Global Propane Market Size, Drivers, Trends, Opportunities And Strategies – Includes Propane Market Research
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Rising LPG use is likely to spur innovation in propane manufacture, propelling the market during the forecast period.
The global propane market is expected to grow from $79.21 billion in 2022 to $84.99 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The global propane market size is expected to reach $107.97 billion in 2027 at a CAGR of 6.2%.
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Global Propane Market Segments Include
- By Form: Liquid, Gas
- By Grade: HD-5 Propane, HD-10 Propane, Commercial Propane
- By Application: Industrial, Commercial, Residential, Agriculture, Transportation, Chemicals And Refineries, Other Applications
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global propane market in 2021.
Major Market Players in the propane market include Chevron Corporation, China Petroleum & Chemical Corporation, China National Petroleum Corporation, ConocoPhillips Company, Eni S p A, Exxon Mobil Corporation, Gazprom International Limited.
Technological developments are a major trend that is gaining traction in the propane market. Companies in the propane market are embracing new technology in order to maintain their market position. For example, Nevada Nano, a US-based firm that develops and manufactures high-performance, low-cost silicon MEMS gas sensors, unveiled the Molecular Property Spectrometer (MPS) R-290 Propane sensor in April 2021. The MPS R-290 Propane sensor employs cutting-edge technology to detect and measure propane concentrations in real time, providing a dependable and cost-effective solution for monitoring propane leaks and guaranteeing safety in industrial and commercial environments. Air conditioners, vending machines, refrigeration and air conditioning racks, and dryers are the most common applications for the equipment.
The Propane Global Market Report 2023 provides a propane market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The propane market forecast analyzes propane market size, propane market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Propane is a highly flammable gas derived from crude petroleum and natural gas that is mostly used as an energy source and in the chemical industry. At ordinary temperature and pressure, it is a colourless, odourless gas that may be easily compressed into a liquid form for storage and transportation.
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