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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Propane Market size was valued at US$ 82.5 billion in 2023 and is poised to grow at a significant CAGR of 4.9% from 2024-2030. Some of the key factors influencing the market growth include increasing demand for propane from the automobile industry, rapid industrialization together with increasing population and high consumption of propane in industrial & commercial sectors. In addition, the global market report includes human demographics; regulatory scenario, and competition analysis with a vividly illustrated competition dashboard to assess the market competition.
Moreover, PBI analyzed the global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Natural gas, LNG and more are numerous alternatives in which customers also shifting their ways to fulfill energy needs. LPG itself is a cheap substitute of propane which is limiting its market globally. Hence, presence of cheap alternatives are hampering the market growth.
Study Period
2024-2030Base Year
2023CAGR
4.9%Largest Market
Asia-PacificFastest Growing Market
Asia Pacific
Growing advancements in propane and competitive technologies, improvements in energy efficiency, and changes in propane supply are anticipated to propel the market growth over the forecast years.
Europe accounted for larger revenue share in global propane market with considerable CAGR due to population growth and bettering living standards. Also, U.K is the main contributor for the market growth in this region as LPG supplied to restaurants or commercial food establishments are 100% in the country.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 82.5 billion |
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Market CAGR |
4.9% |
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By Application |
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By Region |
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The global propane market size was valued at US$ 82.5 billion in 2023 and is expected to grow at a significant CAGR of 4.9% from 2024-2030.
The key segments covered in the propane market are technology, components, application, and end-users.
The Propane market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
The Propane market key players are BASF (Germany), British Petroleum (U.K), Evonik (Germany), ExxonMobil (U.S), Ferrellgas Partners L.P. (U.S), Lykins Energy Solutions (U.S), PDVSA (Venezuela), PetroChina Company Limited (China), Reliance Industries Ltd. (India), Shell (Netherlands), Sinopec (China), Valero Energy Corp. (U.S)
| 1.Executive Summary |
| 2.Global Propane Market Introduction |
| 2.1.Global Propane Market - Taxonomy |
| 2.2.Global Propane Market - Definitions |
| 2.2.1.Application |
| 2.2.2.Region |
| 3.Global Propane Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Propane Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Propane Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Agriculture |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Chemicals and Refineries |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Commercial |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Industrial |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Residential |
| 5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 5.6. Transportation |
| 5.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.6.3. Market Opportunity Analysis |
| 6.Global Propane Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. North America |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Europe |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Asia Pacific (APAC) |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Middle East and Africa (MEA) |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Latin America |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 7.North America Propane Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 7.1.1.Agriculture |
| 7.1.2.Chemicals and Refineries |
| 7.1.3.Commercial |
| 7.1.4.Industrial |
| 7.1.5.Residential |
| 7.1.6.Transportation |
| 7.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 7.2.1.United States of America (USA) |
| 7.2.2.Canada |
| 8.Europe Propane Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Agriculture |
| 8.1.2.Chemicals and Refineries |
| 8.1.3.Commercial |
| 8.1.4.Industrial |
| 8.1.5.Residential |
| 8.1.6.Transportation |
| 8.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Germany |
| 8.2.2.France |
| 8.2.3.Italy |
| 8.2.4.United Kingdom (UK) |
| 8.2.5.Spain |
| 9.Asia Pacific (APAC) Propane Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Agriculture |
| 9.1.2.Chemicals and Refineries |
| 9.1.3.Commercial |
| 9.1.4.Industrial |
| 9.1.5.Residential |
| 9.1.6.Transportation |
| 9.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.China |
| 9.2.2.India |
| 9.2.3.Australia and New Zealand (ANZ) |
| 9.2.4.Japan |
| 9.2.5.Rest of APAC |
| 10.Middle East and Africa (MEA) Propane Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Agriculture |
| 10.1.2.Chemicals and Refineries |
| 10.1.3.Commercial |
| 10.1.4.Industrial |
| 10.1.5.Residential |
| 10.1.6.Transportation |
| 10.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.GCC Countries |
| 10.2.2.South Africa |
| 10.2.3.Rest of MEA |
| 11.Latin America Propane Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Agriculture |
| 11.1.2.Chemicals and Refineries |
| 11.1.3.Commercial |
| 11.1.4.Industrial |
| 11.1.5.Residential |
| 11.1.6.Transportation |
| 11.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Brazil |
| 11.2.2.Mexico |
| 11.2.3.Rest of LA |
| 12. Competition Landscape |
| 12.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 12.2.1.BASF (Germany) |
| 12.2.2.British Petroleum (U.K) |
| 12.2.3.Evonik (Germany) |
| 12.2.4.ExxonMobil (U.S) |
| 12.2.5.Ferrellgas Partners L.P. (U.S) |
| 12.2.6.Lykins Energy Solutions (U.S) |
| 12.2.7.PDVSA (Venezuela) |
| 12.2.8.PetroChina Company Limited (China) |
| 12.2.9.Reliance Industries Ltd. (India) |
| 12.2.10.Shell (Netherlands) |
| 12.2.11.Sinopec (China) |
| 12.2.12.Valero Energy Corp. (U.S) |
| 13. Research Methodology |
| 14. Appendix and Abbreviations |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.