Propane Market : By Industry Trends, Leading Players, Size, Share, Growth, Opportunity And Forecast 2024-2033

The Propane by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Propane, The propane market size has grown strongly in recent years. It will grow from $84.99 billion in 2023 to $90.92 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing energy demand, expanding petrochemical industry, residential and commercial use, industrial applications, agricultural sector demand..

The propane market size is expected to see strong growth in the next few years. It will grow to $115.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increased focus on clean energy, growth in autogas applications, global economic growth, expansion of propane export markets, transition in residential heating.. Major trends in the forecast period include growing importance in off-grid energy, expanding international trade, advancements in propane technologies, increased focus on sustainable energy, market penetration in emerging economies..

The increasing LPG consumption is expected to propel the growth of the propane market going forward. LPG or liquefied petroleum gas refers to a type of liquid gasoline that serves as fuel for a wide range of tasks, including driving automobiles. LPG is primarily composed of propane and butane and is commonly used as a fuel source for heating, cooking, and transportation. As the demand for LPG increases, the demand for propane also increases. For instance, in August 2021, according to a report issued by the Energy Information Administration (EIA), a US-based agency responsible for gathering, analyzing, and disseminating energy information to promote reasonable policy decisions. the US LPG exports increased by 11% from 1,889 barrels per day in 2020 to 2,113 barrels per day in 2021 and further the US Liquefied petroleum gas consumption was 1387.32 thousand barrels per day in 2021. Therefore, the increasing LPG consumption is driving the growth of the propane market going forward.

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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

Technological advancements are a key trend gaining popularity in the propane market. Companies operating in the propane market are adopting new technologies to sustain their position in the market. For instance, in April 2021, Nevada Nano, a US-based company that develops and manufactures high-performance, low-cost silicon MEMS gas sensors, launched a technology called the Molecular Property Spectrometer (MPS) R-290 Propane sensor. The MPS R-290 Propane sensor utilizes advanced technology to accurately detect and quantify propane concentrations in real-time, providing a reliable and cost-effective solution for monitoring propane leaks and ensuring safety in industrial and commercial settings. The device is mostly used in air conditioners, vending machines, refrigeration and air conditioning racks, and dryers.

The propane market report table of contents includes: