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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Propane Market Size
The global propane market is expected to grow in the forecast period of 2024-2032 at a CAGR of 4%.
Rising Demand for Alternative and Sustainable Fuel to Boost the Market Growth of Propane
Propane is increasingly becoming a preferred substitute for fossil fuels such as gasoline and diesel owing to its low carbon content. The demand for propane is growing rapidly as it is extensively available, cost effective, and stable than other energy sources, which is propelling the market growth. With rapid industrialisation and urbanisation in developing countries, the residential and commercial sectors are some of the dominant users of propane owing to increased investments and implementation of government initiatives to use a cleaner fuel, hence, bolstering the industry growth. In the manufacturing sector, the rising focus on sustainable manufacturing practices to increase the overall efficiency and profitability is surging the optimal use of natural resources, which are consequently augmenting the growth of the propane industry.
Moreover, the market witnessed a healthy growth amid the outbreak of COVID-19 as the residential demand for propane for personal consumption such as household cooking increased substantially. In addition, with the rising levels of pollution in countries like India and China, the demand for propane in the Asia Pacific region is significantly surging. In China, particularly, the autogas market has developed primarily due to the initiation of various local programmes promoting the use of alternative fuel as a means to curb pollution, which is positively impacting the market growth for propane.
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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