Market Size of Propane Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 197.24 Million tons |
| Market Volume (2029) | 243.80 Million tons |
| CAGR (2024 - 2029) | 4.33 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
