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Surging LPG Consumption Driving The Propane Market Expansion: Strategic Insights Driving Propane Market Momentum in 2025
Propane
How Large Will the Propane Market Size By 2025?
The market size of propane has seen significant expansion over the past few years. It is projected to increase from $90.32 billion in 2024 to $96.07 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 6.4%. The surge in growth during the historic period is linked to the rise in energy demand, the growth of the petrochemical industry, use in residential and commercial settings, industrial applications, and demand from the agricultural sector.
How Big Is the Propane Market Size Expected to Grow by 2029?
Expectations are high for the propane market to witness considerable growth in the forthcoming years. The market is projected to surge to $125.3 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.9%. Factors contributing to this growth during the forecast period include the rising emphasis on clean energy, development in Autogas applications, worldwide economic growth, the expansion of propane export markets, and changes in residential heating. Key trends for the predicted period include an increased significance in off-grid energy, the growth of international trade, developments in propane technologies, intensified focus on sustainable energy and its increasing penetration in up-and-coming economies.
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Which Key Market Drivers Powering Propane Market Expansion and Growth?
The rise in LPG utilization sets the propane market on a path of expansion. LPG, also known as liquefied petroleum gas, is a variant of liquid gasoline that is widely used for a variety of purposes, including propelling vehicles. Essentially composed of propane and butane, LPG is commonly employed for heating, cooking and transport. As the LPG demand surges, so does the demand for propane. For instance, in September 2024, Argus, a UK-based provider of price assessments, consulting services, conferences reported that EU gas consumption escalated from 1,578 PJ in January 2023 to 1,734 PJ in January 2024, showcasing a growth trend in gas consumption throughout the year. Consequently, the rise in LPG utilization propels the expansion of the propane market.
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Which Fast-Growing Trends Are Poised to Disrupt the Propane Market?
The principal firms in the propane market are honing in on technological advancements like propane dehydrogenation to improve the effectiveness of propylene production and cater to the rising need for petrochemical feedstocks. Propane dehydrogenation is a chemical procedure which transforms propane into propylene through the extraction of hydrogen from propane molecules, usually via a catalyst to boost efficiency and selectivity. For example, in April 2024, Clariant AG, a specialty chemical entity based in Switzerland, revealed its newest development, the CATOFIN 312 catalyst. This is specifically intended for propane dehydrogenation and boasts of improved selectivity and an extended lifespan up to 20%. This innovative catalyst is estimated to dramatically increase productivity, potentially contributing to an addition of $20 million in profits for a typical 600 KTA PDH facility over its functional life. Concurrent with this revelation, Clariant also rolled out its digital service platform named CLARITYTM, supplying customers with real-time data and sophisticated monitoring tools to maximize plant performance on different benchmarks.
What Are the Emerging Segments in the Propane Market?
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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Propane Industry?
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
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