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With the chemical formula C3H8, propane is a colourless, easily liquefied, gaseous hydrocarbon, which is a compound of carbon and hydrogen. It is the third member of the paraffin series, followed by methane and ethane. Propane is split into huge volumes from natural gas, light crude oil, and oil refinery gases and is industrially accessible as liquefied propane or as a main component of liquefied petroleum gas (LPG).
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Moreover, propane is an essential raw material for the ethylene petrochemical sector, just as ethane and other paraffin hydrocarbons. Though a gas is at a regular atmospheric pressure, the boiling point of propane is -42.1° C, which is easily liquefied in higher pressures.
The main exporters of propane liquefied are Qatar, the United States, United Arab Emirates, Canada, and Saudi Arabia. On the other hand, the key 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 exhibits a high-octane rating, making it an exceptional choice for spark-kindled internal ignition engines. Propane is considered a popular substitute for fuel due to its easy domestic availability, high-power intensity, clean-burning qualities, and comparatively less costly. Additionally, propane’s primary utilisation includes heating homes and water, cooking and refrigerating food, drying clothes, and powering farms and industrial equipment. Moreover, it is also used in the chemical sector as a raw material for producing plastics and other compounds.
Key Players:
- AmeriGas Propane, Inc.
- Royal Dutch Shell (Shell)
- Saudi Arabian Oil Co.
- GAIL (India) Limited
- China Petrochemical Corporation (SINOPEC)
News & Recent Development:
- February 19, 2023: The leading gas company GAIL is seeking to import ethane from the United States to substitute natural gas and naphtha as feedstock for its petrochemical plants, replicating the approach of Reliance Industries Ltd., led by Mukesh Ambani. GAIL is now considering substituting propane and naphtha with ethane for ethylene manufacturing at Pata HDPE and LLDPE facilities. Reliance is projected to have saved around USD 450 million per year with ethane switching to propane and naphtha utilised in the production of ethylene.
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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.
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