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Europe and North America are the key markets for liquified petroleum gas. Several efforts put in by governments across the globe to promote LPG to reduce carbon footprint are driving the LPG industry and is expected to continue support the market growth in the coming yeasr. LPG also provides economic benefits to the consumers owing to its lower costs and better efficiency.
The demand for LPG fuels has dipped owing to the COVID-19 epidemic. The leading manufacturers in the LPG industry are tackling this by employing AI technology and data analytics to drive logistics, increase efficiencies, and lower costs. Total S.E (OTCMKTS: TTFNF) and Indian Oil Corporation Ltd (NSE: IOC), announced the joint venture in LPG and fuel additive businesses. In 2020, Chevron Corporation (NYSE: CVX) announced the acquisition of Noble Energy, Inc. (NASDAQ: NBL). This move is expected to strengthen its position in the energy industry. Phillips 66 (NYSE: PSX), Exxon Mobil Corporation (NYSE: XOM), and BP plc (LON: BP) are also some of the notable key players in the global LPG industry.
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The major players in the global LPG market are BP Plc, Exxon Mobil Corporation, Chevron Corporation, Phillips 66 Company, China Petroleum & Chemical Corporation, Total S.A., DCC Plc, and Bharat Petroleum Corporation Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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