Propane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Description
Propane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global propane market size reached 174.3 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 223.1 Million Tons by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
Propane, also known as liquefied petroleum gas (LPG), is a flammable hydrocarbon gas usually compressed and stored in a liquid form. It is primarily obtained as a byproduct of natural gas processing and produced from crude oil refining. It is a colorless, non-toxic, and odorless gas, although an odorant is added for leak detection. It is widely used for cooking, space and water heating, air conditioning, and vehicle fuel. In recent years, propane has rapidly gained traction as a clean-burning alternative fuel across the residential, commercial, transportation, and industrial sectors due to its cost-effectiveness, versatility, easy availability, environment friendliness, and high energy density.
Propane Market Trends:
The escalating demand for energy from various end use industries represents the primary factor driving the market growth. Besides this, the growing need for clean-burning fuels due to the rising environmental concerns is augmenting the demand for propane. Additionally, propane is extensively used in industrial applications, such as cutting and brazing, soldering, preheating, shrink-wrapping, and heat treatment. Along with this, the widespread usage of propane as an intermediate for producing propylene and ethylene is accelerating product adoption rates. Furthermore, governments of various countries are implementing stringent regulations due to the depletion of non-renewable resources, such as crude oil. This has led to increased focus of manufacturers on the development of sustainable manufacturing practices that use bio-based raw materials for propane production to enhance efficiency and conserve natural resources. Moreover, the rising adoption of propane in the power and energy sector to generate electricity and the increasing number of autogas or LPG fueled vehicles is propelling the market growth. Other factors, including the growing popularity of propane-based agricultural engines, rapid industrialization, ongoing research and development (R&D) activities, product innovations, and technological advancements, are also creating a positive market outlook.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global propane market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on form, grade and end use industry.
Breakup by Form:
Liquid
Gas
Breakup by Grade:
HD-5 Propane
HD-10 Propane
Commercial Propane
Breakup by End Use Industry:
Residential
Commercial
Transportation
Others
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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Key Questions Answered in This Report
1. What was the size of the global propane market in 2022?
2. What is the expected growth rate of the global propane market during 2023-2028?
3. What are the key factors driving the global propane market?
4. What has been the impact of COVID-19 on the global propane market?
5. What is the breakup of the global propane market based on the end use industry?
6. What are the key regions in the global propane market?
7. Who are the key players/companies in the global propane market?
The global propane market size reached 174.3 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 223.1 Million Tons by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
Propane, also known as liquefied petroleum gas (LPG), is a flammable hydrocarbon gas usually compressed and stored in a liquid form. It is primarily obtained as a byproduct of natural gas processing and produced from crude oil refining. It is a colorless, non-toxic, and odorless gas, although an odorant is added for leak detection. It is widely used for cooking, space and water heating, air conditioning, and vehicle fuel. In recent years, propane has rapidly gained traction as a clean-burning alternative fuel across the residential, commercial, transportation, and industrial sectors due to its cost-effectiveness, versatility, easy availability, environment friendliness, and high energy density.
Propane Market Trends:
The escalating demand for energy from various end use industries represents the primary factor driving the market growth. Besides this, the growing need for clean-burning fuels due to the rising environmental concerns is augmenting the demand for propane. Additionally, propane is extensively used in industrial applications, such as cutting and brazing, soldering, preheating, shrink-wrapping, and heat treatment. Along with this, the widespread usage of propane as an intermediate for producing propylene and ethylene is accelerating product adoption rates. Furthermore, governments of various countries are implementing stringent regulations due to the depletion of non-renewable resources, such as crude oil. This has led to increased focus of manufacturers on the development of sustainable manufacturing practices that use bio-based raw materials for propane production to enhance efficiency and conserve natural resources. Moreover, the rising adoption of propane in the power and energy sector to generate electricity and the increasing number of autogas or LPG fueled vehicles is propelling the market growth. Other factors, including the growing popularity of propane-based agricultural engines, rapid industrialization, ongoing research and development (R&D) activities, product innovations, and technological advancements, are also creating a positive market outlook.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global propane market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on form, grade and end use industry.
Breakup by Form:
Liquid
Gas
Breakup by Grade:
HD-5 Propane
HD-10 Propane
Commercial Propane
Breakup by End Use Industry:
Residential
Commercial
Transportation
Others
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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Key Questions Answered in This Report
1. What was the size of the global propane market in 2022?
2. What is the expected growth rate of the global propane market during 2023-2028?
3. What are the key factors driving the global propane market?
4. What has been the impact of COVID-19 on the global propane market?
5. What is the breakup of the global propane market based on the end use industry?
6. What are the key regions in the global propane market?
7. Who are the key players/companies in the global propane market?
Table of Contents
145 Pages
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global Propane Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
- 6 Market Breakup by Form
- 6.1 Liquid
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Gas
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 7 Market Breakup by Grade
- 7.1 HD-5 Propane
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 HD-10 Propane
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Commercial Propane
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 8 Market Breakup by End Use Industry
- 8.1 Residential
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Commercial
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Transportation
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Others
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
- 10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
- 11 Value Chain Analysis
- 12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
- 13 Price Analysis
- 14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Air Liquide S.A.
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 BP plc
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 Chevron Corporation
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.3.4 SWOT Analysis
- 14.3.4 China National Petroleum Corporation
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 SWOT Analysis
- 14.3.5 China Petroleum & Chemical Corporation
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 ConocoPhillips Company
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 Eni S.p.A.
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 Evonik Industries AG
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.8.4 SWOT Analysis
- 14.3.9 Exxon Mobil Corporation
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 Financials
- 14.3.9.4 SWOT Analysis
- 14.3.10 GAIL (India) Limited
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.11 Gazprom
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 Financials
- 14.3.11.4 SWOT Analysis
- 14.3.12 Indian Oil Corporation Ltd.
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.12.3 Financials
- 14.3.12.4 SWOT Analysis
- 14.3.13 Royal Dutch Shell plc
- 14.3.13.1 Company Overview
- 14.3.13.2 Product Portfolio
- 14.3.13.3 Financials
- 14.3.14 Saudi Arabian Oil Co.
- 14.3.14.1 Company Overview
- 14.3.14.2 Product Portfolio
- 14.3.14.3 Financials
- 14.3.14.4 SWOT Analysis
- 14.3.15 TotalEnergies SE
- 14.3.15.1 Company Overview
- 14.3.15.2 Product Portfolio
- 14.3.15.3 Financials
- 14.3.15.4 SWOT Analysis
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