Discover trends, market shifts, and competitive outlooks for the propane industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

#How Has the Propane Market Growth Performance Trended Historically, And What Lies Ahead?

The volume of the propane market has seen significant growth in past years. Its size is projected to increase from $90.32 billion in 2024 to $96.07 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%. The growth experienced during the historical period is credited to factors such as rising energy needs, growth in the petrochemical sector, usage in residential and commercial sectors, industrial applications, and the demand in the agricultural sector.

In the coming years, the propane market is anticipated to witness robust growth. By 2029, it is projected to expand to $125.3 billion, with a compound annual growth rate (CAGR) of 6.9%. This growth during the forecast period is linked to the heightened emphasis on renewable energy, the rise in Autogas implementations, worldwide economic development, the broadening of propane export markets and the shift in residential heating. Key market trends expected in this timeframe encompass the escalating significance of off-grid energy, the development of international trade, advancements in propane-related technologies, bolstered commitment to sustainable energy and emerging markets’ integration into the market.

Download a free sample to assess the report’s scope and structure:

https://www.thebusinessresearchcompany.com/sample.aspx?id=9961&type=smp

Which Factors and External Forces Are Driving Demand in the Propane Market?

The rising use of LPG is predicted to spur the expansion of the propane market in the future. LPG, short for liquefied petroleum gas, is a kind of liquid gasoline widely utilized as fuel for a variety of purposes, not least of which is powering vehicles. Made up mainly of propane and butane, LPG is a popular fuel choice for heating, cooking, and transport. As LPG demand grows, so does the demand for propane. For instance, Argus, a UK price information provider and consultancy services company, reported in September 2024 that EU gas consumption reached 1,578 PJ in January 2023, then rose to 1,734 PJ in January 2024, demonstrating an increase in gas consumption throughout the year. Therefore, the growth in LPG usage is facilitating the forward momentum of the propane market.

Which Segments in the Propane Offer the Most Growth?

The propane market covered in this report is segmented –

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

Subsegments:

1) By Liquid: Propane Tanks, Propane Cylinders, Bulk Liquid Propane

2) By Gas: Compressed Gas Propane, Propane Vaporizers, Propane Gas Solutions

Request customized data on this market:

https://www.thebusinessresearchcompany.com/customise?id=9961&type=smp

What Are the Fastest-Growing Geographies in the Propane Market?

Asia-Pacific was the largest region in the propane market in 2024. The regions covered in the propane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Which Cutting-Edge Market Trends Are Expected to Drive thePropane Market’s Growth?

Companies that are prominent in the propane market are strategically investing in technology improvements, such as propane dehydrogenation, to increase the efficiency of propylene production and satisfy the escalating need for petrochemical feedstocks. Propane dehydrogenation is a technique that transforms propane into propylene by extracting hydrogen from propane molecules, typically employing a catalyst to boost efficiency and selectivity. For example, Clariant AG, a specialty chemical company based in Switzerland, launched its latest breakthrough, the CATOFIN 312 catalyst, specifically meant for propane dehydrogenation, in April 2024. This catalyst has an improved selectivity and a prolonged lifespan of up to 20%. It is expected that this catalyst will considerably enhance production, potentially augmenting profits by up to $20 million for a standard 600 KTA PDH facility during its functional life. Concurrently, Clariant revealed its digital service platform, CLARITYTM, offering customers instant data and sophisticated monitoring tools to optimize the performance of the plant across different parameters.

View the full report here:

https://www.thebusinessresearchcompany.com/report/propane-global-market-report

What Are the Key Elements That Define the Propane Market?

Propane refers to a strong explosive gas that comes from crude petroleum and natural gas that is mostly used as an energy source and in the chemical industry. It is a colorless, odorless gas at standard temperature and pressure, and is easily compressed into a liquid form for storage and transportation.

Purchase the full report and get a swift delivery:

https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=9961

About The Business Research Company:

With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.

Get in touch with us:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 3156230293

Asia +44 2071930708

Europe +44 2071930708

Email us at [email protected]

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model