Propane Market | British Petroleum, PetroChina Company Limited, AmeriGas, Chevron Corporation

The global propane market size is projected to reach US$ 107 billion by 2025, and register CAGR of 4.5% over the forecast period (2019 - 2027).

Propane is a flammable hydrocarbon gas that originates during the process of petroleum refining and natural gas processing. The gas is usually compressed into a liquid state at low pressure and stored in LPG (Liquid Petroleum Gas) tanks, gas cylinders, or steel cylinders. Propane finds primary application as a fuel for cooking, heating, in refrigeration, and automobiles. Propane is a colourless and odorless gas that belongs to a class of LP gases such as butane, propylene, isobutylene, and other mixtures. Owing to its low boiling point, it can be stored easily, which in turn makes it transportable and a popular substitute for natural gas for heating and generation of electricity. Furthermore, it can be used to electrify trucks, buses, motor boats, and trains due to its cost effectiveness, ability to provide more torque in heavy vehicles, and low fuel consumption.

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Market Taxonomy:

On basis of product type, the global Propane market is segmented into:

Purity 98%
Purity 99%
Others

On basis of End-user Industry, the global Propane market is segmented into:

Residential
Agriculture
Commercial
Industrial
Chemicals and Refineries
Others

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Key Developments:

In April 2019, UGI Corporation and AmeriGas Partners, L.P. entered into a merger agreement under which UGI will fully consolidate its ownership of AmeriGas, the nation’s largest retail propane marketer, by acquiring the 69.2 million publicly held common units it does not already own.
In Aug 2018, PetroChina Corporation Limited showcased its ability to successfully take lead on a major overseas oil development. The company obtained a sub-contractor petroleum production license for the Halfaya oil field in Southeast Iraq. It was also stated that this Halfaya oil field will be pumping out 400,000 barrels of crude per day, along with gases such as propane.

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This release was published on openPR.