Propane is derived as a by-product of natural gas processing and crude oil refining. It is a three-carbon alkane classified as one of the liquefied petroleum gases with the molecular formula C3H8. There are two ways in which propane is processed – refining and natural gas production. Propane, alongside butane, is acquired from liquid components by natural gas processing to avoid condensation in natural gas pipelines. The propane is thicker than gas, so the blended propane is stored and transported in a liquid state. The next step is to mix odorant and propane since it is naturally colorless and odorless.
The global propane market is poised for steady growth, with Asia and the Middle East driving the surge in demand, especially in China where an 8% annual increase is projected from 2018 to 2023. Despite challenges like the pandemic and geopolitical tensions, propane prices have hit record highs, with indications of stability in 2023. Factors such as lingering COVID-19 effects and rising agricultural usage suggest prices may remain stable or even rise further. Amidst historically high prices for oil, natural gas, coal, and electricity, propane stands out as a comparatively affordable option for home appliances, making it an attractive choice for consumers looking to make the switch to a reliable and cost-effective energy source.
Leading Key Players Covered in Propane market:
DCC Plc,SINOPEC,Saudi Arabian Oil Co.,Suburban,Ferrellgas,Gazprom,AmeriGas Propane Inc.,Air Liquide,GAIL (India) Limited,Indian Oil Corporation Ltd.,Lykins Energy Solutions,Marsh L.P. Gas Co. Inc and other major key players.
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Segmentation of Propane market:
By Type:
- Liquid
- Gas
By Application:
- Motor Fuel
- Industrial Domestic Fuel
- Refrigeration
- Solvent
- Others
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Geographic Segment Covered in the Report
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Reasons to Purchase this Market Report:
- Market forecast analysis through recent trends and SWOT analysis
- Propane Market Dynamics Scenarios with Market Growth Opportunities over the Next Year
- Market segmentation analysis, including qualitative and quantitative studies that include economic and non-economic impacts
- Propane Market Regional and country-level analysis that integrates demand and supply forces that impact the growth of the market.
- Competitive environment related to the Propane market share for key players, along with new projects and strategies that players have adopted over the past five years
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