The propane market size reached USD 81.40 Billion in 2021 and is expected to register a revenue CAGR of 4.7% during the forecast period to latest analysis by Emergen Research. Rising need for clean-burning fuels due to increasing environmental concerns is a key factor driving growth of the market. Increasing demand from several end-use industries is expected to aid the revenue growth of the global market further. When combined with solar and wind power, propane can lower emissions while ensuring reliability, especially in inclement weather. Along with renewables and other clean energy sources, low-emission propane is a critical component of addressing the issue of building a more ecologically friendly future.
Key participants include
Saudi Arabian Oil Co., Exxon Mobil Corporation, Gazprom, Shell PLC, China Petroleum & Chemical Corporation, Air Liquide S.A, BP PLC, Total Energies SE, Conoco Philips Company, and Chevron Corporation.
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Drivers:
Several factors drive the growth of the Propane market. One primary driver is the increasing demand for clean and efficient energy sources, driven by environmental concerns, energy security, and regulatory mandates to reduce greenhouse gas emissions and air pollution. Propane offers several advantages over traditional fuels such as coal, oil, and wood, including lower carbon emissions, higher energy efficiency, and versatility in applications ranging from space heating and water heating to vehicle fuel and power generation. Additionally, the growing adoption of propane-powered equipment and appliances, such as furnaces, water heaters, forklifts, and agricultural machinery, drives market demand and expansion in various sectors.
Research Methodology
Emergen Research follows a cohesive methodology to reduce the residual errors to a minimum level by refining the scope, validating through primary insights, and nurturing the in-house database on a regular basis. A dynamic model is formulated to capture the regular fluctuations in the market and thereby, being updated with any shifts in the market dynamics. The parameters and variables involved in the research vary depending on individual markets and most importantly, both demand and supply side information is included in the model to identify the market gap.
Key Objectives of the Global Propane Market Report:
· An all-inclusive analysis and forecast estimation of the market have been included in this report.
· The report offers valuable insights into the major drivers, limitations, opportunities, and challenges faced by the global Propane Market
· and its leading players.
· The report sheds light on the prominent market contenders, as well as their business strategies and long-term expansion plans.
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Restraints:
Despite its benefits, the Propane market faces certain restraints. One challenge is the volatility of propane prices and supply dynamics, which are influenced by factors such as crude oil prices, weather patterns, geopolitical tensions, and global demand fluctuations. Price volatility may impact consumer purchasing decisions, investment in propane infrastructure, and long-term planning for propane-dependent industries, posing challenges for market stability and growth. Moreover, infrastructure constraints, including limited storage capacity, distribution networks, and refueling infrastructure, may limit the accessibility and adoption of propane as an energy source in certain regions or applications.
Emergen Research has segmented the propane market on the basis of form, grade, end-use and region:
· Form Outlook (Revenue, USD Billion; 2019–2030)
o Liquid
o Gas
· Grade Outlook (Revenue, USD Billion; 2019–2030)
o HD-5 Propane
o HD-10 Propane
o Commercial Propane
· End-Use Outlook (Revenue, USD Billion; 2019–2030)
o Residential
o Transportation
o Commercial
Regional Overview:
The global Propane Market market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Propane Market market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements
The report considers the following timeline for market estimation:
· Historical Years: 2017-2018
· Base Year: 2019
· Estimated Year: 2027
· Forecast Years: 2020-2027
Global Propane Market Report – Table of Contents:
· Chapter 1 includes the global Propane Market market introduction, followed by the market scope, product offerings, growth opportunities, market risks, driving forces, and others.
· Chapter 2 broadly categorizes the Propane Market market on the basis of geography, and determines the sales, revenue, and market shares of each region over the estimated period.
· Chapter 3 elaborates on the competitive outlook of the Propane Market market, focusing on the major manufacturers and vendor landscape.
· Chapter 4 exhaustively studies the key manufacturers of the Propane Market industry, along with their anticipated sales and revenue shares.
· Chapters 5 includes market segmentation based on product type, application range, and market players.
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Emergen Research is a Market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
