Propane Markets Trends and Segments Forecast To 2028
The global propane markets size was valued at USD 82.5 billion in 2021 and is poised to grow at a significant CAGR of 4.9 % during the forecast period 2022-28. propane markets have been transformed by the combined effects of volatile energy prices, swings in economic outlook, advancements in propane and competitive technologies, improvements in energy efficiency, and changes in propane supply. While many of these factors have resulted in increased opportunities for the industry. This report studies global propane market dynamics elaborately to identify the current trends & drivers, future Some of the key factors influencing the market growth include increasing demand for propane from automobile industry, rapid industrialization together with increasing population and high consumption of propane in industrial & commercial sectors. However, presence of substitute products and fluctuations in petroleum & crude oil prices are key factors inhibiting the market growth. opportunities and possible challenges to the key stakeholders operating in the market.
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Some of the key factors influencing the market growth include increasing demand for propane from automobile industry, rapid industrialization together with increasing population and high consumption of propane in industrial & commercial sectors. However, presence of substitute products and fluctuations in petroleum & crude oil prices are key factors inhibiting the market growth. Today, most propane vehicles are conversions from gasoline vehicles. Dedicated propane vehicles are designed to run only on propane; bi-fuel propane vehicles have two separate fueling systems that enable the vehicle to use either propane or gasoline. Propane vehicle power, acceleration, and cruising speed are similar to those of gasoline-powered vehicles.
The global propane markets segmentation:
1) By End User: Agriculture, Chemicals and Refineries, Commercial, Industrial, Residential and Transportation
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Europe accounted for larger revenue share in global propane market with considerable CAGR due to population growth and bettering living standards. Also, U.K is the main contributor for the market growth in this region as LPG supplied to restaurants or commercial food establishments are 100% in the country.
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