The Propane Market is expected to reach a market volume of 230.43 million metric tons by 2029, thanks to growth in the domestic and industrial fuel segment. The report analyzes Propane market dynamics by region and applications.
Propane Market Overview:The propane market was valued at 166.83 million metric tons in 2021, and it is expected to reach 230.43 million metric tons by 2029 with a CAGR of 4.12% during the forecast period. The three-carbon alkane propane has the chemical formula C3H8. Propane is present in the form of gas at room temperature and pressure, but it can be compressed into a liquid that can be transported. Propane is commonly consumed as a fuel in home and industrial applications, as well as in low-emissions public transportation, as a by-product of natural gas processing and petroleum refining. Propane is a liquefied petroleum gas that belongs to a category of liquefied petroleum gases (LP gases). To know about the Research Methodology :- Request Free Sample Report Butane, propylene, butadiene, butylene, isobutylene, and combinations of these are among the others. Propane has a lower energy density than gasoline and coal, but it burns cleaner. Because of its low boiling point in nature, propane gas has become a prevalent choice for barbecues and portable stoves. Propane quickly vaporizes as soon as it is released from its pressurized container. Propane acts as fuel for buses, forklifts, taxis, outboard boat motors, and ice resurfacing machines, as well as recreational vehicles and campers for heat and cooking. The report has covered the market trends from 2017 to forecast the market through 2029. 2021 is considered a base year however 2021's numbers are on the real output of the companies in the market. Special attention is given to 2021 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Global Propane Market Dynamics:
Surging Demand for Residential LPG & Supporting Government PoliciesThe consumption of liquefied petroleum gas (LPG) as a primary cooking fuel among the local population has increased as the population of Asia Pacific, Africa, North America, and other regions has grown. In India, for example, almost 80% of all residential families consumes LPG as a cooking fuel. LPG is easily accessible, clean, ecological, portable, and, most significantly, cost-effective when compared to traditional fuels like wood and coal. Many governments throughout the world have launched campaigns to promote the use of LPG as a cooking fuel thanks to its advantages over traditional fuel. For example, The Pradhan Mantri Ujjwala Yojna, an Indian government initiative in which 50 million LPG connections were expected to be distributed to women from low-income households, as well as other initiatives such as simplifying registration processes and payments, cylinder delivery, and cylinder subsidies, have resulted in increased acceptance of LPG as a household fuel, reducing reliance on traditionally used hazardous cooking fuels such as firewood and coal. As propane is one of the key ingredients in the production of LPG, these factors are expected to drive its demand.
Surged Marine Propane Exports in 2020:In 2020, Canada’s west coast marine propane shipments increased by up to 77%, averaging 39 thousand barrels per day (Mb/d). Around 25% of Canadian propane exports have been shipped in 2020. All of these shipments were sent to Asia, with the majority of them arriving in Japan. Growth in 2020 Canadian marine propane exports was driven by surged demand because of the winter season and rising petrochemical feedstock need particularly in China. Marine propane exports to Asian countries also grew as a result of supply reduction from Saudi Arabia, a key propane supplier to Asian markets.
The Volatile Prices of Propane in 2020:The United States dominates the global 65% to 70% supply of propane. Propane prices in the United States grew nearly every month in 2021, as supply chain disturbances met with demand recovery. From Jan 2020 to September 2021, propane witnessed volatile pricing sessions at the international hubs because of the presence of low inventories and rising export demand globally. Thus, the volatile prices of propane particularly in the United States have been a factor of worry for the market, which is also expected to hamper the market's growth over the forecast period.
Global Propane Market Segment Analysis:Based on Application, the propane market is segmented, portable stoves, refrigerant, domestic and industrial fuel, motor fuel, and shipping fuel. In 2021, the domestic and industrial fuel segment was dominant and held xx% of the overall market share in terms of revenue as it is widely used in many industrial and domestic applications. It is a common fuel for home heating and backup electricity generating in remote regions without natural gas pipelines since it is easily transportable. Propane is used to heat cattle shelters, grain dryers, and other heat-producing appliances in rural areas of North America and northern Australia. When propane is used for heating or grain drying, it is often stored in a huge, permanent cylinder that is refilled by a propane supply truck. In 2020, 625 million households in the United States used propane as their major source of heat. In North America, big cylinders that are permanently installed on the property are filled by local delivery trucks with an average cylinder capacity of 3,000 US gallons, or other service vehicles swap empty propane cylinders with filled cylinders. Large tractor-trailer vehicles bring propane from the pipeline or refinery to the local bulk plant, with an average cylinder capacity of 10,000 US gallons.
Global Propane Market Regional Insights:China is the world's largest propane consumer, accounting for over 20% of global consumption. To meet the enormous local demand, China imported 14.91 million metric tonnes of propane in 2019, an increase of around 10.8% year on year above total imports in 2018. The rising demand from propane dehydrogenation facilities, or PDH plants, is the main reason for the increase in propane imports in the country. China is the Asia-second-largest Pacific Autogas market, following Thailand. China's Autogas business grew substantially as a result of municipal programs promoting alternative fuels to combat the country's rising air pollution problem. Autogas schemes, which were first used in Guangzhou and Hong Kong, have already spread to over 25 additional cities. Nearly all of Guangzhou's 19,000 taxis and 90% of the city's 8,000 buses are running on Autogas. Similarly, Autogas is used by nearly all taxis in Hong Kong, a city of around 20,000 people, and 30% of all public buses. The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
Global Propane Market Scope: Inquire before buying
Global Propane Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2021: US $ 166.83 Mn Metric Tons. Forecast Period 2022 to 2029 CAGR: 4.12% Market Size in 2029: US $ 230.43 Mn Metric Tons. Segments Covered: by Application • Portable Stoves • Refrigerant • Domestic and Industrial Fuel • Motor Fuel • Shipping Fuel
Global Propane Market, by Region• North America • Europe • Asia Pacific • The Middle East and Africa • South America
Global Propane Market Key Players• Gazprom • Shell • China Petroleum & Chemical Corporation • ExxonMobil • Saudi Arabian Oil Company • Chevron Corporation • Sinopec • Bharat Petroleum Corporation Limited • Hindustan Petroleum Corporation Limited • ConocoPhillips • Sika AG • Total SA • Anadarko Petroleum Corporation • Dow DuPont • Eni S.P.A • Others
Frequently Asked Questions:1. What is the forecast period considered for the Propane market report? Ans. The forecast period for the propane market is 2022-2029. 2. Which key factors are hindering the growth of the Propane market? Ans. The volatile prices of propane in the international market because of the supply-demand gap aroused due to the COVID-19 pandemic is the only key factor expected to hinder the growth of the market during the forecast period. 3. What is the compound annual growth rate (CAGR) of the Propane market for the next 8 years? Ans. The Propane market is expected to grow at a CAGR of 4.12% during the forecast period (2022-2029). 4. What are the key factors driving the growth of the Propane market? Ans. The growing adoption of LPG in the residential sector demanding consumption of propane and increased marine propane exports from the west coast of Canada are the key factors expected to drive the growth of the market during the forecast period. 5. Which are the worldwide major key players covered for the Propane market report? Ans. Gazprom, Shell, China Petroleum & Chemical Corporation, ExxonMobil, Saudi Arabian Oil Company, Chevron Corporation, Sinopec, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, ConocoPhillips, Sika AG, Total SA, Anadarko Petroleum Corporation, Dow DuPont, Eni S.P.A, and Others.
1. Global Propane Market: Research Methodology 2. Global Propane Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Propane Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Propane Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Propane Market Segmentation 4.1 Global Propane Market, by Application (2021-2029) • Portable Stoves • Refrigerant • Domestic and Industrial Fuel • Motor Fuel • Shipping Fuel 5. North America Propane Market (2021-2029) 5.1 North American Propane Market, by Application (2021-2029) • Portable Stoves • Refrigerant • Domestic and Industrial Fuel • Motor Fuel • Shipping Fuel 5.2 North America Propane Market, by Country (2021-2029) • United States • Canada • Mexico 6. Asia Pacific Propane Market (2021-2029) 6.1. Asia Pacific Propane Market, by Application (2021-2029) • Portable Stoves • Refrigerant • Domestic and Industrial Fuel • Motor Fuel • Shipping Fuel 6.2. Asia Pacific Propane Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. The Middle East and Africa Propane Market (2021-2029) 7.1. The Middle East and Africa Propane Market, by Application (2021-2029) • Portable Stoves • Refrigerant • Domestic and Industrial Fuel • Motor Fuel • Shipping Fuel 7.2. The Middle East and Africa Propane Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Propane Market (2021-2029) 8.1. Latin America Propane Market, by Application (2021-2029) • Portable Stoves • Refrigerant • Domestic and Industrial Fuel • Motor Fuel • Shipping Fuel 8.2. Latin America Propane Market, by Country (2021-2029) • Brazil • Argentina • Rest Of Latin America 9. European Propane Market (2021-2029) 9.1. European Propane Market, by Application (2021-2029) • Portable Stoves • Refrigerant • Domestic and Industrial Fuel • Motor Fuel • Shipping Fuel 9.2. Europe Propane Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. Gazprom 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Application Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. China National Petroleum Corp. 10.3. Shell 10.4. China Petroleum & Chemical Corporation 10.5. ExxonMobil 10.6. Saudi Arabian Oil Company 10.7. Chevron Corporation 10.8. Sinopec 10.9. Bharat Petroleum Corporation Limited 10.10. Hindustan Petroleum Corporation Limited 10.11. ConocoPhillips 10.12. Sika AG 10.13. Total SA 10.14. Anadarko Petroleum Corporation 10.15. Dow DuPont 10.16. Eni S.P.A 10.17. Others