Press release
Propane Market Poised for 7 % Growth, Set to Hit $125.3 Billion by 2029
Propane Market Outlook
The escalation in LPG usage is projected to spur the advancement of the propane market. Liquefied petroleum gas (LPG), essentially a form of fluid gas, functions as fuel for various applications, including vehicle propulsion. Mainly made up of propane and butane, it's frequently employed as an energy source for heating, cooking, and commuting. The surge in LPG demand reciprocally propels the demand for propane. For instance, Argus, a UK-based organization that provides price data and consultancy services, reported that in September 2024, European gas consumption appreciated from 1,578 PJ in January 2023 to 1,734 PJ in January 2024, demonstrating a progressive increase in gas usage annually. Hence, the elevation in LPG usage is fostering the progression of the propane market.
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What growth opportunities are expected to drive the propane market's CAGR through 2034?
The size of the propane market has seen a robust increase in the past few years. The market is forecasted to elevate from $90.32 billion in 2024 to $96.07 billion in 2025, growing at a compound annual growth rate (CAGR) of 6.4%. The historic growth can be credited to the rising demand for energy, growth of the petrochemical industry, usage in residential and commercial spaces, industrial applications, and the demand in the agricultural sector.
In the forthcoming years, the propane market size is anticipated to witness robust growth, and it is projected to reach $125.3 billion by 2029, with a compound annual growth rate (CAGR) of 6.9%. This growth during the forecast period could be attributed to factors such as heightened emphasis on clean energy, the rise in Autogas applications, worldwide economic uptick, enlargement of propane export markets, and shift in residential heating practices. Key trends during the forecast period comprise increasing significance of off-grid energy, growth of international trade, innovations in propane technologies, amplified focus on sustainable energy, and market penetration in budding economies.
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What are the emerging trends shaping the future of the propane market?
Major players in the propane market are concentrating on the development of specialized technologies, such as propane dehydrogenation, to improve the efficiency of propylene production and meet the expanding need for petrochemical feedstocks. Propane dehydrogenation is a technique that transforms propane into propylene by separating hydrogen from propane molecules, generally using a catalyst to increase efficiency and selectivity. In an example from April 2024, Clariant AG, a specialty chemical firm based in Switzerland, launched its most recent invention, the CATOFIN 312 catalyst. This is specifically designed for propane dehydrogenation and has improved selectivity and a lifespan extended by up to 20%. This fresh catalyst is anticipated to significantly increase productivity, potentially adding up to $20 million in profits for a standard 600 KTA PDH facility during its working life. As part of this launch, Clariant also debuted its digital service platform, CLARITYTM, which offers clients real-time data and sophisticated monitoring tools to enhance plant performance across multiple metrics.
Which growth-oriented segments of the propane market are leading the industry's development?
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
Subsegments:
1) By Liquid: Propane Tanks, Propane Cylinders, Bulk Liquid Propane
2) By Gas: Compressed Gas Propane, Propane Vaporizers, Propane Gas Solutions
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What regions are leading the charge in the propane market?
Asia-Pacific was the largest region in the propane market in 2024. The regions covered in the propane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the propane market?
Major companies operating in the propane market include 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., 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., Viking Cylinders LLC, Westmor Industries LLC, Worthington Industries Inc.
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What Is Covered In The Propane Global Market Report?
• Market Size Forecast: Examine the propane market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the propane market for a structured understanding.
• Key Players Overview: Analyze major players in the propane market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the propane market.
• Segment Contributions: Evaluate how different segments drive overall growth in the propane market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the propane market.
• Industry Challenges: Identify potential risks and obstacles affecting the propane market.
• Competitive Landscape: Review strategic developments in the propane market, including expansions, agreements, and new product launches.
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The production of plastics and other…
