Propane Market Size To Exceed 223.1 Million Tons by 2028 | CAGR 3.9%
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, or liquefied petroleum gas (LPG), is a combustible hydrocarbon gas typically compressed and stored in liquid form. It is commonly derived from natural gas processing and produced through crude oil refining. It is a colorless, non-toxic, and odorless gas, but an odorant is added to detect leaks. It is used in cooking, space and water heating, air conditioning, and vehicle fuel. At present, propane is gaining immense traction as a cost-effective, versatile, readily available, environmentally friendly, and high-energy-density clean-burning alternative fuel in the residential, commercial, transportation, and industrial sectors across the globe.
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Propane Market Trends and Drivers:
The global propane market is primarily driven by the increasing demand for energy from various industries. Moreover, the rising environmental concerns and the growing need for clean-burning fuels have augmented the product demand. Additionally, the increasing use of propane as an intermediate for producing propylene and ethylene has accelerated the product adoption rate.
Furthermore, the implementation of stringent policies by governments of numerous countries due to the depletion of non-renewable resources such as crude oil has led manufacturers to focus on developing sustainable manufacturing practices using bio-based raw materials for propane production to enhance efficiency and conserve natural resources. This, in turn, is positively influencing market growth.
Other factors, including ongoing research and development (R&D) activities, continual product innovations, and technological advancements, are also anticipated to propel the market growth.
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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.
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.
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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