Press release
Surging LPG Consumption Driving The Propane Market Expansion: A Key Driver Powering Propane Market Growth In 2025
Propane
How Big Is the Propane Market Size Expected to Be by 2034?
In recent times, there has been substantial growth in the size of the propane market. The industry, which was worth $90.32 billion in 2024, is projected to increase to $96.07 billion in 2025, progressing at a compound annual growth rate (CAGR) of 6.4%. This notable expansion during the historical phase can be ascribed to factors such as rising energy demand, the growth of the petrochemical industry, use in residential and commercial sectors, industrial applications, and demand from the agricultural sector.
An upsurge is expected in the propane market size over the upcoming years. It is projected to escalate to $125.3 billion in 2029, with a compound annual growth rate (CAGR) of 6.9%. The imminent augmentation in the prediction tenure can be credited to the amplified emphasis on eco-friendly energy, escalation in Autogas uses, worldwide economic expansion, broadening of propane export sectors, and transition in residential heating practices. Key trends in the foreseen period include the growing significance of off-grid energy, the expansion of international commerce, improvements in propane technologies, intensified concentration on renewable energy, and market inroads in developing economies.
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How Are Emerging Segments Shaping the Propane Market Landscape?
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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Which Growth Factors Are Influencing Propane Market Expansion?
The surge in the consumption of LPG or liquefied petroleum gas is anticipated to stimulate the expansion of the propane market in the future. LPG, a liquid gasoline type, serves as an energy source for a variety of applications, including propelling motor vehicles. It is primarily a combination of propane and butane and is predominantly employed as an energy source for warming, culinary purposes, and conveyance. With the swelling demand for LPG, the requirement for propane correspondingly escalates. For example, Argus, a price information provider, consultancy, and conference services based in the UK, recorded in September 2024 that the EU's gas consumption surged from 1,578 PJ in January 2023 to 1,734 PJ in January 2024, signaling a continuous annual growth trend in gas consumption. Consequently, the growing consumption of LPG helps proliferate the propane market's growth onwards.
Who Are the Dominant Players Across Different Propane Market Segments?
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.
What Are the Latest Developing Trends in the Propane Market?
Dominant firms in the propane marketplace are concentrating on technological evolution, such as propane dehydrogenation, to heighten the efficiency of propylene production and fulfill the escalating demand for petrochemical feedstocks. Propane dehydrogenation, a procedure that transforms propane into propylene through the removal of hydrogen from the propane molecules, often employs a catalyst for amplified efficiency and selectivity. As an illustration, Clariant AG, a Swiss specialty chemical enterprise, debuted its recent accomplishment, the CATOFIN 312 catalyst for propane dehydrogenation, in April 2024. This new invention, which offers amplified selectivity and a lifespan extension of up to 20%, is forecasted to considerably boost productivity and potentially contribute up to $20 million in profits to a typical 600 KTA PDH facility throughout its operational lifetime. Concurrently with this introduction, Clariant launched its digital service platform, CLARITYTM, to equip customers with immediate data and evolved monitoring tools for optimizing plant performance according to different metrics.
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Which Geographic Regions Are Expected to Dominate the Propane Market in the Coming Years?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Propane Market?
2. What is the CAGR expected in the Propane Market?
3. What Are the Key Innovations Transforming the Propane Industry?
4. Which Region Is Leading the Propane Market?
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