According to the most recent analysis by Emergent Research, the propane market had a value of USD 81.40 billion in 2021 and is projected to grow at a rate of 4.7% over the forecast period. Growing demand for clean-burning fuels as a result of growing environmental concerns is a major element fueling market expansion. The expansion of the global market’s revenue is anticipated to be aided by rising demand from several end-use industries. Propane can reduce emissions while ensuring dependability, especially in bad weather, when paired with solar and wind power. Low-emission propane, along with renewables and other clean energy sources, is essential to addressing the problem of constructing an environmentally responsible future. environmentally friendly alternatives.
But since it burns so readily, propane is particularly volatile. If it spills, it might build up. In a closed space, an ignition will result in a catastrophic explosion. Denting or rupturing a tank will surely cause an explosion because propane is liquid and stored under high pressure. If it explodes when a fire or other source of ignition is nearby where the gas is exiting, that would result in a large conflagration.
The others include mixtures of these, butane, propylene, butadiene, butylene, and isobutylene. Compared to gasoline and coal, propane has a lower energy density, but it burns cleanly. Propane gas is a popular choice for portable burners and barbecues because of its naturally low boiling point. When propane is released from its pressurized container, it vaporizes instantly. Buses, forklifts, taxis, outboard boat engines, ice resurfacing equipment, recreational vehicles, and campers all use propane as a fuel source for heating and cooking.
On October 05, 2021, The 2020 deal between Suburban Propane Partners LP and U-Haul to supply environmentally friendly and renewable propane in California has been extended, according to the company.
Residential Segment to Dominate the Market In the home market, propane is employed for air cooling, water heating, food preparation and storage, clothing drying, lighting, and the fueling of fireplaces. Propane is mostly utilized in mobile homes and rural residences without natural gas service. Propane is used in millions of homes to supply some of their energy needs. Large propane tanks are located outside of homes that utilize propane as their main energy source to store propane as a liquid while under pressure. Dealers of propane use vehicles to transport the fuel to homes and replenish the tanks as needed throughout the year.
The liquid market is anticipated to experience very strong revenue growth. A typical fuel for heating, cooking, boiling water, and propulsion of vehicles is propane. Additionally, propane can be utilized as a feedstock for petrochemicals, aerosol propellants, and refrigerants. Low pressures can be used to compress propane gas into a liquid.
Over the projection period, the HD-5 propane category is anticipated to experience significant expansion. The propane grade that is sold and delivered the most is HD5, often known as “consumer grade” propane. The best quality of propane available to American consumers is HD5, and propane businesses frequently sell HD5 to their clients.
Market growth in the Asia Pacific region is anticipated to be quite strong. With an estimated 20% market share, China is the biggest consumer of propane. The jump in demand from industries using propane dehydrogenation, or PDH, is the main cause of the country’s rising propane imports.
Saudi Arabian Oil Co., Exxon Mobil Corporation, Gazprom, Shell PLC, China Petroleum & Chemical Corporation, Air Liquide S.A., BP PLC, Total Energies SE, Conoco Philips Company, and Chevron Corporation are a few of the well-known firms mentioned in the market study.
Emergen Research has segmented the propane market based on form, grade, end-use, and region:
- Form Outlook (Revenue, USD Billion; 2019–2030)
- Grade Outlook (Revenue, USD Billion; 2019–2030)
- HD-5 Propane
- HD-10 Propane
- Commercial Propane
- End-Use Outlook (Revenue, USD Billion; 2019–2030)
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- the U.S.
- the U.K.
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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