Propane Industry Size, Share, Business Growth, Outlook, Report 2023-2028

 IMARC Group, a leading market research company, has recently releases a report titled “Propane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global propane industry size, report , share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the propane Market?

The global propane market size reached 174.3 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 223.1 Million Tons by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.

Request for a sample copy of this report: https://www.imarcgroup.com/propane-market/requestsample


What is Propane?

Propane (C₃H₈) is a colorless and odorless gas that belongs to the alkane family of hydrocarbons. It is composed of three carbon atoms and eight hydrogen atoms. It is a gas at room temperature and standard atmospheric pressure and can be easily liquefied under moderate pressure. It is an environment friendly fuel, producing fewer greenhouse gas emissions as compared to other fossil fuels like gasoline or diesel. It is a reliable energy source, as it can be stored for an extended period without degradation, ensuring a consistent fuel supply. It aids in reducing the reliance on foreign energy sources and transportation emissions. It is subject to strict safety regulations to ensure its safe handling and usage. It is widely used in furnaces, water heaters, and fireplaces. It can also be used for various applications, ranging from heating and cooking to powering vehicles and industrial equipment. It is utilized in various industries for heating, cutting, and as a fuel source for forklifts and machinery. Besides this, it is employed in metal cutting, brazing, soldering, and heat treating. Moreover, it is used as an alternative fuel for vehicles, particularly in fleets like buses, delivery trucks, and taxis.

Propane Market Trends and Industry Demand:

Rapid urbanization and the increasing construction of residential and commercial buildings represent one of the primary factors influencing the market positively. C₃H₈ is used in construction equipment like heaters, generators, and torches. Additionally, the growing concerns among the masses about environmental sustainability is driving the demand for C₃H₈. Along with this, the increasing utilization of C₃H₈ in green building projects due to its lower environmental impact is strengthening the growth of the market. Apart from this, advancements in C₃H₈ infrastructure are ensuring a reliable supply chain, making propane more accessible and attractive to individuals and businesses. 

Furthermore, the increasing utilization of C₃H₈ in the production of various chemicals, including propylene and isobutylene, is offering a favorable market outlook. Moreover, governing authorities of several countries are offering credits, grants, and emissions reduction targets to encourage businesses and individuals to switch to C₃H₈-powered solutions. In line with this, ongoing research and development (R&D) activities are leading to innovations in C₃H₈-related technologies, making them more efficient and environment friendly. 

Besides this, the widespread use of C₃H₈ for agricultural applications, including crop drying, pest control, and greenhouse heating, is catalyzing its demand in rural areas. Additionally, the rising utilization of C₃H₈ in restaurants and hotels for heating, cooking, and refrigeration is catalyzing its demand across the globe. Furthermore, the rising use of C₃H₈ as an automotive fuel in vehicles, including buses, taxis, and forklifts, due to its clean-burning properties is propelling the market growth. In addition, the increasing participation of individuals in outdoor recreational activities and the rising need for portable C₃H₈ stoves and grills for cooking in outdoor settings are facilitating the market growth. 

Ask Analyst for Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/propane-market

Who are the leaders in the propane market?      

  • Air Liquide S.A.
  • BP plc
  • Chevron Corporation
  • China National Petroleum Corporation
  • China Petroleum & Chemical Corporation
  • ConocoPhillips Company
  • Eni S.p.A.
  • Evonik Industries AG
  • Exxon Mobil Corporation
  • GAIL (India) Limited
  • Gazprom
  • Indian Oil Corporation Ltd.
  • Royal Dutch Shell plc
  • Saudi Arabian Oil Co.
  • TotalEnergies SE

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Form:

  • Liquid
  • Gas

Breakup by Grade:

  • HD-5 Propane
  • HD-10 Propane
  • Commercial Propane

Breakup by End Use Industry:

  • Residential
  • Commercial
  • Transportation
  • Others

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Key highlights of the report:
  • Market Performance 
  • Market Outlook 
  • Porter's Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.

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