Propane Market size is projected to reach USD 175.85 billion in 2028 from an estimated USD 151 billion in 2021, growing at a CAGR of 2.2% globally.
Propane is derived as a by-product of natural gas processing and crude oil refining. It is a three-carbon alkane classified as one of the liquefied petroleum gases with the molecular formula C3H8. There are two ways in which propane is processed – refining and natural gas production. Propane, alongside butane, is acquired from liquid components by natural gas processing to avoid condensation in natural gas pipelines. The propane is thicker than gas, so the blended propane is stored and transported in a liquid state. The next step is to mix odorant and propane since it is naturally colorless and odorless.
The global Propane market provides qualitative and quantitative information on growth rate, market segmentation, market size, future trends and regional prospects. The research study represents a modern perspective aimed at securing the future potential of the Propane market. This report analyzes and evaluates the latest prospects for the new retail space, as well as the general and future market performance of Covid-19. In addition, this report provides a detailed overview of competition between some industries and others.
Leading Key Players Covered in Propane market:
DCC Plc,SINOPEC,Saudi Arabian Oil Co.,Suburban,Ferrellgas,Gazprom,AmeriGas Propane Inc.,Air Liquide,GAIL (India) Limited,Indian Oil Corporation Ltd.,Lykins Energy Solutions,Marsh L.P. Gas Co. Inc and other major key players.
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Introspective Market Research offers a comprehensive overview of the market through the analysis of key parameters such as revenue, price, competition, and promotions, as well as the study, synthesis, and summarization of data from different sources. It analyzes the leading industry drivers and shows numerous market components. The information offered is thorough, dependable, and the result of a comprehensive primary and secondary study. Introspective Market Research reports offer a comprehensive global market as well as an in-depth strategic sourcing methodology and analysis based on qualitative and quantitative research to anticipate market growth.
Segmentation of Propane market:
By Type:
- Liquid
- Gas
By Application:
- Motor Fuel
- Industrial & Domestic Fuel
- Refrigeration
- Solvent
- Others
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Geographic Segment Covered in the Report
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
COVID-19 Impact on the Propane Market:
Because of the COVI-19 outbreak, the demand for propane from end-user industries, including commercial, transportation, and industry, has decreased significantly. Nevertheless, the demand from the residential sector raised for liquefied petroleum gas (LPG), due to the growth in the utilization throughout the lockdown scenario. The pandemic's impact and cheap crude prices, plus a decline in oil and gas production, are falling propane supplies from all major basins.
Reasons to Purchase this Market Report:
- Market forecast analysis through recent trends and SWOT analysis
- Propane Market Dynamics Scenarios with Market Growth Opportunities over the Next Year
- Market segmentation analysis, including qualitative and quantitative studies that include economic and non-economic impacts
- Propane Market Regional and country-level analysis that integrates demand and supply forces that impact the growth of the market.
- Competitive environment related to the Propane market share for key players, along with new projects and strategies that players have adopted over the past five years
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