The global propane market 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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Propane, also known as liquefied petroleum gas (LPG), is a flammable hydrocarbon gas usually compressed and stored in a liquid form. It is primarily obtained as a byproduct of natural gas processing and produced from crude oil refining. It is a colorless, non-toxic, and odorless gas, although an odorant is added for leak detection. It is widely used for cooking, space and water heating, air conditioning, and vehicle fuel. In recent years, propane has rapidly gained traction as a clean-burning alternative fuel across the residential, commercial, transportation, and industrial sectors due to its cost-effectiveness, versatility, easy availability, environment friendliness, and high energy density.

Propane Market Trends:
The escalating demand for energy from various end use industries represents the primary factor driving the market growth. Besides this, the growing need for clean-burning fuels due to the rising environmental concerns is augmenting the demand for propane. Additionally, propane is extensively used in industrial applications, such as cutting and brazing, soldering, preheating, shrink-wrapping, and heat treatment. Along with this, the widespread usage of propane as an intermediate for producing propylene and ethylene is accelerating product adoption rates. Furthermore, governments of various countries are implementing stringent regulations due to the depletion of non-renewable resources, such as crude oil. This has led to increased focus of manufacturers on the development of sustainable manufacturing practices that use bio-based raw materials for propane production to enhance efficiency and conserve natural resources. Moreover, the rising adoption of propane in the power and energy sector to generate electricity and the increasing number of autogas or LPG fueled vehicles is propelling the market growth. Other factors, including the growing popularity of propane-based agricultural engines, rapid industrialization, ongoing research and development (R&D) activities, product innovations, and technological advancements, are also creating a positive market outlook.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global propane market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on form, grade and end use industry.

Breakup by Form:

Liquid
Gas

Breakup by Grade:

HD-5 Propane
HD-10 Propane
Commercial Propane

Breakup by End Use Industry:

Residential
Commercial
Transportation
Others

Breakup by Region:

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
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Air Liquide S.A., BP plc, Chevron Corporation, China National Petroleum Corporation, China Petroleum & Chemical Corporation, ConocoPhillips Company, Eni S.p.A., Evonik Industries AG, Exxon Mobil Corporation, GAIL (India) Limited, Gazprom, Indian Oil Corporation Ltd., Royal Dutch Shell plc, Saudi Arabian Oil Co. and TotalEnergies SE. Key Questions Answered in This Report:
How has the global propane market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global propane market?
What are the key regional markets?
What is the breakup of the market based on the form?
What is the breakup of the market based on the grade?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global propane market and who are the key players?
What is the degree of competition in the industry?