Global Propane Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Propane Market Size

The global propane market is expected to grow in the forecast period of 2024-2032 at a CAGR of 4%.

Propane Market Growth

Propane is increasingly becoming a preferred substitute for fossil fuels such as gasoline and diesel owing to its low carbon content. The demand for propane is growing rapidly as it is extensively available, cost effective, and stable than other energy sources, which is propelling the market growth. With rapid industrialisation and urbanisation in developing countries, the residential and commercial sectors are some of the dominant users of propane owing to increased investments and implementation of government initiatives to use a cleaner fuel, hence, bolstering the industry growth. In the manufacturing sector, the rising focus on sustainable manufacturing practices to increase the overall efficiency and profitability is surging the optimal use of natural resources, which are consequently augmenting the growth of the propane industry.

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Moreover, the market witnessed a healthy growth amid the outbreak of COVID-19 as the residential demand for propane for personal consumption such as household cooking increased substantially. In addition,  with the rising levels of pollution in countries like India and China, the demand for propane in the Asia Pacific region is significantly surging. In China, particularly, the autogas market has developed primarily due to the initiation of various local programmes promoting the use of alternative fuel as a means to curb pollution, which is positively impacting the market growth for propane.

Propane: Industrial Definition and Segmentation

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Propane, variously known as liquefied petroleum gas (LPG), is one of the most widely used fuels in the world.  It is an alternative fuel that is a byproduct of natural gas processing and petroleum refining. The extracted gas is compressed and stored as liquid. It is non-toxic, colourless, and virtually odourless, and is widely used in household consumption and in certain businesses. LPG is distributed through tankers, pipelines, or drums depending upon its usage.

On the basis of end use industry, the market is segmented into:

• Residential
• Commercial
• Transportation
• Industrial
• Others

The EMR report looks into the regional markets of propane like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Demand for Alternative Transportation Fuel to Boost the Market Growth of Propane

The growing demand for propane as an alternative transportation fuel, due to its clean burning qualities, affordability, and safety, is strengthening the market growth. The rising population is leading to an increased demand for low emission sustainable fuel in the automotive and transportation sector, which is driving the growth of the propane industry. Moreover, the availability of new light and medium heavy duty propane vehicles is leading to a surge in the demand for propane as an alternative fuel, which is bolstering the industry growth. If spilled or released from a vehicle, propane presents no threat to soil, surface, or groundwater, which makes propane autogas ideal as a cleaner and sustainable alternative to fossil fuels, thus, providing further impetus to the market growth.

Key Industry Players in the Global Propane Industry

The report presents a detailed analysis of the following key players in the global propane market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.

• Saudi Arabian Oil Company (Saudi Aramco)
• BP PLC
• ConocoPhillips Company
• Eni S.p.A
• PJSC Gazprom
• Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

Key Highlights of the Report

Propane Market Report Snapshots

Propane Market Size

Propane Market Growth

Propane Companies