Market Size – USD 151 Billion in 2021, Market Growth - CAGR of 2.2%, Market Trends –the increasing demand from electronics industry is widening the scope for Propane Market.
According to the current analysis of Introspective Market Research, the global Propane Market was valued at USD 151 Billion in 2021 and is expected to reach USD 175.85 Billion by the year 2028, at a CAGR of 2.2%.
Propane is derived as a by-product of natural gas processing and crude oil refining. It is a three-carbon alkane classified as one of the liquefied petroleum gases with the molecular formula C3H8. There are two ways in which propane is processed – refining and natural gas production. Furthermore, key sectors with the high use of propane are industrial (Chemicals), transportation, commercial and residential. Propane is a relatively clean-burning fossil fuel and was gained as a substitutes fuel under the US Clean Air Act. This rise in demand can cause propane prices to grow with the season however propane prices are likely to economically useful when compared to other fuel options.
The industrial sector and residential sector are two major factors anticipated to command the propane market during the forecast period. Propane is utilized for multiple industrial processes, large-scale applications such as commercial-grade propane-accelerated furnaces and water heaters, which are used in manufacturing facilities, hospitals, and warehouses. The propane market is widely turn by the rapidly rising propane engine fuel (LPG) market in recent years. The mixture of propane and butane is used as a fuel in internal combustion engines in vehicles as well as in generators (stationary applications), in recent years the propane market has observed increasing demand due to the rise in LPG (Autogas) fueled vehicles.
Propane Market is segmented by Form (Liquid, And Gas), Grade (Commercial Grade Propane, HD-5 Propane, HD-10 Propane), Application (Motor Fuel, Industrial & Domestic Fuel, Refrigeration, Solvent, Others), End-User (Agriculture, Residential, Transportation, Commercial, Industrial, Chemicals and Refineries, Others), and region.
Key participants such as GAIL (India) Limited, China Petroleum & Chemical Corporation (SINOPEC), ThompsonGas LLC, Saudi Arabian Oil Co., AmeriGas Propane, Inc., Suburban, DCC Plc, Ferrellgas, Gazprom, Air Liquide, Lykins Energy Solutions, Indian Oil Corporation Ltd, Propane, L.P., Marsh L.P. Gas Co. Inc., Sparlings, and others.
For this report, Introspective Market Research have segmented the Propane Market on the basis of region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2021-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM