Propane Market Outlook Report 2024-2029: A $107 Billion Opportunity Driven by Worldwide Surge in Demand for Energy-Efficient Appliances and Clean-Burning Fuels
Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Propane Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to * ResearchAndMarkets.com's* offering.
The worldwide market for propane is experiencing significant growth momentum, with energy-efficiency and environmental sustainability being the key driving forces. As of 2023, the market stands at a valuation of USD 83.26 billion and boasts a healthy compound annual growth rate (CAGR) of 4.35% heading towards 2029, driving the market to $107.75 billion. This robust trajectory is propelled by a global surge in demand for energy-efficient appliances and clean-burning fuels, marking propane as an energy source of choice across diverse sectors.
A major contributor to the robust upward trend of the propane market is the expansion of the petrochemical industry, which relies on propane as a prime feedstock. This underscores the material's versatility and pivotal role in producing a wide array of chemicals and synthetic materials. Moreover, with the added appeal of propane's environmental advantages, such as reduced greenhouse gas emissions, the market is set to see further elevation in its stature, underscored by increased utilizations, such as in the automotive sector with Autogas, and advances in production and storage technologies.
*Sustainable Solutions Spur Growth in Residential and Agricultural Sectors*
Residential and commercial heating are witnessing a growing inclination towards propane due to its energy efficiency and cost-effectiveness. The agriculture industry, recognizing propane's eco-friendly energy capabilities, is similarly contributing to the rise in market demand. Propane's uptake in agriculture for an array of operations, including crop drying and pest control, exemplifies its adaptability and efficiency as a clean energy alternative.
*Competitive Energy Landscape Presents Challenges and Opportunities*
Despite the thriving market for propane, challenges persist in the form of competition from other energy sources like natural gas, which is more cost-efficient and bolstered by extensive pipeline infrastructure. Nonetheless, propane's attributes, such as lower emissions and increased demand in various sectors, establish it as a key player within the energy mix.
*A selection of companies mentioned in this report includes, but is not limited to:*
· BP plc
· Chevron Corporation
· Royal Dutch Shell plc
· Anadarko Petroleum Corporation
· ConocoPhillips Co.
· Reliance Industries Ltd.
· PetroChina Company Limited
· Sinopec Corp.
· Evonik Industries AG
· Total SA
*Regional Market Dynamics*
The Asia-Pacific region has emerged as a dominant force in the global propane arena, benefiting from factors such as urbanization, industrialization, and favorable government policies aimed at curbing pollution. This momentum is supported by significant infrastructure investments and a rising middle class, suggesting a continued upward trajectory for the propane market in this region. Industry players anticipate that this trend will persist, bolstered by ongoing investments and the shift towards sustainable energy solutions.
*Key Attributes*
*Report Attribute* *Details*
No. of Pages 185
Forecast Period 2024-2029
Estimated Market Value (USD) in 2024 $83.26 Billion
Forecasted Market Value (USD) by 2029 $107.75 Billion
Compound Annual Growth Rate 4.3%
Regions Covered Global
For more information about this report visit https://www.researchandmarkets.com/r/q6w2a
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*Attachment*
· Global Propane Market
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