Propane Market Overview:
According to the latest report by IMARC Group, titled “Propane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global propane market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global propane market size reached a volume of 164.3 Million Tons in 2021. Looking forward, IMARC Group expects the market to reach 212.8 Million Tons by 2027, exhibiting a CAGR of 4.10% during 2022-2027.
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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.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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.
Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape
- Strategies of major players and product offerings
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Global Propane Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the Major Key Players:
- 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
- Indian Oil Corporation Ltd.
- Royal Dutch Shell plc
- Saudi Arabian Oil Co.
- TotalEnergies SE.
The report has segmented the market on the basis of region, form, grade and end use industry.
Breakup by Form:
Breakup by Grade:
- HD-5 Propane
- HD-10 Propane
- Commercial Propane
Market Breakup by End Use Industry:
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
If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- 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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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