The global propane market size is expected to reach USD 106.9 billion by 2025, growing at a CAGR of 3.5% over the forecast period. Propane is an integral part of the rapidly growing industrial end-use market. The global rise in energy demand for various industrial and commercial end-use applications is a major growth driver for the market. It is used as an intermediate commodity for the manufacture of propylene and ethylene, in addition to providing steam. The key growth factors of the global propane market include increasing applications in various industries, along with an increasing demand for higher-efficiency fuels in automotive and other industries.
The global propane market is gaining momentum in the industrial, agricultural, and residential markets, prompting a slew of legislative and regulatory measures to ensure its healthy use. The depletion of non-renewable resources, the price of crude oil, and rising environmental issues have sparked research into a variety of ground-breaking sustainability innovations that could make use of bio-based raw materials.
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Propane Market Report Highlights
• On the basis of end-use, the industrial segment accounted for over 37.7% of total revenue in 2016. The segment is projected to prosper in the coming years owing to the metal manufacturing industries in Middle Eastern and Asian economies.
• The Asia Pacific is projected to be the fastest-growing region over the future course. Developments in major regional economies, particularly in industrial manufacturing, have attracted western companies to establish production capabilities in the region.
• In August 2020, research commissioned by EIA suggested that switching domestic air-conditioners to propane-based air-conditioners could prevent climate-harming gases equivalent to 1400 coal-fired power stations running for a year.
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Propane Market Segmentation
Grand View Research has segmented the global propane market on the basis of end-use and region:
Propane End-Use Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 – 2025)
• Chemicals and Refineries
Propane Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 – 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Latin America
• Middle East & Africa
• GCC Region
List of Key Players in the Propane Market
• Exxon Mobil
• BP P.L.C. (British Petroleum)
• Royal Dutch Shell
• Chevron Corp.
• Total SA
• Statoil ASA
• Anadarko Petroleum Corp.
• Eni S.p.A
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