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Propane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global propane market reached a volume of 164.3 Million Tons in 2021. Looking forward, IMARC Group expects the market to reach 212.8 Million Tons by 2027, exhibiting a growth rate (CAGR) of 4.10% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Propane, also known as liquefied petroleum gas (LPG), is a flammable hydrocarbon gas usually compressed and stored in a liquid form. It is primarily obtained as a byproduct of natural gas processing and produced from crude oil refining. It is a colorless, non-toxic, and odorless gas, although an odorant is added for leak detection. It is widely used for cooking, space and water heating, air conditioning, and vehicle fuel. In recent years, propane has rapidly gained traction as a clean-burning alternative fuel across the residential, commercial, transportation, and industrial sectors due to its cost-effectiveness, versatility, easy availability, environment friendliness, and high energy density. 

 

 
 

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Propane Market Trends:

The escalating demand for energy from various end use industries represents the primary factor driving the market growth. Besides this, the growing need for clean-burning fuels due to the rising environmental concerns is augmenting the demand for propane. Additionally, propane is extensively used in industrial applications, such as cutting and brazing, soldering, preheating, shrink-wrapping, and heat treatment. Along with this, the widespread usage of propane as an intermediate for producing propylene and ethylene is accelerating product adoption rates. Furthermore, governments of various countries are implementing stringent regulations due to the depletion of non-renewable resources, such as crude oil. This has led to increased focus of manufacturers on the development of sustainable manufacturing practices that use bio-based raw materials for propane production to enhance efficiency and conserve natural resources. Moreover, the rising adoption of propane in the power and energy sector to generate electricity and the increasing number of autogas or LPG fueled vehicles is propelling the market growth. Other factors, including the growing popularity of propane-based agricultural engines, rapid industrialization, ongoing research and development (R&D) activities, product innovations, and technological advancements, are also creating a positive market outlook. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global propane market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on form, grade and end use industry.

Breakup by Form:

  • Liquid
  • Gas
     

Breakup by Grade:

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

Breakup by End Use Industry:

 

 
 

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  • Residential
  • Commercial
  • Transportation
  • Others
     

Breakup by Region:

 

 
 

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  • 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
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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 Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units Million Tons
Segment Coverage Form, Grade, End Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
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Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Propane Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Form
    6.1    Liquid
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Gas
        6.2.1 Market Trends
        6.2.2 Market Forecast
7    Market Breakup by Grade
    7.1    HD-5 Propane
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    HD-10 Propane
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Commercial Propane
        7.3.1 Market Trends
        7.3.2 Market Forecast
8    Market Breakup by End Use Industry
    8.1    Residential
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Commercial
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Transportation
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Others
        8.4.1 Market Trends
        8.4.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Air Liquide S.A.
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
           14.3.1.4 SWOT Analysis
        14.3.2    BP plc
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
           14.3.2.3 Financials
           14.3.2.4 SWOT Analysis
        14.3.3    Chevron Corporation
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
           14.3.3.3 Financials
           14.3.3.4 SWOT Analysis
        14.3.4    China National Petroleum Corporation
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 SWOT Analysis
        14.3.5    China Petroleum & Chemical Corporation
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
           14.3.5.3 Financials
           14.3.5.4 SWOT Analysis
        14.3.6    ConocoPhillips Company
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
           14.3.6.3 Financials
           14.3.6.4 SWOT Analysis
        14.3.7    Eni S.p.A.
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
           14.3.7.4 SWOT Analysis
        14.3.8    Evonik Industries AG
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9    Exxon Mobil Corporation
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
           14.3.9.3 Financials
           14.3.9.4 SWOT Analysis
        14.3.10    GAIL (India) Limited
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
           14.3.10.3 Financials
           14.3.10.4 SWOT Analysis
        14.3.11    Gazprom
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 Financials
           14.3.11.4 SWOT Analysis
        14.3.12    Indian Oil Corporation Ltd.
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis
        14.3.13    Royal Dutch Shell plc
           14.3.13.1 Company Overview
           14.3.13.2 Product Portfolio
           14.3.13.3 Financials
        14.3.14    Saudi Arabian Oil Co.
           14.3.14.1 Company Overview
           14.3.14.2 Product Portfolio
           14.3.14.3 Financials
           14.3.14.4 SWOT Analysis
        14.3.15    TotalEnergies SE
           14.3.15.1 Company Overview
           14.3.15.2 Product Portfolio
           14.3.15.3 Financials
           14.3.15.4 SWOT Analysis

List of Figures

Figure 1: Global: Propane Market: Major Drivers and Challenges
Figure 2: Global: Propane Market: Volume Trends (in Million Tons), 2016-2021
Figure 3: Global: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 4: Global: Propane Market: Breakup by Form (in %), 2021
Figure 5: Global: Propane Market: Breakup by Grade (in %), 2021
Figure 6: Global: Propane Market: Breakup by End Use Industry (in %), 2021
Figure 7: Global: Propane Market: Breakup by Region (in %), 2021
Figure 8: Global: Propane (Liquid) Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 9: Global: Propane (Liquid) Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 10: Global: Propane (Gas) Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 11: Global: Propane (Gas) Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 12: Global: Propane (HD-5 Propane) Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 13: Global: Propane (HD-5 Propane) Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 14: Global: Propane (HD-10 Propane) Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 15: Global: Propane (HD-10 Propane) Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 16: Global: Propane (Commercial Propane) Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 17: Global: Propane (Commercial Propane) Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 18: Global: Propane (Residential) Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 19: Global: Propane (Residential) Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 20: Global: Propane (Commercial) Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 21: Global: Propane (Commercial) Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 22: Global: Propane (Transportation) Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 23: Global: Propane (Transportation) Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 24: Global: Propane (Other End Use Industries) Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 25: Global: Propane (Other End Use Industries) Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 26: North America: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 27: North America: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 28: United States: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 29: United States: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 30: Canada: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 31: Canada: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 32: Asia-Pacific: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 33: Asia-Pacific: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 34: China: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 35: China: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 36: Japan: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 37: Japan: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 38: India: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 39: India: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 40: South Korea: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 41: South Korea: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 42: Australia: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 43: Australia: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 44: Indonesia: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 45: Indonesia: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 46: Others: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 47: Others: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 48: Europe: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 49: Europe: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 50: Germany: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 51: Germany: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 52: France: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 53: France: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 54: United Kingdom: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 55: United Kingdom: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 56: Italy: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 57: Italy: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 58: Spain: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 59: Spain: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 60: Russia: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 61: Russia: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 62: Others: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 63: Others: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 64: Latin America: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 65: Latin America: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 66: Brazil: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 67: Brazil: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 68: Mexico: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 69: Mexico: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 70: Others: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 71: Others: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 72: Middle East and Africa: Propane Market: Volume Trends (in Million Tons), 2016 & 2021
Figure 73: Middle East and Africa: Propane Market: Breakup by Country (in %), 2021
Figure 74: Middle East and Africa: Propane Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 75: Global: Propane Industry: SWOT Analysis
Figure 76: Global: Propane Industry: Value Chain Analysis
Figure 77: Global: Propane Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Propane Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Propane Market Forecast: Breakup by Form (in Million Tons), 2022-2027
Table 3: Global: Propane Market Forecast: Breakup by Grade (in Million Tons), 2022-2027
Table 4: Global: Propane Market Forecast: Breakup by Application (in Million Tons), 2022-2027
Table 5: Global: Propane Market Forecast: Breakup by End Use Industry (in Million Tons), 2022-2027
Table 6: Global: Propane Market Forecast: Breakup by Region (in Million Tons), 2022-2027
Table 7: Global: Propane Market: Competitive Structure
Table 8: Global: Propane Market: Key Players


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Key Questions Answered in This Report

The global propane market reached a volume of 164.3 Million Tons in 2021.

We expect the global propane market to exhibit a CAGR of 4.10% during 2022-2027.

The extensive utilization of propane for cooking, water heating, air conditioning, etc., owing to the
growing demand for clean-burning fuels, is primarily driving the global propane market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent
lockdown regulations across several nations resulting in the temporary closure of numerous end use
industries, thereby limiting the demand for propane.

Based on the end use industry, the global propane market can be bifurcated into residential,
commercial, transportation, and others. Currently, the residential sector accounts for the majority of
the total market share.

On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle
East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.

Some of the major players in the global propane market include 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.

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