Pune, India, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global propane market size was valued at USD 88.77 billion in 2022. The market is anticipated to expand from USD 98.50 billion in 2023 to USD 225.10 billion by 2030, exhibiting a CAGR of 12.5% over the estimated period. The market growth is driven by the soaring focus on clean burning fuel and energy efficiency. This is slated to generate growth opportunities across the industrial, commercial, and residential sectors. Fortune Business Insights™ provides this information in its research report, titled “Propane Market, 2023-2030”.
Key Industry Development:
Chevron established a retail compressed natural gas station in California. Situated in Visalia, the fueling site enhances the availability of lower carbon fuels for deployment in heavy-duty vehicles.
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Propane Market Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 12.5 % |
| 2030 Value Projection | USD 225.10 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 88.77 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 167 |
| Segments covered | By Grade, End-user, and Region |
| Growth Drivers | Adoption of Propane in Recreational Vehicles to Reduce Carbon Footprint to Drive the Market Growth |
| Steady Growth in LPG Supply and Demand Globally to Drive the Market Growth |
Market Drivers and Restraints:
Market Value to Rise Driven by Growing Propane Adoption in Recreational Vehicles
One of the key factors propelling the propane market growth is the surging product deployment in recreational vehicles. The rise is driven by the provision of regulatory support by numerous governments and the surging prices of conventional fuel.
However, the industry expansion could be affected by the availability of alternatives such as bio-propane.
COVID-19 Impact:
Market Value to Rise Driven by Growing Propane Adoption in Recreational Vehicles
One of the key factors propelling the propane market growth is the surging product deployment in recreational vehicles. The rise is driven by the provision of regulatory support by numerous governments and the surging prices of conventional fuel.
However, the industry expansion could be affected by the availability of alternatives such as bio-propane.
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Report Coverage
The report gives a substantial analysis of the key factors driving the market growth. It further provides an insight into the major trends propelling the industry expansion over the forthcoming years. Additional components include merger agreements, partnerships, and similar initiatives undertaken by leading companies for strengthening their industry footings.
Segmentation:
HD-5 Segment to Gain Traction Impelled by Rising Deployment in Transport Sector
On the basis of grade, the market is fragmented into commercial, HD-10, and HD-5. The HD-5 segment accounted for a key market share in 2022. The segment is set to expand at a substantial CAGR over the projected period, owing to rising deployment of high purity propane in internal combustion engine fuel.
Residential Segment to Lead Owing to Growing Usage in Heating, Cooking, and Home Appliances
Based on end-user, the market is segmented into commercial, industrial, residential, and others. The residential segment holds a major market share on account of the wide product deployment as a heating fuel in residential applications. The product is deployed in refrigerating, cooking, water heating, and other applications.
Based on geography, the market for propane has been subdivided into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Regional Insights:
Asia Pacific to Hold Key Share due to Rising Urbanization in Key Countries
The Asia Pacific propane market share dominated the market in 2022 and is expected to register notable expansion over the projected period. The expansion is propelled by the surging urbanization in pivotal countries such as India, China, and other countries.
The North America market is anticipated to register appreciable growth over the estimated period. The surge is driven by the rising product deployment in commercial and residential sectors. The product demand is high for heating and the maintenance of average temperature in winter.
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List of Key Players Profiled in the Report:
- BP Plc (U.K.)
- Chevron Corporation (U.S.)
- Royal Dutch Shell Plc (U.K.)
- Exxon Mobil Corporation (U.S.)
- ConocoPhillips (U.S)
- Reliance Industries Ltd. (India)
- PetroChina Company Limited (China)
- Sinopec (China)
- Total S A (France)
- Ferrellgas Partners L.P. (U.S.)
Competitive Landscape:
Pivotal Companies Enter Partnership Deals to Strengthen Industry Foothold
Major industry players are centered on adopting numerous initiatives for strengthening their market footings. These comprise collaborations, partnership deals, and the launch of various products. Additional steps include the formation of alliances, acquisitions, merger agreements, and research and development activities.
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Table of Content:
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- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Propane Market
- Global Propane Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights and Forecast – By Grade
- HD-5
- HD-10
- Commercial
- Market Analysis, Insights and Forecast – By End-user
- Residential
- Commercial
- Industrial
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Competitive Analysis
- Company Market Share Analysis, 2023
- Company Profile
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- Business Overview
- Product Application, & Services
- Recent Developments
- Financials (Based on Availability)
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- Introduction
Continued…
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