Propane Market Report on Recent Adoption 2031

Propane Market Outlook 2031

The global propane market was valued at US$ 82.6 Bn in 2021
It is estimated to grow at a CAGR of 4.8% from 2022 to 2031
The global propane market is expected to reach US$ 132.1 Bn by the end of 2031

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Analysts' Viewpoint on Propane Market Scenario

Propane is primarily a byproduct obtained after the processing of domestic natural gas. The usage of propane helps reduce the emission of greenhouse gases such as carbon dioxide and air pollutants such as carbon monoxide and nitrogen oxide. Therefore, demand for propane gas is rising across the globe. Consumption of propane for residential heating and cooking purposes is also rising globally. Furthermore, substitution of fuels such as gasoline and fuel oil with propane is a cost-effective and viable step toward cleaner air. In chemical & refinery applications, propane is used an essential feedstock to manufacture various materials and compounds, especially plastic raw material. Increase in R&D activities in plastic, recycling, and petrochemical industries is expected to provide lucrative opportunities for market players.

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Global Propane Market Introduction
Propane is a compressed liquid petroleum gas that is kept in liquid form for storage. The gas has no poisonous properties and is colorless. Propane is odorless; however, a distinguishing odor is purposefully provided to aid in detection in the event of a release or leak from a pressurized container. Propane is a byproduct obtained from the processing of crude oil, natural gas, and petroleum. The group of liquid petroleum gases, which also contains butane, propylene, isobutylene, butadiene, butylene, and various other hydrocarbon gases, includes propane as one of its members. Propane is extensively used across the globe. It is used in its purest form, devoid of any other gases, in select countries, including the U.S., Canada, Australia, and a few provinces in China.

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Key Developments in Global Propane Market
On June 04, 2019, Indian Oil Corporation Ltd joined hands with Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) for laying the world's longest LPG pipeline from Kandla, Gujarat, to Gorakhpur, Uttar Pradesh (India)
On April 2, 2019, UGI Corporation and AmeriGas Partners L.P. announced a merger agreement. This agreement would allow UGI to become a fully owned subsidiary of AmeriGas by acquiring a stake of over 69.2 million public units, which was commonly held earlier.
On March 01, 2019, Ferrellgas acquired Reliable Propane, an independent distributor for Blue Rhino, which delivers propane cylinders to retail partners in the Midwest and the South from facilities in Springfield, Missouri; Starkville, Mississippi; Olive Branch, Mississippi; and Benton, Arkansas (U.S.)

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