Propane Global Market Report 2024

Description

“Propane Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on propane market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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Where is the largest and fastest growing market for propane? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The propane market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

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
Companies Mentioned: Chevron Corporation; China Petroleum & Chemical Corporation; China National Petroleum Corporation; Conoco Phillips Petroleum Company; Eni SpA
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Propane is a highly combustible gas derived from crude petroleum and natural gas, primarily used as an energy source and in the chemical industry. It is a colorless and odorless gas at standard temperature and pressure, and it can be easily compressed into a liquid form for storage and transportation.

The main forms of propane are in liquid and gaseous states. Liquid propane is a form that can be pressurized and stored in tanks, transitioning into a liquid state under compression. Propane is classified into various grades, including HD-5 propane, HD-10 propane, and commercial propane, with applications spanning industrial, commercial, residential, agricultural, transportation, chemicals and refineries, and various other sectors.

The propane market research report is one of a series of new reports from The Business Research Company that provides propane market statistics, including propane industry global market size, regional shares, competitors with a propane market share, detailed propane market segments, market trends and opportunities, and any further data you may need to thrive in the propane industry. This propane market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The propane market size has grown strongly in recent years. It will grow from $84.99 billion in 2023 to $90.92 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed in the historical period can be attributed to factors such as the increasing demand for energy, expansion of the petrochemical industry, use in residential and commercial settings, applications in various industries, and demand from the agricultural sector.

The propane market size is expected to see strong growth in the next few years. It will grow to $115.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be attributed to an increased focus on clean energy, the growth of autogas applications, global economic expansion, the expansion of propane export markets, and the transition in residential heating methods. Major trends expected in the forecast period include a growing importance in off-grid energy solutions, expanding international trade in the propane market, advancements in propane technologies, an increased focus on sustainable energy practices, and market penetration in emerging economies.

The anticipated rise in LPG consumption is set to drive the growth of the propane market in the future. LPG, or liquefied petroleum gas, is a form of liquid fuel used for various applications, including powering vehicles. Comprising primarily propane and butane, LPG serves as a fuel source for heating, cooking, and transportation. As the demand for LPG increases, so does the demand for propane. For example, as reported by the Energy Information Administration (EIA) in August 2021, U.S. LPG exports saw an 11% increase from 1,889 barrels per day in 2020 to 2,113 barrels per day in 2021. Additionally, U.S. Liquefied petroleum gas consumption reached 1387.32 thousand barrels per day in 2021. Consequently, the escalating LPG consumption is a driving force behind the projected growth of the propane market.

The expanding automotive industry is poised to propel the growth of the propane market in the foreseeable future. Encompassing numerous organizations involved in the design, manufacture, and maintenance of motor vehicles, the automotive sector sees propane as a preferred fuel for fleet vehicles such as buses, taxis, and delivery trucks due to its cost-effectiveness and environmental advantages. Notably, the European Automobile Manufacturers' Association (ACEA) reported a global production of 85.4 million motor vehicles in 2022, marking a 5.7% increase from 2021. Hence, the burgeoning automotive industry is a key driver for the propane market.

Technological advancements represent a significant trend gaining traction in the propane market, with companies adopting new technologies to maintain their market positions. Nevada Nano, a U.S.-based company specializing in high-performance, low-cost silicon MEMS gas sensors, introduced the Molecular Property Spectrometer (MPS) R-290 Propane sensor in April 2021. This sensor employs advanced technology to accurately detect and quantify propane concentrations in real-time, offering a reliable and cost-effective solution for monitoring propane leaks and ensuring safety in industrial and commercial settings.

Major companies in the propane market are actively developing innovative products to gain a competitive advantage. Mitsubishi Electric, a Japan-based electronics company, launched the Ecodan heat pump in November 2023. Operating on propane (R290) as a refrigerant, this heat pump delivers a higher Coefficient of Performance (COP). The use of propane as a natural refrigerant enables the heat pump to achieve elevated flow temperatures and produce hot water even at lower external air temperatures, expanding its applicability compared to conventional devices.

In March 2022, Superior Plus Corp., a Canada-based diversified business company, acquired Kamps Propane, Inc., and Kiva Energy, enhancing its presence in California. Kamps Propane, Inc. is a U.S.-based energy company, while Kiva Energy is a U.S.-based provider of propane gas. This acquisition strengthens Superior Plus Corp.'s position and service capabilities in the propane market.

Major companies operating in the propane market report are Chevron Corporation, China Petroleum & Chemical Corporation, China National Petroleum Corporation, Conoco Phillips Petroleum Company, Eni SpA, Exxon Mobil Corporation, Gazprom International Limited, Royal Dutch Shell plc, TotalEnergies SE, Air Liquide SA, Evonik Industries AG, 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., Ventower Industries LLC, Viking Cylinders LLC, Westmor Industries LLC, Worthington Industries Inc

Asia-Pacific was the largest region in the propane market in 2023. The regions covered in the propane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the propane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The propane market consists of sales of methane, ethane, butane, and heavier hydrocarbons. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r11265

1. Executive Summary

2. Propane Market Characteristics

3. Propane Market Trends And Strategies

4. Propane Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market
4.2. Ukraine-Russia War Impact On the Market
4.3. COVID-19 Impact On the Market

5. Global Propane Market Size and Growth

5.1. Global Propane Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Propane Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Propane Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Propane Market Segmentation

6.1. Global Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Liquid
Gas
6.2. Global Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
HD-5 Propane
HD-10 Propane
Commercial Propane
6.3. Global Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Industrial
Commercial
Residential
Agriculture
Transportation
Chemicals And Refineries
Other Applications

7. Propane Market Regional And Country Analysis

7.1. Global Propane Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Propane Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Propane Market

8.1. Asia-Pacific Propane Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Propane Market

9.1. China Propane Market Overview
9.2. China Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Propane Market

10.1. India Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Propane Market

11.1. Japan Propane Market Overview
11.2. Japan Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Propane Market

12.1. Australia Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Propane Market

13.1. Indonesia Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Propane Market

14.1. South Korea Propane Market Overview
14.2. South Korea Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Propane Market

15.1. Western Europe Propane Market Overview
15.2. Western Europe Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Propane Market

16.1. UK Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Propane Market

17.1. Germany Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Propane Market

18.1. France Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Propane Market

19.1. Italy Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Propane Market

20.1. Spain Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Propane Market

21.1. Eastern Europe Propane Market Overview
21.2. Eastern Europe Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Propane Market

22.1. Russia Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Propane Market

23.1. North America Propane Market Overview
23.2. North America Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Propane Market

24.1. USA Propane Market Overview
24.2. USA Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Propane Market

25.1. Canada Propane Market Overview
25.2. Canada Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Propane Market

26.1. South America Propane Market Overview
26.2. South America Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Propane Market

27.1. Brazil Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Propane Market

28.1. Middle East Propane Market Overview
28.2. Middle East Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Propane Market

29.1. Africa Propane Market Overview
29.2. Africa Propane Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Propane Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Propane Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Propane Market Competitive Landscape And Company Profiles

30.1. Propane Market Competitive Landscape
30.2. Propane Market Company Profiles
- 30.2.1. Chevron Corporation
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. China Petroleum & Chemical Corporation
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. China National Petroleum Corporation
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Conoco Phillips Petroleum Company
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Eni SpA
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Propane Market Competitive Benchmarking

32. Global Propane Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Propane Market

34. Propane Market Future Outlook and Potential Analysis

34.1 Propane Market In 2028 - Countries Offering Most New Opportunities
34.2 Propane Market In 2028 - Segments Offering Most New Opportunities
34.3 Propane Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer