The Asia Pacific region is witnessing a strong demand for propane due to its affordability and stability compared to other energy sources. With the growing industrialisation and urbanisation in developing countries such as China, Indonesia, and others, propane is increasingly used as a cleaner cooking fuel.
In the growing automotive sector in developed countries like Japan and South Korea, propane is primarily used as a fuel for vehicles and as a feedstock for the manufacturing of petrochemicals (olefins). Additionally, the adoption of propane as a comparatively low-emission and efficient fuel source has encouraged its adoption, supporting the global push towards decarbonisation and sustainable energy sources as a result of environmental concerns and strict regulatory laws.
Partnerships between companies further strengthen the propane market expansion. In July 2023, BP Plc (NYSE: BP) signed a long-term sale and purchase agreement (SPA) with OMV Aktiengesellschaft to cover the supply of 1 million metric tonnes of liquefied natural gas (LNG) per year for 10 years from 2026. According to the terms of the contract, BP will supply OMV LNG from its extensive and international LNG portfolio.
This LNG will be received and re-gasified through the Gate LNG terminal in Rotterdam, the Netherlands, where OMV has regasification capacity, or through other ports in Europe. The advancement of OMV's ongoing diversification of supply sources, which includes gas from its production and external sources from Norway as well as further LNG volumes, was one of their top goals.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
The major players in the global propane market are Saudi Arabian Oil Company (Saudi Aramco), BP PLC, ConocoPhillips Company, Eni S.p.A, and PJSC Gazprom, 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.
|Scope of the Report
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by End Use Industry
|Breakup by Region
Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.
Expert Market Research
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.