Chemicals

2024-2033 Propane Market Forecast: Predicted Growth Rate and Market Size

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How Rapidly is the Propane Market Forecasted to Grow Between 2024 and 2033?

In recent times, there has been a robust growth in the propane market. Its size is predicted to rise from $84.99 billion in 2023 to $90.92 billion in 2024, marking a compound annual growth rate (CAGR) of 7.0%. The historic growth of this market owes its development to factors such as a surge in energy demand, growth in the petrochemical sector, usage in residential and commercial areas, industrial applications, as well as increased demand from the agricultural sector.

In the years to come, the size of the propane market is projected to witness substantial expansion, growing to $115.14 billion in 2028 with a compound annual growth rate (CAGR) of 6.1%. The expected rise during the forecast period is due to increased emphasis on clean energy, a surge in autogas applications, global economic development, expansion of propane export markets, and a shift in residential heating. The forecast period will see trends like the growing significance of off-grid energy, the enlargement of international trade, enhancements in propane technologies, an amplified focus on sustainable energy, and the market’s spread in emerging economies.

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What Factors Are Behind the Rapid Growth of the propane Market?

The growth of the propane market is anticipated to be stimulated by the expanding demand for Liquefied Petroleum Gas (LPG). LPG, a liquid gasoline of sorts, fulfills a variety of requirements including fueling vehicles. Made up predominantly of propane and butane, LPG’s versatility allows it to be employed for heating, cooking and transport needs. Thus, a rise in LPG consumption culminates in an increased propane demand. A clear example of this was seen in August 2021, when a report by the Energy Information Administration (EIA), a United States agency, highlighted an 11% increase in the nation’s LPG exports. The export numbers jumped from 1,889 barrels per day in 2020 to 2,113 barrels per day in 2021. The US consumption of Liquefied petroleum gas in 2021 further underscored this increase, amounting to 1387.32 thousand barrels per day. Therefore, the elevated LPG consumption trend is projected to continue to influence the growth of the propane market positively in future.

What Are the Principal Segments of the Propane Market?

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

What Emerging Patterns Are Redefining the Propane Market?

In the propane market, emerging technologies have become a prominent trend. Companies in this industry are integrating new technological tools to maintain their market presence. For example, in April 2021, Nevada Nano, a company based in the US known for producing superior yet affordable silicon MEMS gas sensors, introduced an innovative technology known as the Molecular Property Spectrometer (MPS) R-290 Propane sensor. This advanced technology can accurately identify and measure propane levels in real-time, presenting a cost-effective and reliable solution for monitoring potential propane leaks and ensuring safety in industrial and commercial environments. The device is primarily utilized in items such as air conditioners, vending machines, refrigeration and air conditioning racks, as well as dryers.

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Which Geographical Regions Are Shaping the Propane Market Growth?

Asia-Pacific was 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

The Propane Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the propane market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Propane Market Include

1. Propane Market Executive Summary

2. Propane Market Segments

3. Propane Market Size And Template Market Growth Rate

4. Key Propane Market Trends

5. Major Propane Market Drivers

……

25. Key Mergers And Acquisitions In The Propane Market

26. Top Propane Companies

27. Propane Market Opportunities And Strategies

28. Propane Market, Conclusions And Recommendations

29. Appendix

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