Propane Market Size, Share, Growth, Trends, and Global Industry Analysis: By End User (Agriculture, Chemicals and Refineries, Commercial, Industrial, Residential and Transportation) and Region Forecast 2020-2031

Propane Market size was valued at US$ 86.54 million in 2024 and is expected to reach US$ 120.96 million by 2031, growing at a significant CAGR of 4.9% from 2025-2031. Some of the key factors influencing the market growth include increasing demand for propane from the automobile industry, rapid industrialization together with increasing population, and high consumption of propane in industrial & commercial sectors. In addition, the global market report includes human demographics; regulatory scenario, and competition analysis with a vividly illustrated competition dashboard to assess the market competition.

Key Developments

• On February 15, 2025 - Bharat Petroleum Corporation Limited (BPCL) entered into a strategic agreement with Equinor India, a 100% subsidiary of Equinor ASA, for the purchase of propane and butane for a period of one year. The agreement ensures a reliable supply of these key petrochemical feedstocks at competitive commercial terms, reinforcing BPCL’s commitment to securing energy resources efficiently. This collaboration marks a significant step in strengthening the partnership between BPCL and Equinor, supporting India's growing demand for energy and petrochemical products.
• On June 11, 2024 - UGI Corporation announced that its subsidiaries, AmeriGas Partners, L.P., and AmeriGas Finance Corp., have commenced an offer to purchase for cash up to $450,000,000 of the outstanding aggregate principal amount of the Offerors’ 5.500% Senior Notes due 2025, upon terms and subject to the conditions set forth in the Offer to Purchase, dated June 11, 2024. AmeriGas Partners is the largest retail propane marketer in the United States, with approximately 940 million gallons of propane sold annually to 1.2 million customers in all 50 states from approximately 1,380 locations.