drive the market further, the firm says.

Also, Grand View Research reports that olefin producers have been shifting from naphtha to propane because of increasing naphtha prices. Olefin is a synthetic fiber made from a polyolefin, such as polypropylene or polyethylene. It’s used in wallpaper, ropes and vehicle interiors.

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