Who are the key players in Propane Market?

Exxon Mobil Corporation, Gazprom, Shell Plc, Saudi Aramco and China Petroleum & Chemical Corporation (Sinopec) are the major companies operating in the Propane Market. Read More

Which is the fastest growing region in Propane Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Propane Market?

In 2024, the Asia-Pacific accounts for the largest market share in Propane Market. Read More

What years does this Propane Market cover, and what was the market size in 2023?

In 2023, the Propane Market size was estimated at 189.05 million tons. The report covers the Propane Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Propane Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Propane Market Size

Market Size of Propane Industry

Study Period	2019 - 2029
Base Year For Estimation	2023
CAGR (2024 - 2029)	4.33 %
Fastest Growing Market	Asia-Pacific
Largest Market	Asia-Pacific
Market Concentration	Low
Major Players *Disclaimer: Major Players sorted in no particular order

Propane Market Analysis

The Propane Market size is estimated at 197.24 Million tons in 2024, and is expected to reach 243.80 Million tons by 2029, growing at a CAGR of 4.33% during the forecast period (2024-2029).

Owing to the COVID-19 pandemic, the demand for propane from end-user industries, including commercial, transportation, and other industry, declined drastically. However, the increased demand for liquefied petroleum gas (LPG) from the residential sector propelled propane consumption globally.

In the short term, factors such as the increasing demand from various end-user industries, such as industrial, construction, and petrochemical, are likely to drive market growth.
The harmful effects of propane at higher concentrations are expected to inhibit the market's growth.
Propane usage in power generation is expected to act as an opportunity for the market.
Asia-Pacific dominated the global propane market. The largest consumption was witnessed in China and India.

Propane Industry Segmentation

Propane is a flammable hydrocarbon gas liquefied through pressurization and is commonly used as fuel for heating, cooking, hot water, and vehicles. The propane market is segmented by end-user industry and geography. By end-user industry, the market is segmented into residential, commercial, transportation, industrial, and other end-user industries. The report also covers the size and forecasts for the market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kiloton).

End-user Industry
		Residential
		Commercial
		Transportation
		Industrial
		Other End-user Industries

Geography

Asia-Pacific
	China
	India
	Japan
	South Korea
	Rest of Asia-Pacific

North America
	United States
	Canada
	Mexico

Europe
	Germany
	UK
	Italy
	France
	Rest of Europe

South America
	Brazil
	Argentina
	Rest of South America

Middle-East and Africa
	Saudi Arabia
	South Africa
	Rest of Middle-East and Africa

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Propane Market Size Summary

The propane market is poised for steady growth over the forecast period, driven by increasing demand from various end-user industries such as industrial, construction, and petrochemical sectors. Despite a temporary decline in demand due to the COVID-19 pandemic, the residential sector's heightened need for liquefied petroleum gas (LPG) has bolstered global propane consumption. The market is characterized by its fragmented nature, with major oil companies like Gazprom, China Petroleum & Chemical Corporation, ExxonMobil, Saudi Aramco, and Shell PLC leading in production. Propane's application in power generation presents a significant opportunity, although its harmful effects at higher concentrations may pose challenges to market expansion.

Asia-Pacific, particularly China and India, dominates the global propane market, with China being the largest consumer. The country's substantial propane imports are driven by the demand for propane dehydrogenation plants. The Chinese autogas market is also expanding, supported by local initiatives to promote alternative fuels. In the United States, propane is widely used in residential settings, especially in rural areas without natural gas services, and its demand is expected to rise with increasing residential construction and fuel oil conversions. The market's growth trajectory is further supported by advancements in propane dehydrogenation technology, as seen in collaborations between companies like KBR and ExxonMobil.

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Propane Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Drivers
  1. 1.1.1 Increase in Demand from the Residential and Transportation Sectors
  2. 1.1.2 Demand in the Petrochemical Industry
2. 1.2 Restraints
  1. 1.2.1 Harmful Effects of Propane at Higher Concentrations
  2. 1.2.2 Other Restraints
3. 1.3 Industry Value Chain Analysis
4. 1.4 Porter's Five Forces Analysis
  1. 1.4.1 Bargaining Power of Suppliers
  2. 1.4.2 Bargaining Power of Buyers
  3. 1.4.3 Threat of New Entrants
  4. 1.4.4 Threat of Substitute Products and Services
  5. 1.4.5 Degree of Competition
2. MARKET SEGMENTATION (Market Size in Volume)
1. 2.1 End-user Industry
  1. 2.1.1 Residential
  2. 2.1.2 Commercial
  3. 2.1.3 Transportation
  4. 2.1.4 Industrial
  5. 2.1.5 Other End-user Industries
2. 2.2 Geography
  1. 2.2.1 Asia-Pacific
    1. 2.2.1.1 China
    2. 2.2.1.2 India
    3. 2.2.1.3 Japan
    4. 2.2.1.4 South Korea
    5. 2.2.1.5 Rest of Asia-Pacific
  2. 2.2.2 North America
    1. 2.2.2.1 United States
    2. 2.2.2.2 Canada
    3. 2.2.2.3 Mexico
  3. 2.2.3 Europe
    1. 2.2.3.1 Germany
    2. 2.2.3.2 UK
    3. 2.2.3.3 Italy
    4. 2.2.3.4 France
    5. 2.2.3.5 Rest of Europe
  4. 2.2.4 South America
    1. 2.2.4.1 Brazil
    2. 2.2.4.2 Argentina
    3. 2.2.4.3 Rest of South America
  5. 2.2.5 Middle-East and Africa
    1. 2.2.5.1 Saudi Arabia
    2. 2.2.5.2 South Africa
    3. 2.2.5.3 Rest of Middle-East and Africa