Press release
Propane Industry to Achieve $122.17 Billion Growth by 2029
Propane Market Size
How Will the Propane Market Grow by 2025 in Terms of Size and Growth?
The steady increase in the size of the propane market in recent years is notable. The market which is expected to escalate from $90.32 billion in 2024 to $94.77 billion in 2025, predicts a compound annual growth rate (CAGR) of 4.9%. This market growth during the historic period is a result of the rising energy needs, growth of the petrochemical industry, use in the residential and commercial sector, industrial applications, and an increase in demand from the agricultural sector.
What Are the Estimated Growth Rates for the Propane Industry Through 2029?
Significant expansion is predicted for the propane market in the coming years with an anticipatory rise to a value of $122.17 billion by 2029, spurred by a compound annual growth rate (CAGR) of 6.6%. The impetus for this growth during the projected period can be linked to increased attention on the utilisation of clean energy, the proliferation of Autogas applications, worldwide economic development, augmentation of propane export markets, and a transformation in residential heating techniques. Prevalent patterns expected within this period include the amplified role in off-grid energy, widening of international commerce, evolution in propane-based technologies, enhanced engagement with sustainable energy and market penetration in burgeoning economies.
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What Are the Strategic Drivers Boosting Propane Market Performance?
Anticipated growth in the propane market is linked to heightened LPG consumption. LPG, or liquefied petroleum gas, a type of liquid gasoline composed chiefly of propane and butane, functions as a versatile fuel for tasks from driving motor vehicles to heating and cooking. Any growth in LPG demand simultaneously amplifies the demand for propane. Argus, a UK-based provider of price assessments, consulting and conferences, recorded EU gas consumption in January 2023 at 1,578 PJ, only for it to increase and reach 1,734 PJ by January 2024. This suggests a yearly upward trend in gas consumption. Hence, the growth of the propane market is directly related to the rise in LPG consumption.
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What Are the 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
What Are the Key Adoption Trends in the Propane Market?
Leading propane market participants are concentrating their efforts on technology enhancements, such as propane dehydrogenation, to improve propylene production efficiency and accommodate the increasing need for petrochemical feedstocks. Propane dehydrogenation is a chemical procedure that transforms propane into propylene by extracting hydrogen from the propane molecules, typically utilizing a catalyst to improve productivity and selectivity. Take for example, in April 2024, Clariant AG, a specialty chemical firm based in Switzerland, launched its most recent innovation, the CATOFIN 312 catalyst, made for propane dehydrogenation, boasting increased selectivity and a lifespan of up to 20%. This fresh catalyst is expected to significantly boost productivity, potentially bringing in as much as $20 million in profit for a conventional 600 KTA PDH plant over its operation life. Alongside this release, Clariant also unveiled its digital service platform, CLARITYTM, which offers clients real-time data and sophisticated monitoring tools to optimize plant performance across multiple indicators.
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Which Companies Lead the Competitive Landscape of the Propane Industry?
Major companies operating in the propane market include Chevron Corporation, China Petroleum & Chemical Corporation, China National Petroleum Corporation, Conoco Phillips Petroleum Company, Eni SpA, Exxon Mobil Corporation, Gazprom International Limited, TotalEnergies SE, Air Liquide SA, GAIL Limited, Saudi Arabian Oil Co., Shell plc, AmeriGas Propane Inc., CHS Inc., Ferrellgas Partners LP, Growmark Inc., Phillips 66 Company, Superior Plus Energy Services Inc., ThompsonGas LLC, Securing Energy for Europe GmbH, Modern Welding Co. of Kentucky Inc., Arcosa Tank LLC, Bergquist Inc., Blue Rhino Corporation, Flame King YSN Imports Inc., Manchester Tank & Equipment Co., Advanced Air Systems Inc., Quality Manufacturing Group, Rutherford Equipment Inc., Suburban Manufacturing Inc., Trinity Industries Inc., Viking Cylinders LLC, Westmor Industries LLC, Worthington Industries Inc.
Where Are the Key Propane Market Opportunities by Region?
Asia-Pacific was the largest region in the propane market in 2024. The regions covered in the propane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Its primary applications include home and water heating, food preparation and storage, clothing drying, and the powering of industrial and farm machinery.
The production of plastics and other…
Propane Market Report on Recent Adoption 2031
Propane Market Outlook 2031
The global propane market was valued at US$ 82.6 Bn in 2021
It is estimated to grow at a CAGR of 4.8% from 2022 to 2031
The global propane market is expected to reach US$ 132.1 Bn by the end of 2031
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