Global Propane Market Segments 2024, Forecast To 2033
5 Mar, 2024
The propane market has witnessed robust growth, expanding from $84.99 billion in 2023 to $90.92 billion in 2024, with a 7.0% CAGR. The surge is attributed to rising energy demand, petrochemical industry expansion, and increased usage in residential, commercial, industrial, and agricultural sectors. The forecast anticipates further growth, reaching $115.14 billion in 2028, reflecting a 6.1% CAGR. Noteworthy trends include the growing significance of off-grid energy, international trade expansion, technological advancements, sustainability focus, and market penetration in emerging economies.
Global Propane Market Key Driver
The propane market anticipates growth propelled by increased LPG consumption. LPG, a liquid gasoline, serves various purposes, including vehicle fuel. Energy Information Administration reported an 11% increase in US LPG exports from 2020 to 2021. With rising LPG consumption, the demand for propane is escalating. In 2021, the US witnessed 1387.32 thousand barrels per day of Liquefied petroleum gas consumption, emphasizing the significant role of LPG in fueling the growth of the propane market.
Get A Free Sample Of The Global Propane Market ReportGlobal Propane Market Segments
The propane market covered in this report is segmented –
1) By Form: Liquid, Gas
2) By Grade: HD-5 Propane, HD-10 Propane, Commercial Propane
3) By Application: Industrial, Commercial, Residential, Agriculture, Transportation, Chemicals And Refineries, Other Applications
By Geography: The regions covered in the anti inflammatory therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacificwas the largest region in the propane market in 2023. The regions covered in the propane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Propane Industry Players
Chevron Corporation; China Petroleum & Chemical Corporation; China National Petroleum Corporation; Conoco Phillips Petroleum Company; Eni SpA; Exxon Mobil Corporation; Gazprom International Limited; Royal Dutch Shell plc; TotalEnergies SE; Air Liquide SA; Evonik Industries AG; GAIL Limited; Saudi Arabian Oil Co.; Shell plc; AmeriGas Propane Inc.; CHS Inc.; Ferrellgas Partners LP; Growmark Inc.; Phillips 66 Company; Superior Plus Energy Services Inc.; ThompsonGas LLC; Securing Energy for Europe GmbH; Modern Welding Co. of Kentucky Inc.; Arcosa Tank LLC; Bergquist Inc.; Blue Rhino Corporation; Flame King YSN Imports Inc.; Manchester Tank & Equipment Co.; Advanced Air Systems Inc.; Quality Manufacturing Group; Rutherford Equipment Inc.; Suburban Manufacturing Inc.; Trinity Industries Inc.; Ventower Industries LLC; Viking Cylinders LLC; Westmor Industries LLC; Worthington Industries Inc.
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AIOps Propane Market Overview
Propane refers to a strong explosive gas that comes from crude petroleum and natural gas that is mostly used as an energy source and in the chemical industry. It is a colorless, odorless gas at standard temperature and pressure, and is easily compressed into a liquid form for storage and transportation.
Propane Global Market Report 2023 provides data on the global propane market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The propane market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.