Global Propane Market to Grow at a CAGR of 4.0% During 2024-2032, Aided by Increasing Residential Applications of Propane

The Asia Pacific region is witnessing a strong demand for propane due to its affordability and stability compared to other energy sources. With the growing industrialisation and urbanisation in developing countries such as China, Indonesia, and others, propane is increasingly used as a cleaner cooking fuel.

In the growing automotive sector in developed countries like Japan and South Korea, propane is primarily used as a fuel for vehicles and as a feedstock for the manufacturing of petrochemicals (olefins). Additionally, the adoption of propane as a comparatively low-emission and efficient fuel source has encouraged its adoption, supporting the global push towards decarbonisation and sustainable energy sources as a result of environmental concerns and strict regulatory laws.

Partnerships between companies further strengthen the propane market expansion. In July 2023, BP Plc (NYSE: BP) signed a long-term sale and purchase agreement (SPA) with OMV Aktiengesellschaft to cover the supply of 1 million metric tonnes of liquefied natural gas (LNG) per year for 10 years from 2026. According to the terms of the contract, BP will supply OMV LNG from its extensive and international LNG portfolio.

This LNG will be received and re-gasified through the Gate LNG terminal in Rotterdam, the Netherlands, where OMV has regasification capacity, or through other ports in Europe. The advancement of OMV's ongoing diversification of supply sources, which includes gas from its production and external sources from Norway as well as further LNG volumes, was one of their top goals.

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Market Analysis by End Use Industry and Region:

• The market, on the basis of end use industry, can be divided into residential, commercial, transportation, and industrial, among others.

• The major regional markets for propane include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Propane finds application as a feedstock in the petrochemical market, and several plastic and resin products can be made from propane through processing. The extensive industrial application of propane positively influences the market.

• Propane as a vehicle fuel improves energy security, can offer cost-effective on-site refuelling convenience, and lowers air pollution and the environmental effects of automobiles. Government efforts worldwide to use alternative fuels encourage the propane market expansion.

• Propane is widely used in residential applications such as water heating, cooking, clothes drying, and sometimes outdoor grilling.

• In the transportation sector, governments around the world utilise a combination of incentives, start-up subsidies, and distribution licences to build momentum and produce network effects, that drive demand for propane.

Key Offerings of the Report:

• The EMR report gives an overview of the global propane market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the end use industries and major regions of propane.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global propane market are Saudi Arabian Oil Company (Saudi Aramco), BP PLC, ConocoPhillips Company, Eni S.p.A, and PJSC Gazprom, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.