Propane Market Report 2022 to 2030 | Key Players, Growth Opportunities, Price Trend Analysis and Future Prospects

 Market Synopsis 

According to Market Research Future (MRFR), the global propane market is estimated to obtain the demand of over 9.5 billion gallons by 2023. There has been a surging demand for Propane as a clean source of heating and cooking fuel in residential and commercial construction, which is estimated to be the most significant factor driving the global propane market 2020. 

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Propane, being the coherent component of the end-use industry, has fueled the market at a global front. The end-use sector is portrayed to gain global traction owing to the increasing hospitality industry in various regions, with various opportunities. Further, multiple applications of Propane in energy production, it also utilized to produce propylene and ethylene. Besides, Propane is gaining momentum in the field of commerce, agriculture, and residents, leading to an upward trajectory of market growth. In addition, the increasing population, along with rapid industrialization in developing countries, has resulted in an escalated market growth.

However, the unstable prices of crude oil are estimated to hamper the global market supply-demand cycle during the evaluation period. In addition, the toxic impact of Propane at high concentrations is estimated to hamper market growth. On the contrary, tax exemption on Propane for agricultural fuels, along with the aforementioned factors, is estimated to counter the hampering factors in the forthcoming period. 

Regional Analysis 

Based on the region, the global Propane Market is segmented into North America, Europe, Asia-Pacific, and the Middle East and Africa. As per the study, APAC is estimated to acquire the apex position in terms of procurement market share. The region is estimated to witness a considerable CAGR during the assessment period. The increasing consumption of polypropylene, along with the fast industrialization and urbanization in APAC, is estimated to boost the market in the coming period. China is projected to dominate the regional market during the forecast period on account of being the largest economy with a substantial rise in the GDP despite having trade conflicts with the US. Besides, China, India, is also anticipated to make a significant contribution during the forecast period. 

Key Players 

Some of the key players in the global Propane are 

  • Royal Dutch Shell plc (Netherlands)
  • Ferrellgas (US), Exxon Mobil Corporation (US)
  • Equinor ASA (Norway)
  • Chevron Corporation (US)
  • Eni SpA (Italy)
  • Chesapeake (US)
  • Anadarko Petroleum Corporation (US) 
  • ConocoPhillips Company (US)
  • Canadian Natural (Canada).

North America is projected to take the second position during the forecast period. The region is estimated to acquire nearly 21% of the total propane demand. The regional development of the market can be attributed to the demand arising for clean and efficient fuel from various end-use industries. In North America, the US and Canada are likely to make the most substantial participation in strengthening the regional market. 

The third position is estimated to be taken by Europe. The regional market primarily relies on imports from the US and the Middle East. Improving living standards, population growth are projected to strengthen the regional market substantially. 

The market in MEA and Latin America is estimated to proper at a significant rate owing to the growing investments in the construction sector. 

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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