IMARC Group, a leading market research company, has recently releases report titled “Propane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global propane market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Propane Market?
According to the global propane market report by IMARC Group, the market reached 174.3 Million Tons in 2022, and it is projected to reach 223.1 Million Tons by 2028, exhibiting a 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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What are the growth prospects and trends in the propane industry?
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.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Form:
Breakup by Grade:
- HD-5 Propane
- HD-10 Propane
- Commercial Propane
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
Who are the key players operating in the industry?
The report covers the major market players including:
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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