The global propane market is estimated to be valued at US$ 98.5 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The propane market has stable growth prospects due to rising demand for LPG. Propane can be widely used as cooking fuel and in vehicles, offering convenience to consumers. It is a clean burning fuel and produces less greenhouse emissions than other fossil fuels.
Weakness: Propane prices are highly volatile depending on global crude oil price fluctuations. Supply disruptions can negatively impact the overall supply chain. Changing consumer preference towards renewable energy sources acts as a challenge.
Opportunity: Increasing adoption of auto-LPG in automobile fleets provides major opportunities. Use of propane as an alternative fuel for forklifts, trucks, buses offers scope for market growth. Many developing regions are still untapped markets for propane, especially in household cooking applications.
Threats: Strict government regulations regarding carbon emissions may hamper the demand from transportation sector. Electric vehicles gaining wide acceptance in passenger cars pose a threat to auto LPG market. Natural gas emergence as a superior alternative fuel poses competition.
Key Takeaways
The Global Propane Market Demand is expected to witness high growth. The market size is projected to reach US$ 98.5 Bn by 2023, growing at a CAGR of 14% during the forecast period.
Regional analysis: Asia Pacific dominates current demand for propane due to large LPG consumption for cooking in residential sector as well as industrial uses. China accounts for over 30% of global propane demand. North America is another major regional market driven by auto-LPG adoption in transportation. Europe is advancing usage of propane as an alternative transport fuel.
Key players: Key players operating in the propane market are Chevron Corporation, Royal Dutch Shell, ExxonMobil, ConocoPhillips and Reliance Industries. These companies have large reserves, supply infrastructure as well as focus on capacity expansions to meet growing worldwide propane requirements. Reliance Industries aims to strengthen its position as a leading supplier in Asia Pacific region.
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