IMARC Group, a leading market research company, has recently releases report titled “Propane Market Report by Form (Liquid, Gas), Grade (HD-5 Propane, HD-10 Propane, Commercial Propane), End Use Industry (Residential, Commercial, Transportation, and Others), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the market.
How Big Is the Propane Market?
The global propane market size reached 181.1 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 248.7 Million Tons by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.
Industry Overview of Propane
Propane refers to a gas that belongs to the alkane family and is derived by refining crude oil and via natural gas processing. It is highly efficient as a fuel source and has a high energy density, which means it can generate significant quantities of energy from a relatively small volume of gas. It is considered a clean-burning fuel as it produces minimum greenhouse gas emissions compared to traditional fossil fuels like coal and gasoline. Propane is often more cost-effective than other energy sources, offering savings on energy bills and reducing overall operational costs for businesses.
What are the growth prospects and trends in the propane industry?
At present, the increasing demand for propane in furnaces, space heaters, and fireplaces to provide a reliable source of heat represents one of the crucial factors impelling the growth of the market. Besides this, the rising employment of propane in stoves, ovens, grills, and camp stoves, offering precise temperature control and quick heating, is supporting the growth of the market.
In addition, the growing utilization of propane in various industrial processes, including metal cutting and welding, is offering a favorable market outlook.
Apart from this, the escalating demand for propane in the agricultural sector for crop drying, pest control, and as a fuel source for vehicles and equipment is propelling the growth of the market.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/propane-market/requestsample
Leading Companies Operating in the Global Propane Industry:
- 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
Propane Market Report 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
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.
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