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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Growing Demand for Alternative Transportation Fuel to Boost the Market Growth of Propane
The growing demand for propane as an alternative transportation fuel, due to its clean burning qualities, affordability, and safety, is strengthening the market growth. The rising population is leading to an increased demand for low emission sustainable fuel in the automotive and transportation sector, which is driving the growth of the propane industry. Moreover, the availability of new light and medium heavy duty propane vehicles is leading to a surge in the demand for propane as an alternative fuel, which is bolstering the industry growth. If spilled or released from a vehicle, propane presents no threat to soil, surface, or groundwater, which makes propane autogas ideal as a cleaner and sustainable alternative to fossil fuels, thus, providing further impetus to the market growth.
Propane Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global propane market is projected to grow at a CAGR of 4% in the forecast period of 2024-2032.
The market is being driven by the growing demand for propane in the residential and commercial sectors and the increasing adoption of propane by the manufacturing sector owing to the rising focus on healthy manufacturing practices.
The industry is expected to be propelled by the rising demand for propane in the automotive sector owing to the surging environmental consciousness.
The major regional markets for the steel industry are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
The major end use industries of propane in the market are residential, commercial, transportation, industrial, among others.
The key players in the market are Saudi Arabian Oil Company (Saudi Aramco), BP PLC, ConocoPhillips Company, Eni S.p.A, and PJSC Gazprom, among others.
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