Propane Market Size, Growth Opportunities Forecast 2021 To 2027

Precision Business Insights published a research report on “Global Propane Market: By End User (Agriculture, Chemicals and Refineries, Commercial, Industrial, Residential and Transportation) and Geography- Global/Region/Country Forecast to 2027”. The global propane market anticipated to be valued at US$ XX Mn in the year 2020 and poised to value at considerable CAGR rate over 2021-2027.

Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and --other qualitative sections with an in-depth TOC on “Global Propane Market: By End User (Agriculture, Chemicals and Refineries, Commercial, Industrial, Residential and Transportation) and Geography- Global/Region/Country Forecast to 2027”.

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Growing Demand for Propane from Automobile Industries is Fueling the Market
Propane market has been transformed by the collective effects of developments in propane and competitive technologies, changes in propane supply, volatile energy costs, and improvements in energy efficiency and swings in economic viewpoint. Several of these factors have resulted in growing opportunities for the industry. Many of the propane vehicles today are conversions from gasoline vehicles. Devoted propane vehicles are made to run on propane only, whereas bi-fuel vehicles have two separate fueling systems, which allow the vehicle to make use of either gasoline or propane. Propane vehicle cruising speed, power and acceleration are same to those of gasoline-powered vehicles. Therefore, growing demand from automobile industries for propane is impelling the growth of market.

A few of the major factors augmenting the growth of market are robust industrialization, high consumption of propane in commercial as well as industrial segments and growing population. On the other hand, availability of alternate products including LNG and natural gas in which consumers shifting their ways to satisfy their energy requirements. LPS is one of the cheapest alternatives available for propane and this factor is hampering the market worldwide. Variations in crude oil and petroleum costs and availability of alternative products are the major factors restraining the market growth.

Europe Witnesses Larger Revenue Share in the Global Propane Market:
Europe region witnessed larger revenue share in the global propane market with significant CAGR rate because of superior living standards and the growing population. U.S is even the major factor for the market growth in the region since LPG provided to commercial food establishments and restaurants are 100% in the country.

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Competitive Analysis - Global Propane Market
Key players operating in the global propane market include BASF (Germany), British Petroleum (U.K), ExxonMobil (U.S), Ferrellgas Partners L.P. (U.S), Lykins Energy Solutions (U.S), PDVSA (Venezuela), PetroChina Company Limited (China), Reliance Industries Ltd. (India), Shell (Netherlands), Sinopec (China) and Valero Energy Corp. (U.S). Global propane market is surging due to the frequent launchings and acquisitions by the key players in the market. Market players focus on innovation of novel products and following efficient strategies such as collaborations, mergers, and acquisitions to strengthen their presence in the market and increase the product portfolio. Agriculture sector witnessed larger revenue share in 2020 on the basis of end user and anticipated to gain huge revenue share in the market over the estimation time span.

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