Propane Market Price, Outlook and Growth Report, 2024-2032 IMARC Group, a leading market research company, has recently releases a report titled “Propane Market Report by Form (Liquid, Gas), Grade (HD-5 Propane, HD-10 Propane, Commercial Propane), End Use Industry (Residential, Commercial, Transportation, and Others), and Region 2024-2032.” The study provides a detailed analysis of the industry, including the global propane industry size, report, share, 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?
The global propane market size reached 181.1 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 248.7 Million Tons by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.
What is Propane?
Propane (CH) is a colorless and odorless gas that belongs to the alkane family of hydrocarbons. It is composed of three carbon atoms and eight hydrogen atoms. It is a gas at room temperature and standard atmospheric pressure and can be easily liquefied under moderate pressure. It is an environment friendly fuel, producing fewer greenhouse gas emissions as compared to other fossil fuels like gasoline or diesel. It is a reliable energy source, as it can be stored for an extended period without degradation, ensuring a consistent fuel supply. It aids in reducing the reliance on foreign energy sources and transportation emissions. It is subject to strict safety regulations to ensure its safe handling and usage. It is widely used in furnaces, water heaters, and fireplaces. It can also be used for various applications, ranging from heating and cooking to powering vehicles and industrial equipment. It is utilized in various industries for heating, cutting, and as a fuel source for forklifts and machinery. Besides this, it is employed in metal cutting, brazing, soldering, and heat treating. Moreover, it is used as an alternative fuel for vehicles, particularly in fleets like buses, delivery trucks, and taxis.
Propane Market Trends and Industry Demand:
Rapid urbanization and the increasing construction of residential and commercial buildings represent one of the primary factors influencing the market positively. CH is used in construction equipment like heaters, generators, and torches. Additionally, the growing concerns among the masses about environmental sustainability is driving the demand for CH. Along with this, the increasing utilization of CH in green building projects due to its lower environmental impact is strengthening the growth of the market. Apart from this, advancements in CH infrastructure are ensuring a reliable supply chain, making propane more accessible and attractive to individuals and businesses.
Furthermore, the increasing utilization of CH in the production of various chemicals, including propylene and isobutylene, is offering a favorable market outlook. Moreover, governing authorities of several countries are offering credits, grants, and emissions reduction targets to encourage businesses and individuals to switch to CH-powered solutions. In line with this, ongoing research and development (R&D) activities are leading to innovations in CH-related technologies, making them more efficient and environment friendly.
Besides this, the widespread use of CH for agricultural applications, including crop drying, pest control, and greenhouse heating, is catalyzing its demand in rural areas. Additionally, the rising utilization of CH in restaurants and hotels for heating, cooking, and refrigeration is catalyzing its demand across the globe. Furthermore, the rising use of CH as an automotive fuel in vehicles, including buses, taxis, and forklifts, due to its clean-burning properties is propelling the market growth. In addition, the increasing participation of individuals in outdoor recreational activities and the rising need for portable CH stoves and grills for cooking in outdoor settings are facilitating the market growth.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/propane-market/requestsample
Who are the leaders in the propane market?
- 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.
- TotalEnergies SE
Propane Market Report 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:
- 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
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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