Propane Market
Propane Market Forecasts to 2030 - Global Analysis By Form (Gas and Liquid), By Grade (HD-5 Propane, HD-10 Propane and Other Grades), End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $92.75 BN |
|
Projected Year Value (2030) |
US $140.39 BN |
|
CAGR (2023-2030) |
6.1% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Propane Market is accounted for $92.75 billion in 2023 and is expected to reach $140.39 billion by 2030 growing at a CAGR of 6.1% during the forecast period. Propane is a colorless and odorless hydrocarbon gas belonging to the alkane family. It's derived from crude oil refining and natural gas processing. It is used as a fuel for heating, cooking and powering appliances. Propane is stored and transported as a compressed liquid. It's known for its efficiency, cleanliness and versatility, serving residential, commercial, industrial and transportation needs.
According to ITOPF (2003) Venezuela holds the western hemisphere’s largest oil reserves and one of its largest refining systems.
Market Dynamics:
Driver:
Rising global energy consumption
Due to expanding populations and increasing industrialization, there's a growing need for versatile energy sources. Propane, as a clean-burning and efficient fuel, addresses diverse energy demands, particularly in the commercial and industrial sectors. Its applications in heating, cooking, transportation and various industries position propane as a sought-after solution to meet rising energy consumption. Additionally, its storage convenience and transportability contribute to its role in fulfilling the mounting global energy requirements.
Restraint:
Fluctuations in oil and gas prices
Fluctuations in oil and gas prices pose a significant restraint in the propane market. As propane is derived from these energy sources, its pricing is closely tied to the volatility of the oil and gas markets. Sudden price swings can directly impact propane costs, affecting consumer demand and industry investments. Higher prices may reduce consumer affordability and prompt a shift towards alternative energy sources, while unpredictable pricing makes long-term planning and investment decisions challenging for businesses reliant on propane, impacting market stability and growth.
Opportunity:
Integration with renewable energy
Propane, as a clean-burning fuel, complements renewable energy solutions by acting as a reliable backup energy source. Its compatibility with renewable technologies like solar and wind power allows for hybrid systems, ensuring consistent energy supply even during intermittent renewable energy generation. Additionally, propane's versatility enables the production of renewable propane from biomass, advancing the market's sustainability. This integration promotes a more resilient, eco-friendly energy landscape, fostering both environmental conservation and energy reliability.
Threat:
Stringent environmental regulations
Stringent environmental regulations pose a threat to the market due to increased pressure for reduced emissions and a shift toward renewable energy sources. As regulations tighten to curb greenhouse gases, propane, though cleaner than some fossil fuels, faces scrutiny due to its carbon footprint. Compliance costs for emissions control and sustainability measures may rise, impacting propane's cost competitiveness. Moreover, policies favoring renewable alternatives could limit propane's market growth.
Covid-19 Impact:
The COVID-19 pandemic had a notable impact on the market. Lockdowns and restrictions reduced industrial operations, affecting propane demand in sectors like manufacturing and hospitality. Disrupted supply chains and reduced economic activity also influenced propane consumption. However, the market saw fluctuations as residential usage increased for heating and cooking amid stay-at-home orders. Overall, the pandemic led to demand shifts, supply chain disruptions, and varying market dynamics for propane.
The liquid segment is expected to be the largest during the forecast period
The liquid segment is anticipated to dominate during the forecast period due to its diverse applications and ease of storage and transportation. Liquid propane, stored in tanks and cylinders, is widely used in the residential, commercial and industrial sectors for heating, cooking and powering appliances. Its versatility, coupled with its established distribution infrastructure, makes it a preferred choice. Additionally, the liquid form is crucial in various industrial processes. These factors contribute to the liquid segment's expected prominence in the propane market over the forecast period.
The transportation segment is expected to have the highest CAGR during the forecast period
The transportation segment is projected to exhibit the highest CAGR during the forecast period owing to escalating interest in alternative fuels. Propane's cleaner combustion and lower carbon emissions make it increasingly attractive for vehicle fleets, particularly in commercial applications like buses, delivery trucks and taxis. Additionally, technological advancements in propane engines and growing environmental concerns drive the adoption of propane-powered vehicles, fueling segment growth.
Region with largest share:
North America is anticipated to hold the largest market share during the forecast period due to its well-established propane infrastructure, robust industrial sectors and significant residential and commercial demand. Moreover, increased adoption of propane as a clean energy source and ongoing initiatives for environmental sustainability contribute to its prominence. Additionally, favorable regulatory frameworks and the versatility of propane applications further solidify North America's position.
Region with highest CAGR:
The Asia Pacific region is poised for substantial growth due to escalating industrialization, burgeoning urbanization and a growing focus on cleaner energy sources. Increasing population and economic development drive demand for propane in diverse sectors. Additionally, initiatives to reduce carbon emissions and shift towards cleaner fuels further boost propane adoption. Improved infrastructure and rising investments in energy diversification initiatives position the Asia Pacific region for significant propane market expansion in the forecasted period.
Key players in the market
Some of the key players in Propane Market include Alliance AutoGas, AmeriGas Partners, L.P., Chevron Corporation, CHS Inc., DCC plc, Eastern Propane & Oil, Energy Transfer LP, Ferrellgas Partners, L.P., Kinder Morgan, Inc., NGL Energy Partners LP, Northern Energy, Paraco Gas Corporation, Parkland Corporation, Sparlings Propane, Suburban Propane Partners, L.P., Superior Plus Corporation, ThompsonGas and UGI Corporation.
Key Developments:
In August 2023, Chevron Corporation announced its acquisition of PDC Energy, Inc. The acquisition includes 275,000 net acres in the Denver-Julesburg Basin and 25,000 net acres in the Permian Basin, adding over 1 billion barrels of proved reserves.
In March 2022, KBR and ExxonMobil Catalysts and Licensing LLC (""ExxonMobil"") will collaborate to bring significant advancements to propane dehydrogenation (PDH) technology. Under the collaboration, ExxonMobil's new proprietary catalyst technology will be combined with KBR's proprietary K-PRO Propane Dehydrogenation (PDH) technology to convert propane into propylene.
Forms Covered:
• Gas
• Liquid
Grades Covered:
• HD-5 Propane
• HD-10 Propane
• Other Grades
End Users Covered:
• Agriculture
• Chemicals and Refineries
• Industrial and Commercial
• Residential
• Transportation
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Propane Market, By Form
5.1 Introduction
5.2 Gas
5.3 Liquid
6 Global Propane Market, By Grade
6.1 Introduction
6.2 HD-5 Propane
6.3 HD-10 Propane
6.4 Other Grades
7 Global Propane Market, By End User
7.1 Introduction
7.2 Agriculture
7.3 Chemicals and Refineries
7.4 Industrial and Commercial
7.5 Residential
7.6 Transportation
7.7 Other End Users
8 Global Propane Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Alliance AutoGas
10.2 AmeriGas Partners, L.P.
10.3 Chevron Corporation
10.4 CHS Inc.
10.5 DCC plc
10.6 Eastern Propane & Oil
10.7 Energy Transfer LP
10.8 Ferrellgas Partners, L.P.
10.9 Kinder Morgan, Inc.
10.10 NGL Energy Partners LP
10.11 Northern Energy
10.12 Paraco Gas Corporation
10.13 Parkland Corporation
10.14 Sparlings Propane
10.15 Suburban Propane Partners, L.P.
10.16 Superior Plus Corporation
10.17 ThompsonGas
10.18 UGI Corporation
List of Tables
1 Global Propane Market Outlook, By Region (2021-2030) ($MN)
2 Global Propane Market Outlook, By Form (2021-2030) ($MN)
3 Global Propane Market Outlook, By Gas (2021-2030) ($MN)
4 Global Propane Market Outlook, By Liquid (2021-2030) ($MN)
5 Global Propane Market Outlook, By Grade (2021-2030) ($MN)
6 Global Propane Market Outlook, By HD-5 Propane (2021-2030) ($MN)
7 Global Propane Market Outlook, By HD-10 Propane (2021-2030) ($MN)
8 Global Propane Market Outlook, By Other Grades (2021-2030) ($MN)
9 Global Propane Market Outlook, By End User (2021-2030) ($MN)
10 Global Propane Market Outlook, By Agriculture (2021-2030) ($MN)
11 Global Propane Market Outlook, By Chemicals and Refineries (2021-2030) ($MN)
12 Global Propane Market Outlook, By Industrial and Commercial (2021-2030) ($MN)
13 Global Propane Market Outlook, By Residential (2021-2030) ($MN)
14 Global Propane Market Outlook, By Transportation (2021-2030) ($MN)
15 Global Propane Market Outlook, By Other End Users (2021-2030) ($MN)
16 North America Propane Market Outlook, By Country (2021-2030) ($MN)
17 North America Propane Market Outlook, By Form (2021-2030) ($MN)
18 North America Propane Market Outlook, By Gas (2021-2030) ($MN)
19 North America Propane Market Outlook, By Liquid (2021-2030) ($MN)
20 North America Propane Market Outlook, By Grade (2021-2030) ($MN)
21 North America Propane Market Outlook, By HD-5 Propane (2021-2030) ($MN)
22 North America Propane Market Outlook, By HD-10 Propane (2021-2030) ($MN)
23 North America Propane Market Outlook, By Other Grades (2021-2030) ($MN)
24 North America Propane Market Outlook, By End User (2021-2030) ($MN)
25 North America Propane Market Outlook, By Agriculture (2021-2030) ($MN)
26 North America Propane Market Outlook, By Chemicals and Refineries (2021-2030) ($MN)
27 North America Propane Market Outlook, By Industrial and Commercial (2021-2030) ($MN)
28 North America Propane Market Outlook, By Residential (2021-2030) ($MN)
29 North America Propane Market Outlook, By Transportation (2021-2030) ($MN)
30 North America Propane Market Outlook, By Other End Users (2021-2030) ($MN)
31 Europe Propane Market Outlook, By Country (2021-2030) ($MN)
32 Europe Propane Market Outlook, By Form (2021-2030) ($MN)
33 Europe Propane Market Outlook, By Gas (2021-2030) ($MN)
34 Europe Propane Market Outlook, By Liquid (2021-2030) ($MN)
35 Europe Propane Market Outlook, By Grade (2021-2030) ($MN)
36 Europe Propane Market Outlook, By HD-5 Propane (2021-2030) ($MN)
37 Europe Propane Market Outlook, By HD-10 Propane (2021-2030) ($MN)
38 Europe Propane Market Outlook, By Other Grades (2021-2030) ($MN)
39 Europe Propane Market Outlook, By End User (2021-2030) ($MN)
40 Europe Propane Market Outlook, By Agriculture (2021-2030) ($MN)
41 Europe Propane Market Outlook, By Chemicals and Refineries (2021-2030) ($MN)
42 Europe Propane Market Outlook, By Industrial and Commercial (2021-2030) ($MN)
43 Europe Propane Market Outlook, By Residential (2021-2030) ($MN)
44 Europe Propane Market Outlook, By Transportation (2021-2030) ($MN)
45 Europe Propane Market Outlook, By Other End Users (2021-2030) ($MN)
46 Asia Pacific Propane Market Outlook, By Country (2021-2030) ($MN)
47 Asia Pacific Propane Market Outlook, By Form (2021-2030) ($MN)
48 Asia Pacific Propane Market Outlook, By Gas (2021-2030) ($MN)
49 Asia Pacific Propane Market Outlook, By Liquid (2021-2030) ($MN)
50 Asia Pacific Propane Market Outlook, By Grade (2021-2030) ($MN)
51 Asia Pacific Propane Market Outlook, By HD-5 Propane (2021-2030) ($MN)
52 Asia Pacific Propane Market Outlook, By HD-10 Propane (2021-2030) ($MN)
53 Asia Pacific Propane Market Outlook, By Other Grades (2021-2030) ($MN)
54 Asia Pacific Propane Market Outlook, By End User (2021-2030) ($MN)
55 Asia Pacific Propane Market Outlook, By Agriculture (2021-2030) ($MN)
56 Asia Pacific Propane Market Outlook, By Chemicals and Refineries (2021-2030) ($MN)
57 Asia Pacific Propane Market Outlook, By Industrial and Commercial (2021-2030) ($MN)
58 Asia Pacific Propane Market Outlook, By Residential (2021-2030) ($MN)
59 Asia Pacific Propane Market Outlook, By Transportation (2021-2030) ($MN)
60 Asia Pacific Propane Market Outlook, By Other End Users (2021-2030) ($MN)
61 South America Propane Market Outlook, By Country (2021-2030) ($MN)
62 South America Propane Market Outlook, By Form (2021-2030) ($MN)
63 South America Propane Market Outlook, By Gas (2021-2030) ($MN)
64 South America Propane Market Outlook, By Liquid (2021-2030) ($MN)
65 South America Propane Market Outlook, By Grade (2021-2030) ($MN)
66 South America Propane Market Outlook, By HD-5 Propane (2021-2030) ($MN)
67 South America Propane Market Outlook, By HD-10 Propane (2021-2030) ($MN)
68 South America Propane Market Outlook, By Other Grades (2021-2030) ($MN)
69 South America Propane Market Outlook, By End User (2021-2030) ($MN)
70 South America Propane Market Outlook, By Agriculture (2021-2030) ($MN)
71 South America Propane Market Outlook, By Chemicals and Refineries (2021-2030) ($MN)
72 South America Propane Market Outlook, By Industrial and Commercial (2021-2030) ($MN)
73 South America Propane Market Outlook, By Residential (2021-2030) ($MN)
74 South America Propane Market Outlook, By Transportation (2021-2030) ($MN)
75 South America Propane Market Outlook, By Other End Users (2021-2030) ($MN)
76 Middle East & Africa Propane Market Outlook, By Country (2021-2030) ($MN)
77 Middle East & Africa Propane Market Outlook, By Form (2021-2030) ($MN)
78 Middle East & Africa Propane Market Outlook, By Gas (2021-2030) ($MN)
79 Middle East & Africa Propane Market Outlook, By Liquid (2021-2030) ($MN)
80 Middle East & Africa Propane Market Outlook, By Grade (2021-2030) ($MN)
81 Middle East & Africa Propane Market Outlook, By HD-5 Propane (2021-2030) ($MN)
82 Middle East & Africa Propane Market Outlook, By HD-10 Propane (2021-2030) ($MN)
83 Middle East & Africa Propane Market Outlook, By Other Grades (2021-2030) ($MN)
84 Middle East & Africa Propane Market Outlook, By End User (2021-2030) ($MN)
85 Middle East & Africa Propane Market Outlook, By Agriculture (2021-2030) ($MN)
86 Middle East & Africa Propane Market Outlook, By Chemicals and Refineries (2021-2030) ($MN)
87 Middle East & Africa Propane Market Outlook, By Industrial and Commercial (2021-2030) ($MN)
88 Middle East & Africa Propane Market Outlook, By Residential (2021-2030) ($MN)
89 Middle East & Africa Propane Market Outlook, By Transportation (2021-2030) ($MN)
90 Middle East & Africa Propane Market Outlook, By Other End Users (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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