Propane Market Growth, Size, Share, Trends, and Forecast 2030

The global Propane market size was worth around USD 85.41 Billion in 2022 and is predicted to grow to around USD 132.01 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.59% between 2023 and 2030.

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Global Propane Market: Overview

Propane is basically a gas that is mainly taken from crude oil by stabilization method utilizing fractional distillation. It is majorly used by the commercial, residential, industrial, transportation, and refinery and chemical sectors. Propane is considered as a green energy resource as it burns clearly and resourcefully without any injurious emissions. Rising fuel demand of a country is majorly fulfilled by propane imports.

Global Propane Market: Growth Factors

The global increase in the energy demand in the commercial end-user industries is a major factor that is driving the propane market. Propane is used as an energy resource as well as it is used in the production of propylene and ethylene. The growing applications of propane in different end-user industries and the increased demand for higher efficient fuels are propelling the growth of the propane market. Propane is increasingly being used in the agriculture, commercial, and residential sectors thus creating the need to have protocols for safe use of the product. It is anticipated that the major demand for the propane is from the industrial sector.

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Global Propane Market: Segmentation

The propane market is classified based on application and geography.

Based on application, the global propane market is further divided into commercial, residential, agricultural, industrial, transportation, and chemical & refinery segments. The residential division mainly includes multi-family housing, planned communities, and housing societies. The commercial division primarily involves restaurants, educational institutions, and showrooms. The industrial division includes space heating and welding. The effectiveness of propane is also increasing in schools and restaurants. In addition, propane is used to produce electricity in commercial buildings.

By Form

• Liquid
• Gas

By Application

• Industrial
• Commercial
• Residential
• Agriculture
• Transportation
• Chemicals and Refineries
• Other

Propane Market: Report Scope

Global Propane Market: Regional Analysis

The global propane market is classified into five regions: Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. North America is further sub-divided into the Mexico, U.S., and Canada. Further, the Asia Pacific is sub-divided into India, China, Japan, and others. The industrial and refinery and chemical divisions are projected to propel the demand for the propane market in the Asia Pacific. As the markets in Western Europe have come out from the downturn, better development is anticipated in the region’s automotive sector. The power generation and transportation divisions are projected to contribute considerably to the increasing demand for the global propane market in North America in the coming future. Propane demand and popularity majorly exhibit seasonal patterns; particularly during the summer, the demand increases when its cost is low and decreases during winter when its cost is high.

Global Propane Market: Competitive Players

Some of the most important market players in the global propane market are

• Saudi Arabian Oil Co. (Saudi Arabia)
• Exxon Mobil Corporation (U.S.)
• CNPC (China)
• B.P. p.l.c (U.K.)
• Shell plc (U.K.)
• PDVSA - Petróleos de Venezuela, SA. (Venezuela)
• Gazprom (Russia)
• Chevron Corporation. (U.S.)
• Kuwait Petroleum Corporation (KPC) (Kuwait)
• Petrobras (Brazil)
• LUKOIL (Russia)
• ROSNEFT (Russia)
• Abu Dhabi National Oil Company (UAE)
• China Petrochemical Corporation. (China)
• Petroliam Nasional Berhad (PETRONAS) (Malaysia)
• Eni S.p.A. (Italy)
• ENOC Company (UAE)
• NNPC (Nigeria)
• EGPC (Egypt)
• Equinor ASA (Norway)
• Oil and Natural Gas Corporation (India)
• P.T. Pertamina Gas (Indonesia)

Global Propane Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • The UK
  • France
  • Germany
• The Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.