Propane is a three-carbon alkane with the molecular formula C3H8. It is a by-product of natural gas processing and petroleum refining. It is widely used as a fuel for heating, cooking, vehicles and various industrial purposes such as feedstock. Propane has a higher energy density than natural gas, making it a preferred choice for various applications.
The global propane market is estimated to be valued at US$ 98.5 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Propane is widely used as feedstock in petrochemical industries for producing ethylene and propylene, which are raw materials for numerous plastics and chemical products. It also finds applications as refrigerant in ammonia production. The robust growth of end-use industries such as construction, automotive and chemicals is driving the consumption of propane. The expanding industrial sector in emerging economies is likely to boost the global propane market during the forecast period.
Segment Analysis:
Product segment in the Global Propane Market Size can be broadly classified into refinery gas, liquefied petroleum gas (LPG), natural gas processing plants, and others. Among these, the liquefied petroleum gas (LPG) segment dominates the market and accounted for over 56% of the global volume in 2022. LPG is widely used for residential and commercial applications such as cooking, water heating, space heating, and lighting. It is also utilized as an aerosol propellant and transportation fuel, especially in developing regions.
Key Takeaways:
The global propane market is expected to witness high growth over the forecast period supported by increasing demand from various end-use industries. The market witnessed steady growth in recent years despite the ongoing Covid-19 pandemic due to increasing demand from the industrial and residential sectors in developing countries. The global propane market is estimated to be valued at US$ 98.5 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific dominates the global propane market and is likely to maintain its leading position during the forecast period. Rapid industrialization and urbanization, particularly in India and China, have been driving the demand for propane in various applications such as feedstock, refrigerants, vehicles fuel in these countries. India is projected to grow at the fastest CAGR during the forecast period.
Key players: Key players operating in the propane market include Chevron Corporation (U.S.), Royal Dutch Shell Plc (U.K.), Exxon Mobil Corporation (U.S.), and ConocoPhillips (U.S). Chevron Corporation is one of the largest refiners and marketers of propane in the United States. It produces and transports natural gas liquids, including propane. Royal Dutch Shell Plc is another prominent player with a strong presence across Europe and Asia Pacific regions.
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