Press release
Propane Market Growth: Significant Rise Projected Through 2029 with Major Market Trends and Key Players
Propane Market Growth
What Is The Projected Market Size Of The Global Propane Market And Its Growth Rate?
The global propane market projections indicate a significant increase in the market size in the upcoming years. Key statistics regarding the market growth include:
- The market is set to grow from $90.32 billion in 2024 to $96.07 billion in 2025 at a compound annual growth rate (CAGR) of 6.4%. This growth is attributed to factors such as increasing energy demand, expansion of the petrochemical industry, and rising demand in sectors like residential and commercial use, industrial applications, and the agricultural sector.
- The market size is expected to see a further surge and hit $125.3 billion in 2029, growing at a CAGR of 6.9%. Increased focus on clean energy, growth in Autogas applications, global economic growth, expansion of propane export markets, and transition in residential heating are some of the key driving factors for this growth.
What Is Driving The Growth In The Propane Market?
The propane market's expansion can be largely attributed to the increasing consumption of LPG or liquefied petroleum gas. With primary components being propane and butane, LPG serves as a versatile fuel for various applications such as heating, cooking, and transportation. For example, as per UK-based Argus, EU gas consumption observed an upward trend, going from 1,578 PJ in January 2023 to 1,734 PJ in January 2024. As the demand for LPG continues to rise, the growth in the propane market is significantly being driven forward.
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Who Are the Key Players Driving Propane Market Growth?
The propane market includes major players like:
- Chevron Corporation
- China Petroleum & Chemical Corporation
- China National Petroleum Corporation
- Conoco Phillips Petroleum Company
- Eni SpA
- Exxon Mobil Corporation
- Gazprom International Limited
- TotalEnergies SE
- Air Liquide SA
- GAIL Limited
- Saudi Arabian Oil Co.
What Are The Key Trends In The Propane Market?
Key trends in the forecast period include:
- Growing importance in off-grid energy
- Expanding international trade
- Advancements in propane technologies
- Increased focus on sustainable energy
- Market penetration in emerging economies
What Are The Segments Of The Global Propane Market?
Segments of the global propane market include:
- By Form: Liquid, Gas
- By Grade: HD-5 Propane, HD-10 Propane, Commercial Propane
- By Application: Industrial, Commercial, Residential, Agriculture, Transportation, Chemicals And Refineries, Other Applications
Which Region Leads The Propane Market?
Asia-Pacific took the lead in the propane market in 2024. The propane market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The Propane Market Global Market Report?
- Market Size Analysis: Analyze the Propane Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Propane Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Propane Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Propane Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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