The rising residential demand, the elevating propane-based agricultural engines industry, has resulted in boosting the Propane market.
The Global Propane market is forecast to reach USD 115.60 Billion by 2028, according to a new report by Reports and Data. Propane, an organic compound, was discovered in 1857 by Marcellin Berthelot, the French chemist. The compound is produced as a by-product of two other processes, petroleum refining, and natural gas processing. While processing natural gas, it requires removal of propane, butane, and large amounts of ethane from the raw gas for preventing condensation of its volatiles in natural gas pipelines. In addition to that, this compound is also produced in a limited amount by oil refineries as a by-product of cracking petroleum into heating oil or gasoline. In regards to its features, it is an odorless and colorless gas. It undergoes combustion like other alkanes. Its combustion is cleaner as compared to unleaded gasoline or coal. Propane per BTU production of CO2 is as low as natural gas. It burns hotter as compared to diesel fuel or home heating oil due to the very high hydrogen content. Thus, certain advantages of this fuel over coal or unleaded gasoline is one of the mentionable factor boosting the growth of the sector.
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Top Companies: BP P.L.C. (British Petroleum), Exxon Mobil, Royal Dutch Shell, Chevron Corp., Sinopec, Total SA, Anadarko Petroleum Corp., Statoil ASA, Eni S.p.A, ConocoPhillips and Altagas.
Key Companies in the market include:
- The Propane market held a market share of USD 90.83 Billion in the year 2020 that is forecasted to grow at a rate of 3.2% during the forecast period.
- In context to Grade, the HD-10 Propane segment is projected to witness a considerable growth rate of 3.5% during the forecast period, which is expected to occupy more than 35.0% of the market by 2028. The growth rate witnessed by the HD-10 Propane segment is attributed to increasing demand for the compound in commercial and residential uses and effective applicability of this grade of the compound in commercial and domestic propane-powered appliances along with engines and vehicle applications, contributes to its growing popularity.
- In context to Application, the Motor fuel segment is projected to witness a considerable growth rate of 3.8% during the forecast period, which is expected to hold more than 20.0% of the market share by 2028. The growing demand for the organic compound for vehicle fuel and its high popularity across the globe as vehicle fuel due to its advantages like moderate pressure contributes to the growth rate witnessed by this segment.
- In regards to End-use, the Industrial segment held a considerable share of the market, which held 40.0% of the market in 2020, with a CAGR of 3.3% during the forecast period. In Industrial application the organic compound is used in various heat-producing appliances, heat livestock facilities, and grain dryers, which is particularly observed in rural areas. In the industrial use, it is used in portable & semi- portable heaters, small tanks for cutting torches, among others.
- In regards to the region, Europe held more than 20.0% of the market in 2020, with a CAGR of 2.8% during the forecast period. The expanding Agriculture sector and growing demand for commercial use are some of the mentionable factors supporting the expansion of the industry in this region.
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Market Segmentation:
Grade Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- HD5 Propane
- HD-10 Propane
- Commercial grade propane
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Industrial & Domestic fuel
- Refrigeration
- Motor fuel
- Solvent
- Others
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Commercial
- Industrial
- Transportation
- Residential
- Chemicals and Refineries
- Agriculture
- Others
Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Key questions covered in the global Propane market report:
- What is the expected market size of the global Propane market during the forecast period?
- What factors are expected to hamper global Propane market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Propane market?
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