PROPANE MARKET ANALYSIS

Propane MarketSize and Trends

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).

Market Overview

Propane is a flammable hydrocarbon gas that originates during the process of petroleum refining and natural gas processing. The gas is usually compressed into a liquid state at low pressure and stored in LPG (Liquid Petroleum Gas) tanks, gas cylinders, or steel cylinders. Propane finds primary application as a fuel for cooking, heating, in refrigeration, and automobiles. Propane is a colourless and odorless gas that belongs to a class of LP gases such as butane, propylene, isobutylene, and other mixtures. Owing to its low boiling point, it can be stored easily, which in turn makes it transportable and a popular substitute for natural gas for heating and generation of electricity. Furthermore, it can be used to electrify trucks, buses, motor boats, and trains due to its cost effectiveness, ability to provide more torque in heavy vehicles, and low fuel consumption.