Westford, USA,, April 19, 2023 (GLOBE NEWSWIRE) -- The propane market is expanding at a CAGR of 4.7% in the forecast period (2023-2030) and is expected to reach $180.26 billion by 2030 according to Skyquest latest research report The market growth is being driven by the demand for propane in various sectors, including residential and commercial heating, agriculture, industrial production and supply, and propane exports. In 2020, the residential and commercial sectors consumed about 5.5 billion gallons of propane, mainly for space heating, water heating, and cooking, as revealed by SkyQuest's latest research findings.
Additionally, the agricultural sector consumes about 3.7 billion gallons of propane annually for use as a feedstock in producing chemicals and plastics, in refining processes, and as fuel for forklifts and other equipment. The industrial sector consumed approximately 2.2 billion gallons of propane in 2022, according to the EIA.
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Browse in-depth TOC on "Propane Market"
- Pages - 242
- Tables - 88
- Figures - 76
The widespread use of propane as a fuel source in residential, commercial, agricultural, and industrial sectors makes the propane market important today. Propane is a versatile and relatively clean-burning fuel that can be used for heating, cooking, and power generation. Furthermore, the U.S. relies on propane exports to play a crucial role in the global energy market.
Prominent Players in Propane Market
- AmeriGas
- Ferrellgas
- Suburban Propane
- CHS Inc.
- DCC plc
- Energy Transfer Partners
- Flogas
- Heritage Cooperative
- Lykins Energy Solutions
- Marsh LP Gas Company
- NGL Energy Partners
- Paraco Gas
- Superior Plus Energy Services
- ThompsonGas
- UGI Corporation
- Anadarko Petroleum Corporation
- Chevron Corporation
- ConocoPhillips
- ExxonMobil
- Royal Dutch Shell
Residential and Commercial Segment to Drive Higher Sales Owing to the Widespread use of Propane for Heating, and Cooking
A recent analysis revealed that the residential and commercial segment played a significant role in the rapid growth of the Propane market in 2021, and this trend is anticipated to continue from 2022 to 2030, owing to the widespread use of propane for heating, cooking, and other purpose. Nonetheless, propane is also used in other sectors such as agriculture and industry. SkyQuest's research has disclosed that approximately 50% of the propane consumed in the US is for residential and commercial purposes, such as space heating, water heating, cooking, and other uses. Propane is the most prevalent fuel source for water heating in rural areas, accounting for 46% of all water heaters in those regions, according to a study by the Propane Education and Research Council (PERC).
Research analysis suggests that North America is well-positioned to become a dominant player in the Propane market from 2022 to 2030. SkyQuest has predicted that the region may experience a CAGR of 3.82% during the forecast period, driven by the significant consumption and production of propane and the government's initiatives to encourage its use and reduce toxic emissions in the region. According to the Canadian Propane Association, propane is used in more than 6 million Canadian households, serving as the primary heating fuel for 3% of those households and a secondary heating fuel for an additional 5% of households.
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Natural Gas Type Propane Segment to Exhibit Strong Growth due to Higher Quality and Increased Availability
The Natural Gas Type Propane segment dominated the Propane market in 2021 and is anticipated to continue its dominance from 2022 to 2030 due to the higher quality and increased availability of propane from expanding natural gas processing plants. The US Energy Information Administration (EIA) reported that the propane production from natural gas processing has steadily increased over the last decade, reaching 1.4 million barrels per day in 2020, up from 0.8 million barrels per day in 2010. The EIA has also projected that natural gas processing plants will continue to expand and increase production of propane and other natural gas liquids (NGLs) in the coming years, primarily due to the rise in natural gas production from shale formations and the associated increase in NGL production.
The Asia Pacific region has also emerged as a significant force in the Propane market and is poised to maintain its leading position by 2030. SkyQuest has predicted significant growth in the Propane market for the Asia Pacific region, with a projected CAGR of 4.97% during the forecast period. This expansion can be attributed to the increasing demand in sectors such as residential, commercial, and transportation, as well as the growing availability of propane as a byproduct of shale gas production in the region.
A comprehensive analysis of the major players in the Propane market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Propane Market
- Superior Plus Corp. (TSX:SPB) completed the acquisition of the equity interests of Kamps Propane, Inc., High Country Propane, Inc., Pick Up Propane, Inc., Competitive Capital, Inc., and Propane Construction and Meter Services (together referred to as “Kamps Propane”) and Kiva Energy, Inc. for approximately US$240 million (CDN $302 million). The Transaction was funded using Superior's existing credit facility.
- Sinopec, the state-owned oil and gas company in China, has announced plans to increase natural gas production by 4.8% in 2022, and focus on developing the gas supply chain to meet decarbonization and energy security targets. The company believes that the natural gas business will not only support its transformation but also generate good profits. Therefore, Sinopec plans to continuously increase the proportion of clean energy, particularly natural gas, in its overall energy mix.
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Key Questions Answered in Propane Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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