The latest research study “Propane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global propane market size reached 174.3 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 223.1 Million Tons by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
Propane, popularly known as liquefied petroleum gas (LPG), is a flammable hydrocarbon gas usually compressed and stored in a liquid form. It is mainly obtained by natural gas processing and produced from crude oil refining. Propane is a non-toxic and odorless gas, although an odorant is added for leak detection. It is utilized for cooking, space and water heating, air conditioning, as vehicle fuel, etc. Owing to its cost-effectiveness, versatility, easy availability, environment friendliness, and high energy density properties of propane, propane finds widespread applications as a clean-burning alternative fuel across various sectors, such as commercial, residential, industrial, transportation, etc.
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Propane Market Trends and Drivers:
The escalating demand for clean-burning fuels, on account of the rising environmental concerns, is among the primary factors driving the propane market. Besides this, the elevating product requirement in several processes, including soldering, preheating, cutting, brazing, shrink-wrapping, heat treatment, etc., is further augmenting the market growth.
Apart from this, the increasing popularity of propane-based agricultural engines and continuous research and development (R&D) activities are also catalyzing the global market. Moreover, the development of sustainable manufacturing processes that use bio-based raw materials to enhance efficiency and conserve natural and non-renewable resources is acting as another significant growth-inducing factor.
Furthermore, the growing product popularity in the power and energy sectors to generate electricity and the emerging trend of Autogas or LPG-fueled vehicles are expected to bolster the propane market in the coming years.
Global Propane Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Propane Companies:
Air Liquide S.A., BP plc, Chevron Corporation, China National Petroleum Corporation, China Petroleum & Chemical Corporation, ConocoPhillips Company, Eni S.p.A., Evonik Industries AG, Exxon Mobil Corporation, GAIL (India) Limited, Gazprom, Indian Oil Corporation Ltd., Royal Dutch Shell plc, Saudi Arabian Oil Co. and TotalEnergies SE.
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The report has segmented the market on the basis of region, form, grade and end use industry.
Breakup by Form:
- Liquid
- Gas
Breakup by Grade:
- HD-5 Propane
- HD-10 Propane
- Commercial Propane
Breakup by End Use Industry:
- Residential
- Commercial
- Transportation
- Industrial
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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