Propane Market Size, Share, Industry Segments, Growth, Trends, Demand, Key Player profile and Regional Outlook by 2023

Market Research Future has published a half-cooked research report on the Global Propane Market - Forecast to 2023

Propane is a gas used in natural gas processing used primarily for the production of fuel and polymer grade propylene. It is widely accepted as a fuel in industrial and commercial applications mostly in cooking, transportation, agriculture, and other industries. The Global Propane Market Report by Market Research Future (MRFR) outlines drivers, opportunities, factors, and restraints in a comprehensive manner.

Competitive Analysis:

Major industry participants in the Global Propane Market include Exxon Mobil Corporation, Ferrellgas, ConocoPhillips Company, Eni SpA, Anadarko Petroleum Corporation, Royal Dutch Shell plc, Canadian Natural, Equinor ASA, Chesapeake, and Chevron Corporation.

Market Outlook:

MRFR states the Global Propane Market to exhibit 4.50% CAGR from 2018 to 2023 (forecast period) to touch a size of USD 7,149.90 million. The market demand is touted to reach 9.5 billion gallons by 2023. This can be duly attributed to the need for a clean fuel source for cooking in the residential sector. Revival of infrastructural projects in developed economies combined with investments in developing economies is a positive indicator of the massive market potential.

The use of Propane-based additives during winter is a vast opportunity which can be capitalized on by manufacturers. Stringent rules pertaining to automotive fuels as well as adherence to new emission standards can drive the Global Propane Market demand during the forecast period. Expansion moves in the form of Propane dehydrogenation plants can work favorably for the market. This is exemplified by the setup of a Propane dehydrogenation plant by Borealis AG in Belgium with an annual capacity of 750,000 metric tons. Furthermore, portable Propane heaters by construction workers for keeping warm during cold weather can drive the Global Propane Market.

The decline in crude oil production can pose a challenge to the market.

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Segmentation Analysis:

The Global Propane Market is segmented by End-Use Industry.

By End-Use Industry, it is segmented into automotive & transportation, agriculture, industrial machinery, commercial construction, residential construction, process industry, and others.

The Process Segment accounted for the largest revenue share in 2017 due to the demand for propane in polypropylene production. The construction segment, on the other hand, can command a respectable share of the propane market due to demand for cooking fuel for heating and cooking. Rise in commercial construction in developing economies can propel the segment growth share in the market in the coming years.

Regional Analysis:

Latin America, Asia Pacific (APAC), North America, Europe, and the Middle East & Africa (MEA) are regions taken into view for the Global Propane Market Report.

The APAC region is estimated to experience a remarkable CAGR during the forecast period due to investments in infrastructural development and an uptick in demand from the polymer industry. Rising urbanization and industrialization in the region can facilitate market growth. Conversion of oil furnaces to Propane is a window of growth for the market in the forthcoming years. Moreover, LPG connections for cooking purposes made readily available under government schemes can boost the regional propane market growth. China, Japan, and India are regions which can contribute greatly due to being importers to the U.S.

The North America propane market is built on exports to Europe and Asia Pacific. High demand for liquefied petroleum gas (LPG) in the U.S. is touted to drive regional market growth. Preference of clean fuels with regards to stringent emission policies has led to various states in the U.S. switching to propane-fueled buses. Recently, the state of Montana has joined schools across other states for the procurement of propane-run buses which reduce overhead expenses by a higher margin. This can augur well for the Global Propane Market Growth. The purchase of propane-fueled fleets by the logistics sector is another indicator of the positive growth expected of the market.

Massive demand for polypropylene in various end-use industries of healthcare, energy, consumer goods, automotive, food packaging, and others in the European region can induce the demand for propane. Imports of Propane from the Middle East and the U.S. can ensure the constant supply of the chemical.

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MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Propane Market Forecast, Size, Growth, Opportunities, and Trends 2023

Propane is a gas used in natural gas processing used primarily to produce fuel and polymer grade propylene. It is widely accepted as a fuel in industrial and commercial applications mostly in cooking, transportation, agriculture, and other industries. The Global Propane Market Report by Market Research Future (MRFR) outlines drivers, opportunities, factors, and restraints in a comprehensive manner.

Competitive Analysis:

Major industry participants in the Global Propane Market include Exxon Mobil Corporation, Ferrellgas, ConocoPhillips Company, Eni SpA, Anadarko Petroleum Corporation, Royal Dutch Shell plc, Canadian Natural, Equinor ASA, Chesapeake, and Chevron Corporation.

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Market Outlook:

MRFR states the Global Propane Market to exhibit 4.50% CAGR from 2018 to 2023 (forecast period) to touch a size of USD 7,149.90 million. The market demand is touted to reach 9.5 billion gallons by 2023. This can be duly attributed to the need for a clean fuel source for cooking in the residential sector. Revival of infrastructural projects in developed economies combined with investments in developing economies is a positive indicator of the massive market potential.

The use of Propane-based additives during winter is a vast opportunity which can be capitalized on by manufacturers. Stringent rules pertaining to automotive fuels as well as adherence to new emission standards can drive the Global Propane Market demand during the forecast period. Expansion moves in the form of Propane dehydrogenation plants can work favorably for the market. This is exemplified by the setup of a Propane dehydrogenation plant by Borealis AG in Belgium with an annual capacity of 750,000 metric tons. Furthermore, portable Propane heaters by construction workers for keeping warm during cold weather can drive the Global Propane Market.

The decline in crude oil production can pose a challenge to the market.

Segmentation Analysis:

The Global Propane Market is segmented by End-Use Industry.

By End-Use Industry, it is segmented into automotive & transportation, agriculture, industrial machinery, commercial construction, residential construction, process industry, and others.

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The Process Segment accounted for the largest revenue share in 2017 due to the demand for propane in polypropylene production. The construction segment, on the other hand, can command a respectable share of the propane market due to demand for cooking fuel for heating and cooking. Rise in commercial construction in developing economies can propel the segment growth share in the market in the coming years.

Regional Analysis:

Latin America, Asia Pacific (APAC), North America, Europe, and the Middle East & Africa (MEA) are regions taken into view for the Global Propane Market Report.

The APAC region is estimated to experience a remarkable CAGR during the forecast period due to investments in infrastructural development and an uptick in demand from the polymer industry. Rising urbanization and industrialization in the region can facilitate market growth. Conversion of oil furnaces to Propane is a window of growth for the market in the forthcoming years. Moreover, LPG connections for cooking purposes made readily available under government schemes can boost the regional propane market growth. China, Japan, and India are regions which can contribute greatly due to being importers to the U.S.

The North America propane market is built on exports to Europe and Asia Pacific. High demand for liquefied petroleum gas (LPG) in the U.S. is touted to drive regional market growth. Preference of clean fuels with regards to stringent emission policies has led to various states in the U.S. switching to propane-fueled buses. Recently, the state of Montana has joined schools across other states for the procurement of propane-run buses which reduce overhead expenses by a higher margin. This can augur well for the Global Propane Market Growth. The purchase of propane-fueled fleets by the logistics sector is another indicator of the growth expected of the market.

Massive demand for polypropylene in various end-use industries of healthcare, energy, consumer goods, automotive, food packaging, and others in the European region can induce the demand for propane. Imports of Propane from the Middle East and the U.S. can ensure the constant supply of the chemical.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Market Research Future
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Propane Market Segmentation by Product Types and Application with Forecast to 2023

Global Propane Market has been analysed with respect to five key regions—North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The market in Asia-Pacific accounted for the largest market share of the Propane Market and is expected to grow at a highest CAGR during the review period. The market growth can be attributed to growing construction industry with increasing investments in residential and commercial construction to meet the rising demand for modern residences and infrastructure. Besides, the increasing demand for polypropylene in the region and investments in new propane dehydrogenation projects is expected to drive the demand for Propane in the region.

For instance, in January 2019, BASF and Adani group signed an agreement to establish a joint venture worth USD 2.2 billion for producing C3 chemicals in Gujarat, which will include a propane dehydrogenation plant along with other production units. Hence, the latter investments along with the rapid urbanization in Asia-Pacific is expected to boost the Propane demand during the forecast period.

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The North American market trails behind Asia-Pacific in terms of consumption, the regaining pace of construction sector in the US and the abundance of shale gas in the region is the key trend driving the demand for Propane in North America.

Though witnessing a slow demand, the European market is trailing behind North America. The demand for Propane in the region can be attributed towards the growing emission norms with respect to the traditional combustion engines and increasing demand for clean and efficient fuel.

The market in the Middle East & Africa and Latin America are likely to witness substantial growth during the review period owing to the growing construction industry in the regions. The lump sum investments in the construction industry across the G.CC is expected to drive the demand for Propane in the region.

Segmentation:

The Global Propane Market has been segmented by End-Use Industry and Region.

Based on End-Use Industry, the market has been divided into process industry, residential construction, commercial construction, agriculture, industrial machinery, automotive & transportation and others.

By Region, the market has been categorized as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Key Players:

Some of the Key Players in the Global Propane Market are Ferrellgas (US), Royal Dutch Shell plc (Netherlands), Exxon Mobil Corporation (US), BP (UK), Chevron Corporation (US), Equinor ASA (Norway), Eni SpA (Italy), ConocoPhillips Company (US), Chesapeake (US), Anadarko Petroleum Corporation (US), and Canadian Natural (Canada).

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Propane Market Size, Trends, Growth, Outlook and Forecast to 2023

Propane being a clean and efficient feedstock to be used in the production of fuel and polymer grade propylene. Classified under liquified petroleum gas (LPG), propane is extensively used as a fuel for cooking, heating, and transportation. Moreover, Propane also finds wide acceptance in end-use industries like process industry, transportation, and agriculture among others.

Resultantly, Propane witnesses a huge demand, worldwide. The Global Propane Demand is expected to reach over 9.5 BN gallons by 2023. Also, usages of propane in residential and commercial construction escalates the market on the global platform.

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Global Propane Market - Segmentations

For ease of understanding, the report is segmented into two key dynamics: -

By End-use Industry: Residential Construction, Commercial Construction, Automotive & Transportations, and Process Industry among others.

By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.

Global Propane Market - Geographical Analysis

The Asia Pacific region, heading with the increasing consumption of polypropylene dominates the Global Propane Market. Factors such as the expanding production capacities in the region and the rapid industrialization foster the growth of the regional market. Moreover, the ever-increasing population is increasing consumption of polypropylene, creating a huge demand for liquified petroleum gas (LPG) that is used for cooking.

Moreover, the endless consumption of Propane in some of the major end-use industries such as construction and automotive & transportations especially in China, Japan, and India helps the regional market to proliferate further.

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The Propane Market in the North American region accounts for the second-largest market, globally. The growing demand for hydrocarbons from some of the burgeoning sectors such as construction, automotive, and packaging is a key driving force pushing the market growth in the region. Additionally, factors such as high disposable income along with the increasing investments in the end-use industries are fostering the market growth, boosting the demand for clean and efficient fuel. Moreover, the raw material advantage that the region holds helps the North American Propane Market to account for nearly 21% of the share.

Global Propane Market – Competitive Landscape

The competitive market of Propane appears fragmented with the matured & small key players along with the new entrants forming a competitive landscape. Through the acquisition, strategic partnership, expansion, product/technology launch & collaboration, these players try to gain competitive advantage. Substantial investments are transpired in the R&D to develop an entirely different technology compared to their competition.

Major Players:

Key players leading the Global Propane Market include Royal Dutch Shell plc (Netherlands), Ferrellgas (US), Exxon Mobil Corporation (US), Equinor ASA (Norway), Chevron Corporation (US), Eni SpA (Italy), ConocoPhillips Company (US), Anadarko Petroleum Corporation (US), Chesapeake (US), and Canadian Natural (Canada) among others.

Industry/Innovation/Related News:

April 03, 2019 – Polaris Technologies (Australia), a leading global cutting-edge HVAC systems company specialising in a range of highly innovative air-conditioners launched its new ducted air-conditioning unit based on natural refrigerant propane (R290).

The Polaris HideAway series of air conditioners are ducted packaged units that do not require a separate outdoor unit. This further opens new possibilities for designers and architects who can now dispense with unsightly exterior units. Propane is its primary ingredient in refrigerant used in the new AC. Polaris has used a special purpose hydrocarbon blend specifically designed to replace R410A.

Customers are attracted to the propane-based system because it helps them to qualify for Greenstar certification from Green Building Council Australia. The hydrocarbon refrigerants are the only reason the Polaris HideAway systems were capable of passing MEPS,” according to Tony Power from Polaris.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Propane Market 2019 Growth Rate, Revenue, Manufacturers, Customer Needs and Forecast to 2023

Market Segmentation:

The Global Propane Market has been segmented by End-Use Industry and Region.

Based on End-Use Industry, the market has been segmented into residential construction, commercial construction, process industry, agricultural, industrial machinery, automotive and transportation, and others.

The construction industry together accounted for the largest value share in 2017, however, process industry individually held the largest market value share for propane in 2017 and is expected to maintain its dominance throughout the forecast period. The latter growth can be attributed towards the increasing demand for propane in propylene production, which is a key raw material in production of polypropylene. The construction industry is trailing behind the process industry, increasing demand for clean fuel in cooking and heating applications is expected to drive the demand during the forecast period. Commercial construction is expected to lead the demand for propane in the construction industry with the ongoing investments in infrastructural developments in the developing economies of Asia-Pacific and Middle East & Africa.

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In addition, the increasing scrutiny on emissions from automotive and transportation sector is expected to drive demand for propane, due to the growing need for clean and efficient fuel over traditional fuel, especially, in the developed economies such as the US and Europe.

Competitive Analysis:

Some of the key players in the Global Propane are Ferrellgas (US), Royal Dutch Shell plc (Netherlands), Exxon Mobil Corporation (US), BP (UK), Chevron Corporation (US), Equinor ASA (Norway), Eni SpA (Italy), ConocoPhillips Company (US), Chesapeake (US), Anadarko Petroleum Corporation (US), and Canadian Natural (Canada).

Regional Analysis:

Based on Region, the Global Propane Market has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The market in Asia-Pacific accounted for the largest value share of the global propane market on account of increased spending on the growing infrastructural development coupled with considerable increase in polymer industry.

North America is another prominent market in the Global Propane Market on account of increasing use of propane as a clean source of fuel in the construction sector and emerging application in agricultural applications in the region.

The market in Europe is expected to be stagnant with a tight supply for propane and high inclination towards naphtha feedstock in the region.

The market in Latin America and the Middle East and Africa are likely to grow at a healthy CAGR on account of increased spending on residential and commercial construction.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact: Market Research Future
+1 646 845 9312
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