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Propane, also known as liquified petroleum gas (LPG), is a non-toxic, colorless, flammable hydrocarbon gas usually compressed and stored in a liquid form. It is obtained from a byproduct of domestic natural gas processing or crude oil refinement. At present, propane gas is widely used for cooking, space and water heating, refrigerants, aerosol propellants, and petrochemical feedstock.
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.
Propane Market Trends and Drivers:
The market is primarily driven by the escalating demand for energy from various end use industries. In addition, the increasing utilization of propane gas in industrial applications, such as cutting and brazing, soldering, preheating, shrink-wrapping, and heat treatment, represent another major growth-inducing factor.
Besides this, the market is further propelled by the rising product adoption in the power and energy sector to generate electricity. Moreover, due to the rising environmental concerns, various manufacturers are adopting sustainable manufacturing practices that use bio-based raw materials for propane production, which is also contributing to the market growth.
Furthermore, the growing popularity of propane-based agricultural engines, rapid industrialization, increasing research and development (R&D) activities, and the introduction of advanced product variants are some of the other factors creating a positive market outlook across the globe.
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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.
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.
The report has segmented the market on the basis of region, form, grade and end use industry.
Breakup by End Use Industry:
• 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)
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Key highlights of the report:
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• 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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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