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Propane Market size was valued at USD 82.6 billion in 2021 and is poised to grow from USD 86.49 billion in 2022 to USD 132.1 billion by 2030, growing at a CAGR of 4.8% in the forecast period (2023-2030).

The propane market is highly competitive with several players operating in the market. The market players are focusing on research and development to improve the quality of propane and increase its applications. The companies are also investing in marketing and advertising to increase awareness among consumers about the benefits of using propane. The market players are adopting various strategies such as mergers and acquisitions, partnerships, and collaborations to expand their market presence. Moreover, companies are also expanding their production capacities to meet the growing demand for propane. The market players are also focusing on developing new and innovative propane-based products to cater to the increasing demand from various end-use industries. 'ExxonMobil Corporation', 'BP plc', 'Royal Dutch Shell plc', 'Chevron Corporation', 'Phillips 66', 'Total SA', 'ConocoPhillips', 'China Petroleum & Chemical Corporation (Sinopec)', 'Indian Oil Corporation Limited', 'Valero Energy Corporation', 'National Iranian Oil Company (NIOC)', 'Reliance Industries Limited', 'Pemex', 'Gazprom', 'Petrobras', 'Kuwait Petroleum Corporation', 'Nigerian National Petroleum Corporation (NNPC)', 'Repsol', 'Rosneft Oil Company', 'Liquefied Petroleum Gas Suppliers Association (LPGSA)'

One of the key drivers of the propane market is the high adoption of environmentally safe fuel alternatives. With increasing concerns about the adverse effects of carbon emissions on the environment and human health, there has been a significant shift towards cleaner and more sustainable energy sources. Propane is considered to be an environmentally safe alternative to traditional fossil fuels such as gasoline, diesel, and fuel oil due to its lower carbon emissions and reduced environmental impact. Governments and regulatory bodies across the world are promoting the adoption of propane as an alternative fuel source to reduce carbon emissions and meet their climate change targets. This has led to an increase in investments in the development of propane infrastructure, including pipelines, storage facilities, and distribution networks.

Increasing use of propane as an alternative fuel in the transportation sector is one key trend in the propane market. Propane-powered vehicles emit fewer greenhouse gases and air pollutants compared to gasoline or diesel-powered vehicles. According to a report by the Propane Education & Research Council, propane autogas emits 18% fewer greenhouse gases and up to 96% fewer particulate matter emissions compared to gasoline. In addition, propane autogas engines have a longer lifespan and require less maintenance than gasoline or diesel engines. The trend towards using propane as an alternative fuel in the transportation sector is being driven by government regulations to reduce emissions and improve air quality, as well as the cost savings associated with using propane as a fuel. Many fleet operators, including school districts, municipal governments, and private companies, have already made the switch to propane-powered vehicles, and the trend is expected to continue in the coming years.

North America dominated the propane market due to its high consumption and production of propane. The United States is the largest producer and consumer of propane in the world, accounting for more than 50% of the production. Propane is primarily used for residential heating, cooking, and transportation fuel in North America. The residential sector is the largest consumer of propane in the region, followed by the transportation and commercial sectors. The recent boom in the shale gas industry in the US has resulted in an increase in propane production, leading to a surplus of propane in the market. The surplus has caused the price of propane to decrease, making it a cost-effective alternative to other fuels. The low price of propane has also led to an increase in its usage in various industries, such as agriculture, petrochemicals, and power generation.

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Global Propane Market

Product ID: SQMIG10D2020