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Description
Propane Market size expected to reach USD 590.2 million by 2027, at a CAGR of 6.6% during the forecast period 2021-2027. 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. This report studies global propane market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global propane market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global propane market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Natural gas, LNG and more are numerous alternatives in which customers also shifting their way’s to fulfill energy needs. LPG itself is a cheap substitute of propane which is limiting its market globally. Hence, presence of cheap alternatives are hampering the market growth.
