The global propane market volume was 164.3 Million Tons in 2021. It is projected to reach 212.8 Million Tons by 2027 at a CAGR of 4.10% in 2022-2027.
SHERIDAN, WYOMING, USA, July 27, 2022 /EINPresswire.com/ — The latest research study “Propane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that The global propane market size reached a volume of 164.3 Million Tons in 2021. Looking forward, IMARC Group expects the market to reach 212.8 Million Tons by 2027, exhibiting a CAGR of 4.10% during 2022-2027.
Liquefied petroleum gas (LPG), also referred to as propane, is a flammable hydrocarbon gas that is typically compressed and kept in liquid form. It is mostly manufactured and obtained through the processing of natural gas. Although an odorant is applied for leak detection, propane is an odourless, non-toxic gas. It is used as fuel for vehicles, for heating homes and buildings, for air conditioning, and for cooking. Due to its affordability, adaptability, ease of supply, environmental friendliness, and high energy density, propane is widely used as a clean-burning alternative fuel in a variety of industries, including commercial, residential, industrial, transportation, and power generation.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Propane Market Trends and Drivers:
One of the main factors influencing the propane industry is the growing demand for clean-burning fuels as a result of growing environmental concerns. In addition, the market expansion is being further boosted by the rising product requirements in a number of processes, such as soldering, preheating, cutting, brazing, shrink-wrapping, heat treatment, etc.
Along with these factors, the global market is also being stimulated by the rising popularity of agricultural engines powered by propane and ongoing research and development (R&D) efforts. Another important factor that stimulates growth is the development of sustainable manufacturing techniques that use bio-based raw materials to increase productivity and conserve finite natural resources.
Furthermore, the growing product popularity in the power and energy sectors to generate electricity and the emerging trend of Autogas or LPG-fueled vehicles are expected to bolster the propane market in the coming years.
Global Propane Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the 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. and TotalEnergies SE.
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The report has segmented the market on the basis of region, form, grade and end use industry.
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
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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