Propane Market: Global Product Intelligence, Analysis, Opportunities and Forecast to 2029

Market Overview:

Propane Market size is projected to reach USD 175.85 billion in 2028 from an estimated USD 151 billion in 2021, growing at a CAGR of 2.2% globally.
Propane is a colorless, highly flammable gas that is heavier than air which occurs in natural gas at concentrations from 3% to 18%. Propane is also known as liquefied petroleum gas or LPG and it is a gas normally compressed and stored in the form of liquid. Also, an identifying odor is added to propane so it can be detected as it is odorless. Moreover, due to its clean nature, it is been approved as a clean fuel and is listed in the 1990 Clean Air Act.

Propane is commonly used for space, cooking, and as fuel for engine applications such as forklifts, farm irrigation engines, fleet vehicles, and buses. however, its applications are rapidly growing due to new technology developments. propane is known as propane autogas when it is used in vehicles. Today, substituting propane for other fuels such as gasoline and fuel oil is found to be an economical and viable step toward cleaner air as using propane reduces the greenhouse gas carbon dioxide and air pollutants like carbon monoxide and nitrogen oxide.

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Market Dynamics:

Driver:

The major augmenting factor for the Propane market growth is the increase in demand for low-emission sustainable fuel in the automotive and transportation industries. Burning propane produces less greenhouse gas emissions than other types of fuel and it is even a convenient & portable gas cylinder that can be transported, refilled, and installed anywhere. It is also environment-friendly with very low sulfur content and zero lead content. Propane can also be used in various other applications such as for heating homes, operating farm equipment, fueling fleet vehicles, and fueling hot air balloons and appliances.

Opportunities:

Technology Developments in the Propane Industry are expected to lead to exponential demand across various new applications. Today, the propane industry is gaining significant growth in terms of technology. With people looking for alternative fuels to lower greenhouse gas emissions, propane offers a much-needed solution, such as propane-powered shipping vessels and space rockets.

The Report Will Include A Major Chapter
• Patent Analysis
• Regulatory Framework
• Technology Roadmap
• BCG Matrix
• Heat Map Analysis
• Price Trend Analysis
• Investment Analysis
• Company Profiling and Competitive Positioning
• Industry Value Chain Analysis
• Market Dynamics and Factors
• Porter's Five Forces Analysis
• Pestle Analysis

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Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years.

Market Segmentation

By Type
• Liquid
• Gas

By Grade
• HD5 Propane
• HD10 Propane

By Application
• Motor Fuel
• Industrial & Domestic Fuel
• Refrigeration
• Solvent
• Others

By End User
• Transportation
• Residential
• Agriculture
• Commercial
• Industrial
• Chemicals & Refineries
• Others

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Regional Analysis for the Propane Market
The Asia Pacific region is expected to register the maximum market share over the forecast period. The regional major economies such as India, Japan, and China held a major share of the Asia Pacific market. This dominance is expected to continue in the upcoming years, due to the rise in the demand for cooking fuel in the form of LPG. Furthermore, China has become a top propane-importing nation globally, owing to growing local fuel utilization in the country. The propane market in China is expected to build at a rapid pace throughout the projected period.

By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

Key Players Covered in Propane market
• DCC Plc
• SINOPEC
• Saudi Arabian Oil Co.
• Suburban
• Ferrellgas
• Gazprom
• AmeriGas Propane Inc.
• Air Liquide
• GAIL (India) Limited
• Indian Oil Corporation Ltd.
• Lykins Energy Solutions
• Marsh L.P. Gas Co. Inc and other major key players.

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Key Industry Developments in the Propane Market
In January 2019, HPCL planned to expand its second liquefied petroleum gas (LPG) cavern in Mangalore, Karnataka. The company organized to enter a collaboration with France's national oil company, Total SA. Total SA also collaborated with HPCL in initiating the first LPG cavern in Visakhapatnam, Andhra Pradesh.
In March 2019, Eni SpA declared an association with Chevron, National Agency of Petroleum, Gas, and Biofuels of Angola (ANPG), Total SA, and BP to manufacture liquified natural gas (LNG) at a plant in Soyo, Angola. Eni SpA has a share of 25.6% in the project, which is anticipated to cost about USD 2 billion and start production by 2022.

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Report includes Competitor's Landscape:
• Major trends and growth projections by region and country
• Key winning strategies followed by the competitors
• Who are the key competitors in this industry?
• What shall be the potential of this industry over the forecast tenure?
• What are the factors propelling the demand for the Action Figures and Statues?
• What are the opportunities that shall aid in significant proliferation of the market growth?
• What are the regional and country wise regulations that shall either hamper or boost the demand for Action Figures and Statues?
• How has the covid-19 impacted the growth of the market?
• Has the supply chain disruption caused changes in the entire value chain?

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