Global Propane Market to Reach 223.1 Million Tons by 2028, Propelled by Escalating Demand from the Residential Sector

IMARC Group’s latest report, titled “Propane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global propane market size reached 174.3 Million Tons in 2022. Propane, or liquefied petroleum gas (LPG), refers to a colorless, non-toxic, and highly flammable hydrocarbon gas usually compressed and stored in a liquid form. It is a byproduct obtained from processing crude oil, natural gas, and petroleum. Although it is odorless, an odorant is added to the gas for leakage detection. It is commonly used for cooking, space and water heating, air conditioning, refrigerating food, and vehicle fuel. It offers several benefits, including cost-effectiveness, environment friendliness, high energy density, and versatility. Over the years, propane has gained immense popularity as a clean-burning fuel in the residential, commercial, transportation, and industrial sectors. 

Global Propane Market Trends:

The escalating demand for propane from the residential sector represents one of the key factors driving the market growth. Besides this, the increasing product applications in the power and energy sector for electricity generation are contributing to the market growth. Moreover, the growing environmental concerns and the rising energy demand from numerous industry verticals have strengthened the need for clean-burning fuels, such as propane. In line with this, the surging utilization of propane in industrial applications, including cutting and brazing, soldering, preheating, shrink-wrapping, and heat treatment has augmented the product demand. In addition, the increasing number of autogas or LPG-fueled vehicles and the rising popularity of propane-based agricultural engines are other major growth-inducing factors. Furthermore, the implementation of stringent regulations by governments of various nations due to depleting non-renewable resources like crude oil has prompted manufacturers to adopt sustainable manufacturing practices that rely on bio-based raw materials for propane production to improve efficiency and conserve natural resources. This, in turn, is offering lucrative growth opportunities to key players. Other factors, including rising product use as an intermediate in propylene and ethylene production, inflating sales of propane-fueled appliances, rapid industrialization, widespread product availability, and extensive investments in research and development (R&D) activities, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach 223.1 Million Tons by 2028, growing at a CAGR of 3.9% during 2023-2028. 

Market Summary:

• Based on the form, the market has been bifurcated into liquid and gas.
• On the basis of the grade, the market has been categorized into HD-5, HD-10, and commercial propane.
• The market has been segmented based on the end use industry into residential, commercial, transportation, and others. 
• Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. 
• The competitive landscape of the market has also been analyzed, with some of the key players being 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., and TotalEnergies SE.

Report Scope:

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