Overview and Scope
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.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the propane market in 2023. The regions covered in the propane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in propane market are developing innovative products to gain a competitive edge in the market. The Ecodan R290 heat pump is designed to replace heat generators in existing buildings and is available with heating capacities ranging from 5 kW to 8 kW, with plans to expand the model series to higher heat outputs in the future. For instance, in November 2023, Mitsubishi Electric, a Japan-based electronics company launched the Ecodan heat pump, which uses propane (R290) as a refrigerant, offering higher Coefficient of Performance (COP). The use of propane as a natural refrigerant allows the heat pump to achieve high flow temperatures and produce hot water at lower external air temperatures, expanding its applicability compared to conventional devices.
The propane market report table of contents includes:
1. Executive Summary
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