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Propane Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Propane Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, September 24, 2024 /EINPresswire / -- The propane market has experienced robust growth in recent years, expanding from $84.99 billion in 2023 to $90.92 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing energy demand, expanding petrochemical industry, residential and commercial use, industrial applications, agricultural sector demand.
What Is The Estimated Market Size Of The Global Propane Market And Its Annual Growth Rate?
The propane market is projected to continue its strong growth, reaching $115.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increased focus on clean energy, growth in Autogas applications, global economic growth, expansion of propane export markets, transition in residential heating.
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Growth Driver Of The Propane Market
The increasing LPG consumption is expected to propel the growth of the propane market going forward. LPG or liquefied petroleum gas refers to a type of liquid gasoline that serves as fuel for a wide range of tasks, including driving automobiles. LPG is primarily composed of propane and butane and is commonly used as a fuel source for heating, cooking, and transportation. As the demand for LPG increases, the demand for propane also increases.
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Who Are The Leading Competitors In The Propane Market Share ?
Key players in the market include Chevron Corporation, China Petroleum & Chemical Corporation, China National Petroleum Corporation, Conoco Phillips Petroleum Company, Eni SpA, Exxon Mobil Corporation, Gazprom International Limited, Royal Dutch Shell PLC, TotalEnergies SE, Air Liquide SA, Evonik Industries AG, GAIL Limited, Saudi Arabian Oil Co., Shell PLC, AmeriGas Propane Inc., CHS Inc., Ferrellgas Partners LP, Growmark Inc., Phillips 66 Company, Superior Plus Energy Services Inc., ThompsonGas LLC, Securing Energy for Europe GmbH, Modern Welding Co. of Kentucky Inc., Arcosa Tank LLC, Bergquist Inc., Blue Rhino Corporation, Flame King YSN Imports Inc., Manchester Tank & Equipment Co., Advanced Air Systems Inc., Quality Manufacturing Group, Rutherford Equipment Inc., Suburban Manufacturing Inc., Trinity Industries Inc., Ventower Industries LLC, Viking Cylinders LLC, Westmor Industries LLC, Worthington Industries Inc.
What Are The Dominant Trends In Propane Market Growth?
Major companies operating in the market are developing innovative products to gain a competitive edge in the market. The Ecodan R290 heat pump is designed to replace heat generators in existing buildings and is available with heating capacities ranging from 5 kW to 8 kW, with plans to expand the model series to higher heat outputs in the future.
How Is The Global Propane Market Segmented?
1) By Form: Liquid, Gas
2) By Grade: HD-5 Propane, HD-10 Propane, Commercial Propane
3) By Application: Industrial, Commercial, Residential, Agriculture, Transportation, Chemicals And Refineries, Other Applications
Geographical Insights: Asia-Pacific Leading The Propane Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Propane Market Definition
Propane refers to a strong explosive gas that comes from crude petroleum and natural gas that is mostly used as an energy source and in the chemical industry. It is a colorless, odorless gas at standard temperature and pressure, and is easily compressed into a liquid form for storage and transportation.
Propane Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global propane market report covering trends, opportunities, strategies, and more
The Propane Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on propane market size, propane market drivers and trends, propane market major players and propane market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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The Business Research Company
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