PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1423677
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1423677
Propane Market Forecasts to 2030 - Global Analysis By Form (Gas and Liquid), By Grade (HD-5 Propane, HD-10 Propane and Other Grades), End User and By Geography
According to Stratistics MRC, the Global Propane Market is accounted for $92.75 billion in 2023 and is expected to reach $140.39 billion by 2030 growing at a CAGR of 6.1% during the forecast period. Propane is a colorless and odorless hydrocarbon gas belonging to the alkane family. It's derived from crude oil refining and natural gas processing. It is used as a fuel for heating, cooking and powering appliances. Propane is stored and transported as a compressed liquid. It's known for its efficiency, cleanliness and versatility, serving residential, commercial, industrial and transportation needs.
According to ITOPF (2003) Venezuela holds the western hemisphere's largest oil reserves and one of its largest refining systems.
Market Dynamics:
Driver:
Rising global energy consumption
Due to expanding populations and increasing industrialization, there's a growing need for versatile energy sources. Propane, as a clean-burning and efficient fuel, addresses diverse energy demands, particularly in the commercial and industrial sectors. Its applications in heating, cooking, transportation and various industries position propane as a sought-after solution to meet rising energy consumption. Additionally, its storage convenience and transportability contribute to its role in fulfilling the mounting global energy requirements.
Restraint:
Fluctuations in oil and gas prices
Fluctuations in oil and gas prices pose a significant restraint in the propane market. As propane is derived from these energy sources, its pricing is closely tied to the volatility of the oil and gas markets. Sudden price swings can directly impact propane costs, affecting consumer demand and industry investments. Higher prices may reduce consumer affordability and prompt a shift towards alternative energy sources, while unpredictable pricing makes long-term planning and investment decisions challenging for businesses reliant on propane, impacting market stability and growth.
Opportunity:
Integration with renewable energy
Propane, as a clean-burning fuel, complements renewable energy solutions by acting as a reliable backup energy source. Its compatibility with renewable technologies like solar and wind power allows for hybrid systems, ensuring consistent energy supply even during intermittent renewable energy generation. Additionally, propane's versatility enables the production of renewable propane from biomass, advancing the market's sustainability. This integration promotes a more resilient, eco-friendly energy landscape, fostering both environmental conservation and energy reliability.
Threat:
Stringent environmental regulations
Stringent environmental regulations pose a threat to the market due to increased pressure for reduced emissions and a shift toward renewable energy sources. As regulations tighten to curb greenhouse gases, propane, though cleaner than some fossil fuels, faces scrutiny due to its carbon footprint. Compliance costs for emissions control and sustainability measures may rise, impacting propane's cost competitiveness. Moreover, policies favoring renewable alternatives could limit propane's market growth.
Covid-19 Impact:
The COVID-19 pandemic had a notable impact on the market. Lockdowns and restrictions reduced industrial operations, affecting propane demand in sectors like manufacturing and hospitality. Disrupted supply chains and reduced economic activity also influenced propane consumption. However, the market saw fluctuations as residential usage increased for heating and cooking amid stay-at-home orders. Overall, the pandemic led to demand shifts, supply chain disruptions, and varying market dynamics for propane.
The liquid segment is expected to be the largest during the forecast period
The liquid segment is anticipated to dominate during the forecast period due to its diverse applications and ease of storage and transportation. Liquid propane, stored in tanks and cylinders, is widely used in the residential, commercial and industrial sectors for heating, cooking and powering appliances. Its versatility, coupled with its established distribution infrastructure, makes it a preferred choice. Additionally, the liquid form is crucial in various industrial processes. These factors contribute to the liquid segment's expected prominence in the propane market over the forecast period.
The transportation segment is expected to have the highest CAGR during the forecast period
The transportation segment is projected to exhibit the highest CAGR during the forecast period owing to escalating interest in alternative fuels. Propane's cleaner combustion and lower carbon emissions make it increasingly attractive for vehicle fleets, particularly in commercial applications like buses, delivery trucks and taxis. Additionally, technological advancements in propane engines and growing environmental concerns drive the adoption of propane-powered vehicles, fueling segment growth.
Region with largest share:
North America is anticipated to hold the largest market share during the forecast period due to its well-established propane infrastructure, robust industrial sectors and significant residential and commercial demand. Moreover, increased adoption of propane as a clean energy source and ongoing initiatives for environmental sustainability contribute to its prominence. Additionally, favorable regulatory frameworks and the versatility of propane applications further solidify North America's position.
Region with highest CAGR:
The Asia Pacific region is poised for substantial growth due to escalating industrialization, burgeoning urbanization and a growing focus on cleaner energy sources. Increasing population and economic development drive demand for propane in diverse sectors. Additionally, initiatives to reduce carbon emissions and shift towards cleaner fuels further boost propane adoption. Improved infrastructure and rising investments in energy diversification initiatives position the Asia Pacific region for significant propane market expansion in the forecasted period.
Key players in the market
Some of the key players in Propane Market include Alliance AutoGas, AmeriGas Partners, L.P., Chevron Corporation, CHS Inc., DCC plc, Eastern Propane & Oil, Energy Transfer LP, Ferrellgas Partners, L.P., Kinder Morgan, Inc., NGL Energy Partners LP, Northern Energy, Paraco Gas Corporation, Parkland Corporation, Sparlings Propane, Suburban Propane Partners, L.P., Superior Plus Corporation, ThompsonGas and UGI Corporation.
Key Developments:
In August 2023, Chevron Corporation announced its acquisition of PDC Energy, Inc. The acquisition includes 275,000 net acres in the Denver-Julesburg Basin and 25,000 net acres in the Permian Basin, adding over 1 billion barrels of proved reserves.
In March 2022, KBR and ExxonMobil Catalysts and Licensing LLC ("ExxonMobil") will collaborate to bring significant advancements to propane dehydrogenation (PDH) technology. Under the collaboration, ExxonMobil's new proprietary catalyst technology will be combined with KBR's proprietary K-PRO Propane Dehydrogenation (PDH) technology to convert propane into propylene.
Forms Covered:
- Gas
- Liquid
Grades Covered:
- HD-5 Propane
- HD-10 Propane
- Other Grades
End Users Covered:
- Agriculture
- Chemicals and Refineries
- Industrial and Commercial
- Residential
- Transportation
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 End User Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Propane Market, By Form
- 5.1 Introduction
- 5.2 Gas
- 5.3 Liquid
6 Global Propane Market, By Grade
- 6.1 Introduction
- 6.2 HD-5 Propane
- 6.3 HD-10 Propane
- 6.4 Other Grades
7 Global Propane Market, By End User
- 7.1 Introduction
- 7.2 Agriculture
- 7.3 Chemicals and Refineries
- 7.4 Industrial and Commercial
- 7.5 Residential
- 7.6 Transportation
- 7.7 Other End Users
8 Global Propane Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Alliance AutoGas
- 10.2 AmeriGas Partners, L.P.
- 10.3 Chevron Corporation
- 10.4 CHS Inc.
- 10.5 DCC plc
- 10.6 Eastern Propane & Oil
- 10.7 Energy Transfer LP
- 10.8 Ferrellgas Partners, L.P.
- 10.9 Kinder Morgan, Inc.
- 10.10 NGL Energy Partners LP
- 10.11 Northern Energy
- 10.12 Paraco Gas Corporation
- 10.13 Parkland Corporation
- 10.14 Sparlings Propane
- 10.15 Suburban Propane Partners, L.P.
- 10.16 Superior Plus Corporation
- 10.17 ThompsonGas
- 10.18 UGI Corporation
List of Tables
- Table 1 Global Propane Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Propane Market Outlook, By Form (2021-2030) ($MN)
- Table 3 Global Propane Market Outlook, By Gas (2021-2030) ($MN)
- Table 4 Global Propane Market Outlook, By Liquid (2021-2030) ($MN)
- Table 5 Global Propane Market Outlook, By Grade (2021-2030) ($MN)
- Table 6 Global Propane Market Outlook, By HD-5 Propane (2021-2030) ($MN)
- Table 7 Global Propane Market Outlook, By HD-10 Propane (2021-2030) ($MN)
- Table 8 Global Propane Market Outlook, By Other Grades (2021-2030) ($MN)
- Table 9 Global Propane Market Outlook, By End User (2021-2030) ($MN)
- Table 10 Global Propane Market Outlook, By Agriculture (2021-2030) ($MN)
- Table 11 Global Propane Market Outlook, By Chemicals and Refineries (2021-2030) ($MN)
- Table 12 Global Propane Market Outlook, By Industrial and Commercial (2021-2030) ($MN)
- Table 13 Global Propane Market Outlook, By Residential (2021-2030) ($MN)
- Table 14 Global Propane Market Outlook, By Transportation (2021-2030) ($MN)
- Table 15 Global Propane Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 16 North America Propane Market Outlook, By Country (2021-2030) ($MN)
- Table 17 North America Propane Market Outlook, By Form (2021-2030) ($MN)
- Table 18 North America Propane Market Outlook, By Gas (2021-2030) ($MN)
- Table 19 North America Propane Market Outlook, By Liquid (2021-2030) ($MN)
- Table 20 North America Propane Market Outlook, By Grade (2021-2030) ($MN)
- Table 21 North America Propane Market Outlook, By HD-5 Propane (2021-2030) ($MN)
- Table 22 North America Propane Market Outlook, By HD-10 Propane (2021-2030) ($MN)
- Table 23 North America Propane Market Outlook, By Other Grades (2021-2030) ($MN)
- Table 24 North America Propane Market Outlook, By End User (2021-2030) ($MN)
- Table 25 North America Propane Market Outlook, By Agriculture (2021-2030) ($MN)
- Table 26 North America Propane Market Outlook, By Chemicals and Refineries (2021-2030) ($MN)
- Table 27 North America Propane Market Outlook, By Industrial and Commercial (2021-2030) ($MN)
- Table 28 North America Propane Market Outlook, By Residential (2021-2030) ($MN)
- Table 29 North America Propane Market Outlook, By Transportation (2021-2030) ($MN)
- Table 30 North America Propane Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 31 Europe Propane Market Outlook, By Country (2021-2030) ($MN)
- Table 32 Europe Propane Market Outlook, By Form (2021-2030) ($MN)
- Table 33 Europe Propane Market Outlook, By Gas (2021-2030) ($MN)
- Table 34 Europe Propane Market Outlook, By Liquid (2021-2030) ($MN)
- Table 35 Europe Propane Market Outlook, By Grade (2021-2030) ($MN)
- Table 36 Europe Propane Market Outlook, By HD-5 Propane (2021-2030) ($MN)
- Table 37 Europe Propane Market Outlook, By HD-10 Propane (2021-2030) ($MN)
- Table 38 Europe Propane Market Outlook, By Other Grades (2021-2030) ($MN)
- Table 39 Europe Propane Market Outlook, By End User (2021-2030) ($MN)
- Table 40 Europe Propane Market Outlook, By Agriculture (2021-2030) ($MN)
- Table 41 Europe Propane Market Outlook, By Chemicals and Refineries (2021-2030) ($MN)
- Table 42 Europe Propane Market Outlook, By Industrial and Commercial (2021-2030) ($MN)
- Table 43 Europe Propane Market Outlook, By Residential (2021-2030) ($MN)
- Table 44 Europe Propane Market Outlook, By Transportation (2021-2030) ($MN)
- Table 45 Europe Propane Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 46 Asia Pacific Propane Market Outlook, By Country (2021-2030) ($MN)
- Table 47 Asia Pacific Propane Market Outlook, By Form (2021-2030) ($MN)
- Table 48 Asia Pacific Propane Market Outlook, By Gas (2021-2030) ($MN)
- Table 49 Asia Pacific Propane Market Outlook, By Liquid (2021-2030) ($MN)
- Table 50 Asia Pacific Propane Market Outlook, By Grade (2021-2030) ($MN)
- Table 51 Asia Pacific Propane Market Outlook, By HD-5 Propane (2021-2030) ($MN)
- Table 52 Asia Pacific Propane Market Outlook, By HD-10 Propane (2021-2030) ($MN)
- Table 53 Asia Pacific Propane Market Outlook, By Other Grades (2021-2030) ($MN)
- Table 54 Asia Pacific Propane Market Outlook, By End User (2021-2030) ($MN)
- Table 55 Asia Pacific Propane Market Outlook, By Agriculture (2021-2030) ($MN)
- Table 56 Asia Pacific Propane Market Outlook, By Chemicals and Refineries (2021-2030) ($MN)
- Table 57 Asia Pacific Propane Market Outlook, By Industrial and Commercial (2021-2030) ($MN)
- Table 58 Asia Pacific Propane Market Outlook, By Residential (2021-2030) ($MN)
- Table 59 Asia Pacific Propane Market Outlook, By Transportation (2021-2030) ($MN)
- Table 60 Asia Pacific Propane Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 61 South America Propane Market Outlook, By Country (2021-2030) ($MN)
- Table 62 South America Propane Market Outlook, By Form (2021-2030) ($MN)
- Table 63 South America Propane Market Outlook, By Gas (2021-2030) ($MN)
- Table 64 South America Propane Market Outlook, By Liquid (2021-2030) ($MN)
- Table 65 South America Propane Market Outlook, By Grade (2021-2030) ($MN)
- Table 66 South America Propane Market Outlook, By HD-5 Propane (2021-2030) ($MN)
- Table 67 South America Propane Market Outlook, By HD-10 Propane (2021-2030) ($MN)
- Table 68 South America Propane Market Outlook, By Other Grades (2021-2030) ($MN)
- Table 69 South America Propane Market Outlook, By End User (2021-2030) ($MN)
- Table 70 South America Propane Market Outlook, By Agriculture (2021-2030) ($MN)
- Table 71 South America Propane Market Outlook, By Chemicals and Refineries (2021-2030) ($MN)
- Table 72 South America Propane Market Outlook, By Industrial and Commercial (2021-2030) ($MN)
- Table 73 South America Propane Market Outlook, By Residential (2021-2030) ($MN)
- Table 74 South America Propane Market Outlook, By Transportation (2021-2030) ($MN)
- Table 75 South America Propane Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 76 Middle East & Africa Propane Market Outlook, By Country (2021-2030) ($MN)
- Table 77 Middle East & Africa Propane Market Outlook, By Form (2021-2030) ($MN)
- Table 78 Middle East & Africa Propane Market Outlook, By Gas (2021-2030) ($MN)
- Table 79 Middle East & Africa Propane Market Outlook, By Liquid (2021-2030) ($MN)
- Table 80 Middle East & Africa Propane Market Outlook, By Grade (2021-2030) ($MN)
- Table 81 Middle East & Africa Propane Market Outlook, By HD-5 Propane (2021-2030) ($MN)
- Table 82 Middle East & Africa Propane Market Outlook, By HD-10 Propane (2021-2030) ($MN)
- Table 83 Middle East & Africa Propane Market Outlook, By Other Grades (2021-2030) ($MN)
- Table 84 Middle East & Africa Propane Market Outlook, By End User (2021-2030) ($MN)
- Table 85 Middle East & Africa Propane Market Outlook, By Agriculture (2021-2030) ($MN)
- Table 86 Middle East & Africa Propane Market Outlook, By Chemicals and Refineries (2021-2030) ($MN)
- Table 87 Middle East & Africa Propane Market Outlook, By Industrial and Commercial (2021-2030) ($MN)
- Table 88 Middle East & Africa Propane Market Outlook, By Residential (2021-2030) ($MN)
- Table 89 Middle East & Africa Propane Market Outlook, By Transportation (2021-2030) ($MN)
- Table 90 Middle East & Africa Propane Market Outlook, By Other End Users (2021-2030) ($MN)
