Propane Market will exhibit a promising 5.5% CAGR between 2018 and 2026 | Key Players: Lykins Companies, Ferrellgas Partners, L.P., PetroChina Company Limited, AmeriGas, British Petroleum

Industry Highlights

Propane acts as a gas found inside natural gas and petroleum deposits. To attain propane, it should be detached from natural gas and crude oil while they are processed for their final uses. Propane is called a fossil fuel since it was produced hundreds of millions of years ago from the remnants of tiny sea animals and plants. While the plants and animals died, they sink towards the bottom of the oceans and were buried via layers of sediment and sand that turned into rock. It is used by the residential, commercial, transportation and chemical & refinery sectors.

According to Market Prognosis, the Global Propane Market is expected to grow at a CAGR of 5.5% during the forecast period. Factors such as rising demand of propane from petrochemical industry, high demand of propane from automobile industry and increasing demand of LPG from growing customers are propelling the market growth. However, a fluctuation in petroleum and crude oil prices is restraining the growth of the market. Usage of propane in power plants and rising economies such as China and India through increased industrialization and profitable petrochemical industry boosts the market.

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Market Top Player’s

Some of the key players in Propane Market include Lykins Companies, Inc., Ferrellgas Partners, L.P., PetroChina Company Limited, AmeriGas, British Petroleum, Sinopec, Valero Energy Corporation, Evonik Industries, Marsh LP Gas Company Inc., Sparlingss Propane Co. Ltd., ThompsonGas, Reliance Industries Limited, Royal Dutch Shell plc, BASF SE, PDVSA, Exxon Mobil Corporation, Chevron Corporation, Total S.A., Statoil ASA, Eni S.p.A and ConocoPhillips Company.

What our report offers:
- Market share assessments for the regional and country level segments
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- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

Market Segments

By end-user, the industrial segment is driven by rising demand for manufactured goods. In Industrial segment, metal employees utilize small tanks for cutting torches. Semi-portable and portable heaters that run on the gas, maintain construction and road workers warm in winters. It is also used to heat asphalt for highway construction and repairs.
Based on geography, Asia Pacific is anticipated to dominate the largest market share during the forecast period due to the booming transportation industry and increasing population. Moreover, the growing manufacturing and infrastructure growth activities in this region lead the propane market.

Products Covered:
• Oil Refining
• Natural Gas Processing
End-Users Covered:
• Commercial
• Transportation
• Chemicals and Refineries
• Industrial
• Residential
• Agriculture

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This release was published on openPR.