New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Propane Global Market Report 2023" - https://www.reportlinker.com/p06466485/?utm_source=GNW
The global propane market is expected to grow from $79.21 billion in 2022 to $84.99 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The propane market is expected to reach $107.97 billion in 2027 at a CAGR of 6.2%.
The propane market consists of sales of methane, ethane, butane, and heavier hydrocarbons.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Propane refers to a strong explosive gas that comes from crude petroleum and natural gas that is mostly used as an energy source and in the chemical industry. It is a colorless, odorless gas at standard temperature and pressure, and is easily compressed into a liquid form for storage and transportation.
Asia-Pacific was the largest region in the propane market in 2022. The regions covered in propane report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main forms of propane are liquid and gas.Liquid propane refers to a liquid that can be put under pressure while kept in a tank and becomes a liquid while under compression.
The various grades of propane are hd-5 propane, hd-10 propane, and commercial propane applied in industrial, commercial, residential, agriculture, transportation, chemicals and refineries, and other applications.
The increasing LPG consumption is expected to propel the growth of the propane market going forward.LPG or liquefied petroleum gas refers to a type of liquid gasoline that serves as fuel for a wide range of tasks, including driving automobiles.
LPG is primarily composed of propane and butane and is commonly used as a fuel source for heating, cooking, and transportation.As the demand for LPG increases, the demand for propane also increases.
For instance, in August 2021, according to a report issued by the Energy Information Administration (EIA), a US-based agency responsible for gathering, analyzing, and disseminating energy information to promote reasonable policy decisions. the US LPG exports increased by 11% from 1,889 barrels per day in 2020 to 2,113 barrels per day in 2021 and further the US Liquefied petroleum gas consumption was 1387.32 thousand barrels per day in 2021. Therefore, the increasing LPG consumption is driving the growth of the propane market going forward.
Technological advancements are a key trend gaining popularity in the propane market.Companies operating in the propane market are adopting new technologies to sustain their position in the market.
For instance, in April 2021, Nevada Nano, a US-based company that develops and manufactures high-performance, low-cost silicon MEMS gas sensors, launched a technology called the Molecular Property Spectrometer (MPS) R-290 Propane sensor.The MPS R-290 Propane sensor utilizes advanced technology to accurately detect and quantify propane concentrations in real-time, providing a reliable and cost-effective solution for monitoring propane leaks and ensuring safety in industrial and commercial settings.
The device is mostly used in air conditioners, vending machines, refrigeration and air conditioning racks, and dryers.
In March 2022, Superior Plus Corp., a Canada-based diversified business company, acquired Kamps Propane, Inc. and Kiva Energy for an undisclosed amount. Through this acquisition, Kamps Propane gave Superior Plus Corp. a solid foundation to develop its service in California. Kamps Propane, Inc. is a US-based energy company, and Kiva Energy is a US-based provider of propane gas.
The countries covered in the propane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The propane market research report is one of a series of new reports that provides propane market statistics, including propane industry global market size, regional shares, competitors with a propane market share, detailed propane market segments, market trends and opportunities, and any further data you may need to thrive in the propane industry. This propane market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466485/?utm_source=GNW
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