Fort Collins, Colorado, Oct. 04, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Propane Market Size, Growth, Share, Statistics Report, By Form (Liquid, and Gas), By End-use (Industrial, Commercial, Residential, Transportation, Agriculture, Chemicals and Refineries), By Region, and Segment Forecasts, 2023-2032."
According to DataHorizzon Research, the propane market size was valued at USD 93.4 Billion in 2022 and is expected to arrive at a market size of USD 144.1 Billion by 2032 with a CAGR of 4.5%.
The report comprehensively analyzes the global market scenarios with key takeaways. The report also highlights the present and future trends in the industry, followed by actionable market insights. The global propane market is on the rise due to several key factors. The residential sector's growing need for home appliances like furnaces, water heaters, air conditioners, and fireplaces is one of them. Meanwhile, the automotive industry also drives demand by seeking low-sustainability fuel options. Finally, the construction industry is booming in developed and developing regions, increasing demand. It's interesting to note that propane is often produced as a by-product during the extraction and refining of natural gas. The gas is separated from other hydrocarbons through a process called fractional distillation. Additionally, propane can also be obtained during the refining of crude oil. By compressing, cooling, and fractionating the natural gas stream, it's possible to obtain this versatile fuel source.
Propane is a highly versatile gas that finds extensive use in various industrial processes, including manufacturing, metalworking, and agriculture. The demand for propane is influenced by several factors, such as the levels of industrial production, agricultural activities, and technological advancements in these sectors. Additionally, propane is gaining popularity as an alternative fuel for vehicles, especially in large fleets like buses, taxis, and forklifts. The adoption of propane in the transportation sector is significantly influenced by government incentives, environmental regulations, and the availability of propane refueling infrastructure.
Advancements greatly influence the market for propane in its technological production, storage, and utilization. Developing innovative propane applications that enhance efficiency, safety, and cost-effectiveness drives its demand across various sectors. Additionally, the demand for propane is affected by economic factors such as GDP growth, industrial production, construction activities, and consumer spending. Economic downturns or expansions also influence the consumption of energy and propane demand patterns. Therefore, propane's demand in the market relies on various factors, making it a crucial energy source for many industries.
Propane, a member of the alkane family, is a flammable hydrocarbon gas that is colorless and odorless in its natural state. However, adding a pungent odor to facilitate leak detection is common practice. This versatile fuel is obtained from both natural gas processing and petroleum refining. It is considered a relatively cleaner-burning fuel than other fossil fuels, making it a more environmentally sustainable energy source. As concerns regarding carbon emissions and air quality continue to rise, there is an increasing focus on propane as a cleaner, safer, and more environment-friendly fuel.
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Segmentation Overview:
The propane market has been segmented into form and end-use.
The gas segment of the propane market is poised to take the lead due to its widespread use in both residential and commercial heating. Propane gas is commonly used for heating and cooking due to its precision, convenience, and efficiency. This gas is important for many industries, like construction, manufacturing, and agriculture. It's used for metal cutting, soldering, brazing, and drying.
Propane is a highly versatile fuel widely used for various purposes and by different groups of people. Among its consumers, the residential sector is the largest contributor to its revenue. Propane is especially popular for heating homes, apartments, and other living spaces, providing much-needed warmth. This fuel can be used in various heating systems, including furnaces, boilers, space heaters, and water heaters. Additionally, it is a preferred cooking fuel for residential kitchens because of its efficient and clean-burning properties.
North America currently boasts the largest share of the propane market globally, with the United States ranking as one of the largest consumers and producers of this fuel source. Propane is widely utilized in residential heating, cooking, and agricultural applications, with the country's well-established distribution infrastructure and varying weather conditions, energy policies, and industrial demand playing a significant role in shaping the market. Similarly, Canada has a notable propane market, driven by residential heating, industrial applications, and agriculture, with climate, economic conditions, and government regulations impacting demand for this resource.
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Industry Trends and Insights:
- GAIL India and LanzaTech Global will collaborate on a CO2 capture and conversion project to help GAIL achieve its Net Zero 2040 targets. The project will use LanzaTech's carbon capture tech and GAIL's renewable gas streams to create consumer goods from biorecycled materials instead of fossil fuels.
- Cummins Inc. and Chevron U.S.A. Inc. are working to promote the use of lower-carbon fuels such as hydrogen and renewable natural gas. The initiative may involve other liquid renewable fuels like renewable gasoline blends, biodiesel, and diesel. The aim is to encourage commercial and industrial adoption in North America.
Propane Market Report Highlights:
- The propane market size is expected to arrive at a market size of USD 144.1 Billion with a CAGR of 4.5% by 2032. Propane is a versatile gas in high demand due to its use in residential appliances, the automotive industry, and construction. It can be obtained during natural gas processing and petroleum refining and is considered a cleaner-burning fuel. Economic factors and technological advancements influence its demand, and it is gaining popularity as an alternative fuel for vehicles. As concerns about carbon emissions and air quality increase, propane is considered a cleaner and more sustainable energy source.
- Propane gas is widely used for heating and cooking in residential and commercial settings and industries like construction, manufacturing, and agriculture for metal cutting, soldering, brazing, and drying.
- Propane is widely used for different purposes, with the residential sector being the largest contributor to its revenue. It is popular for heating living spaces and can be used in various heating systems such as furnaces, boilers, space heaters, and water heaters. It is also a preferred cooking fuel for residential kitchens due to its efficient and clean-burning properties.
- North America dominates the global propane market, with the US and Canada as major consumers and producers. Propane is widely used for heating, cooking, and agriculture. Factors such as weather, energy policies, and government regulations impact demand.
- Some of the prominent players in the global propane market report include Air Liquide, BP PLC, Chevron Corporation, China Petroleum & Chemical Corporation (Sinopec), China National Petroleum Corporation (PetroChina), ConocoPhillips Company, Eni SpA, Exxon Mobil Corporation, GAIL (India) Limited, Gazprom, Shell PLC, Saudi Aramco, Suburban Propane, and Total.
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Propane Market Report Segmentation:
- By Form: Liquid, and Gas
- By End-use: Industrial, Commercial, Residential, Transportation, Agriculture, Chemicals and Refineries
- By Region: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa
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