Propane Prices Today, Price Chart and Forecast Analysis Provided by Procurement Resource
Propane is a hydrocarbon gas composed of carbon and hydrogen. The chemical formula of propane is C3H6. Furthermore, it is the third component in the paraffin series, following ethane and methane.
After being extracted in substantial proportions from natural gas, light crude oil, and oil-refinery gases, it is commercially available as liquid propane or as a significant percentage of liquefied petroleum gas.
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Due to its low boiling point of -42.1 °C, propane liquefies easily under high pressure. As a result, it is transported as a liquid in tanks and cylinders.
It is critical for internal combustion engines used in both residential and industrial settings, as well as for liquid butane.
The main exporters of propane liquefied are Qatar, the United States, United Arab Emirates, Canada, and Saudi Arabia. On the other hand, the leading importers of propane liquefied are China, Japan, India, Italy, and the United Kingdom.
Key Details About the Propane Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Propane price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.
The Propane Price chart, including India Propane price, USA Propane price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting Propane Price Trend:
Propane is a common heating fuel for buildings and residences, especially in locations where natural gas is unavailable. It is utilised as a fuel in vehicles such as forklifts, buses, and trucks.
It powers irrigation pumps, grain dryers, and other farm machinery. It is used to power furnaces, boilers, and other industrial machinery.
On the other hand, it is utilised as a fuel in commercial kitchens and restaurants for cooking and heating.
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In some refrigeration systems, propane is utilised as a refrigerant. Additionally, It is used as a feedstock for the production of petrochemicals such as propylene, which is used to make plastics, synthetic fibres, and other products, as well as a generator fuel.
Key Players:
- AmeriGas Propane, Inc.
- Royal Dutch Shell (Shell)
- Saudi Arabian Oil Co.
- GAIL (India) Limited
- China Petrochemical Corporation (SINOPEC)
Recent News:
- February 19, 2023: Following Reliance Industries Ltd., headed by Mukesh Ambani, the largest gas company GAIL is attempting to import ethane from the United States to replace natural gas and naphtha as feedstock for its petrochemical facilities. GAIL is now thinking about using ethane instead of propane and naphtha to make ethylene its Pata HDPE and LLDPE operations. By moving from ethane to propane and using naphtha to make ethylene, Reliance is expected to have saved about USD 450 million annually.
About Us:
Procurement Resource offers in-depth research on product pricing and market insights for more than 500 chemicals, commodities, and utilities updated daily, weekly, monthly, and annually. It is a cost-effective, one-stop solution for all your market research requirements, irrespective of which part of the value chain you represent.
We have a team of highly experienced analysts who perform comprehensive research to deliver our clients the newest and most up-to-date market reports, cost models, price analysis, benchmarking, and category insights, which help in streamlining the procurement process for our clientele. Our team tracks the prices and production costs of a wide variety of goods and commodities, hence providing you with the latest and consistent data.
To get real-time facts and insights to help our customers, we work with a varied range of procurement teams across industries. At Procurement Resource, we support our clients, with up-to-date and pioneering practices in the industry, to understand procurement methods, supply chain, and industry trends, so that they can build strategies to achieve maximum growth.
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