The propane market is driven by factors such as the growing demand for propane as a clean and efficient energy source, especially in the residential and commercial sectors. Additionally, the growth of the global petrochemicals industry and the increasing demand for propane as a feedstock for various chemical processes are also significant drivers for the market. The transportation sector is also a key driver of propane demand, with the adoption of propane as a fuel for vehicles, especially in the developed regions. The propane market is also influenced by factors such as supply chain disruptions, changes in regulations and policies, and the price and availability of crude oil and natural gas. The market is expected to continue growing due to increasing demand for propane as an alternative fuel and the growing popularity of propane-powered appliances.
The global Propane Market size is projected to reach US$ 107 billion by 2025, and register CAGR of 4.5% over the forecast period (2019 - 2027).
Leading Companies in the Propane Industry:
1. British Petroleum
British Petroleum, also known as BP, was founded in 1908 and is headquartered in London, UK. It operates in over 70 countries worldwide, with a focus on oil and gas exploration, production, and refining.
2. PetroChina Company Limited
PetroChina Company Limited was founded in 1999 and is headquartered in Beijing, China. It is one of the largest oil and gas companies in the world and operates in over 60 countries.
3. AmeriGas
AmeriGas was founded in 1959 and is headquartered in King of Prussia, Pennsylvania, USA. It is the largest propane distributor in the United States, with operations in all 50 states.
4. Chevron Corporation
Chevron Corporation was founded in 1879 and is headquartered in San Ramon, California, USA. It operates in over 180 countries and is engaged in the exploration, production, and refining of oil and gas.
5. Valero Energy Corporation
Valero Energy Corporation was founded in 1980 and is headquartered in San Antonio, Texas, USA. It operates 15 refineries in North America and the UK, and has a presence in several countries through its marketing and logistics operations.
6. Shell Oil Company
Shell Oil Company is a subsidiary of Royal Dutch Shell, founded in 1907 and headquartered in The Hague, Netherlands. It operates in over 70 countries worldwide, with a focus on oil and gas exploration, production, and refining.
7. Sinopec
Sinopec, or China Petroleum & Chemical Corporation, was founded in 2000 and is headquartered in Beijing, China. It is one of the largest integrated energy and chemical companies in China, with operations in over 30 countries.
8. Exxon Mobil
Exxon Mobil was founded in 1999 as a result of a merger between Exxon and Mobil, both founded in the late 1800s. It is headquartered in Irving, Texas, USA, and operates in over 50 countries.
9. Evonik
Evonik was founded in 2007 as a result of a merger between Degussa and RAG. It is headquartered in Essen, Germany, and operates in over 100 countries, with a focus on specialty chemicals, including those used in the oil and gas industry.
*Definition- Propane is a colorless, flammable gas that is commonly used as a fuel for heating, cooking, and transportation. It is produced during natural gas processing and oil refining.
