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Propane Market Trends, Top Companies, Share, Growth And Forecast 2033
Propane Market
As per the report, 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 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%.
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Surging Lpg Consumption Driving The Propane Market Expansion
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.
Innovative Technologies Revolutionizing The Propane Market Landscape
Technological advancements are a key trend gaining popularity in the propane market. Companies operating in the propane market are adopting new technologies to sustain their position in the market. For instance, in April 2021, Nevada Nano, a US-based company that develops and manufactures high-performance, low-cost silicon MEMS gas sensors, launched a technology called the Molecular Property Spectrometer (MPS) R-290 Propane sensor. The MPS R-290 Propane sensor utilizes advanced technology to accurately detect and quantify propane concentrations in real-time, providing a reliable and cost-effective solution for monitoring propane leaks and ensuring safety in industrial and commercial settings. The device is mostly used in air conditioners, vending machines, refrigeration and air conditioning racks, and dryers.
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
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Major companies operating in the propane market report are Chevron Corporation, China Petroleum & Chemical Corporation, China National Petroleum Corporation, Conoco Phillips Petroleum Company, Eni SpA, Exxon Mobil Corporation, Gazprom International Limited, Royal Dutch Shell plc, TotalEnergies SE, Air Liquide SA, Evonik Industries AG, GAIL Limited, Saudi Arabian Oil Co., Shell plc, AmeriGas Propane Inc., CHS Inc., Ferrellgas Partners LP, Growmark Inc., Phillips 66 Company, Superior Plus Energy Services Inc., ThompsonGas LLC, Securing Energy for Europe GmbH, Modern Welding Co. of Kentucky Inc., Arcosa Tank LLC, Bergquist Inc., Blue Rhino Corporation, Flame King YSN Imports Inc., Manchester Tank & Equipment Co., Advanced Air Systems Inc., Quality Manufacturing Group, Rutherford Equipment Inc., Suburban Manufacturing Inc., Trinity Industries Inc., Ventower Industries LLC, Viking Cylinders LLC, Westmor Industries LLC, Worthington Industries Inc. .
Contents of the report:
1. Executive Summary
2. Propane Market Report Structure
3. Propane Market Trends And Strategies
4. Propane Market - Macro Economic Scenario
5. Propane Market Size And Growth
…..
27. Propane Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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