With the emergence and long-term Impact of COVID-19, Global Propane Market to reach USD 231.02 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Propane Market is poised to raise up to USD 231.02 Billion by 2030. Propane is an alkane with the chemical formula C3H8 and is an imperceptible gas with no color or odor. It serves as a prominent fuel source across diverse applications such as heating, cooking, and various industrial uses. Typically sourced from natural gas processing or crude oil refining, propane transforms into Liquefied Petroleum Gas (LPG) when subjected to moderate pressure, allowing for convenient storage in pressurized tanks. Its attributes, including clean-burning properties and a high energy content, position propane as a highly efficient option for residential and commercial heating systems.
Moreover, its adaptability extends to use in vehicles, portable stoves, and various appliances, providing a reliable and versatile energy source across a spectrum of applications. The Propane Market is expanding because of factors such as the soaring demand for clean energy, rising emphasis on energy efficiency and clean burning fuel, as well as growing demand for clean energy. In addition, the increasing adoption of propane in recreational vehicles for carbon footprint reduction is acting as a catalyzing factor for market growth across the globe.
Geographically, the global Propane market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to the rise in demand from the residential and transportation sectors, as well as increasing population and rapid urbanization in major nations including China, India, and other countries. Whereas, North America is expected to grow with a significant CAGR over the forecast years. The high demand for propane as a heating fuel in residential and commercial buildings, coupled with the increase in the use of Liquefied Petroleum Gas (LPG) in automobiles is significantly propelling the market demand across the region.
The global Propane market is highly competitive owing to the presence of several key manufacturers such as BP Plc (U.K.), Chevron Corporation (U.S.), Royal Dutch Shell Plc (U.K.), Exxon Mobil Corporation (U.S.), ConocoPhillips (U.S), Reliance Industries Ltd. (India), and others.
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Key findings of the study suggest:
- Global Propane Market is anticipated to grow with a healthy growth rate of more than 12.5% over the forecast period 2023-2030.
- In the Type segment, HD – 5 emerged out as the leading market segment in 2022.
- In the Application segment, Residential emerged as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to the rise in demand from the residential and transportation sectors, as well as increasing population and rapid urbanization in major nations including China, India, and other countries.
- North America is expected to grow at higher rate followed by Asia Pacific during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Type:
- HD – 5
- HD – 10
- Commercial
Application:
- Residential
- Commercial
- Industrial
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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