The global propane market is valued at US$ 92.3 billion in 2023 and is forecasted to reach US$ 156 billion by 2033, expanding at a CAGR of 5.3% over the decade.
Propane is a form of liquid petroleum gas that is compressed and stored. It lacks both odor and color. Although it is initially odorless, a deliberate distinct smell is added to aid in detecting leaks or escapes from pressurized tanks. Propane is derived from the production of crude oil, natural gas, and petroleum, and it shares connections with other hydrocarbon gases such as butane, propylene, isobutylene, butadiene, and butylene.
For more insights into the Market, Request a Sample of this Report:
“Growing Emphasis of Manufacturers on Sustainable Manufacturing Practices to Reduce Environmental Effect”
Increasing environmental concerns have sparked the development of several sustainable technologies that utilize bio-based raw materials in manufacturing. Implementation of innovative sustainable technology has the potential to overcome the restrictive measures imposed by government and federal regulations that aim to limit the use of non-renewable resources in conventional processing.
Most manufacturers are focused on sustainable manufacturing practices and attempting to boost efficiency, conserve natural resources, and optimally utilize available resources. These activities are further likely to boost market growth over the projection period.
Increasing population accompanied by swift industrialization in emerging economies has also encouraged federal governments to raise production spending to satisfy the rising demand. Adoption of propane as a fuel source is rising in not only developed countries but also developing countries.
“Government Initiatives Promoting Clean Energy Transition for Sustainable Infrastructure Development”
Propane is utilized in agriculture for various applications, including crop drying, greenhouse heating, and pest control. The agricultural sector’s demand for propane is influenced by factors such as crop yields, weather conditions, and farm economics.
As countries and industries aim to reduce greenhouse gas emissions and shift to cleaner energy sources, propane’s low carbon intensity and minimal environmental impact make it an attractive option. Government initiatives and policies promoting clean energy contribute to the growth of the propane market.
Adequate infrastructure, including storage facilities, transportation networks, and distribution systems, is essential for a well-functioning market. Investments in infrastructure expansion and development enable efficient supply chains and facilitate market growth.
The propane market is characterized by consolidation and mergers. These activities can reshape the competitive landscape by creating larger entities with increased market share and economies of scale.
Companies investing in research and development to improve propane-related technologies and equipment can gain a competitive edge. Advancements in propane production, storage, transportation, and utilization can contribute to its efficiency, safety, and environmental performance.
- In March 2022, KBR and ExxonMobil Catalysts and Licensing LLC (“ExxonMobil”) entered into a collaboration to enhance propane dehydrogenation (PDH) technology. ExxonMobil’s new proprietary catalyst technology is to be used with KBR’s own K-PRO Propane Dehydrogenation (PDH) technology to convert propane into propylene.
- Suburban Propane Partners LP announced the renewal of its 2020 deal with U-Haul to provide environmentally friendly and sustainable propane in California in October 2021.
Key Segments of Propane Industry Research:
· By Form :
· By Grade :
- HD-5 Propane
- HD-10 Propane
- Commercial Propane
· By Application :
- Chemicals & Refineries
· By Region :
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
For in-depth competitive analysis, Buy Now:
How will be insights and market estimations provided in the Fact.MR report on the Demand of Propane make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Propane Market
- Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
- Evaluates the role of various stages of funding on new growth avenues in key regional markets
US Sales Office :
11140 Rockville Pike
Rockville, MD 20852
Tel: +1 (628) 251-1583