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"Global Butane Market was Valued at US$ 97.4 Bn in 2019 and it is Expected to Reach More than US$ 188.03 Bn by 2028, Likely to Grow with the CAGR of 6.8% During the Forecast Period."
Butane is an organic compound used in fuel manufacturing processes due to its properties such as high flammability and easily liquefiable. Approximately 55% of the total butane production it is produced from crude oil and natural gas production
Increasing Demand For Increasing Demand For Liquid Petroleum Gas (LPG) For Various Applications Is Anticipated To Drive The Demand For Butane
The growing demand for LPG from residential and commercial sectors where it is mostly used as a domestic fuel is the major factor driving the market for It is used in various applications such as commercial & residential, refinery, industrial, petrochemicals, and auto fuel sectors. In addition, butane used as a petrochemical feedstock for producing ethylene and other derivatives is also driving the market for butane owing to the growing ethylene capacity in the Middle East.
However, the volatility in crude oil prices and the regulatory issues due to growing environmental concerns along with growing alternatives such as ethanol for gasoline are restraining the butane market over the forecast period.
The LPG Segment Is Expected To Dominate The Butane Market During The Forecast Period
LPG was the largest butane application segment, accounting for over 60.0% of global revenue share in 2019 and this trend is expected to continue over the forecast period. Increased demand for LPG in residential, commercial, industrial, and the refinery is expected to boost the LPG market.
The demand For LPG application is expected to surpass US$ xx billion over the forecast period owing to the household inclination towards liquid petroleum gas over other fossil fuels. The rising number of initiatives from government and public organizations to promote LPG adoption for cooking, and heating, are the major driving factors for industry share. Increasing the adoption of LPG in automotive applications owing to its cost benefits over other fuels may fuel product demand.
However, the Residential & commercial segment is expected to be in high demand for LPG application industry by 2027 accounting for over 50% of the overall market
The Petrochemical Application Segment is Expected to Witness Moderate Growth in the Global Biocides Market across the Globe
The petrochemical application segment is expected to register a steady growth at around 4.2% during the forecast period. An Increase in demand for petrochemical in Saudi Arabia, UAE and Kuwait may propel industry growth. Rising petrochemical usage in automobiles, chemical intermediate manufacturing, and construction industries drives the market over the forecast period.
The Market In North America Expected To Hold A Significant Share In Butane Market Over The Forecast Period
The butane produced from reservoirs accounts for 80% of the total butane production in North America and is expected to register significant share for the butane market with the U.S. as a major contributing nation. North America is also anticipated to have a positive impact on growth through its auto fuel and petrochemicals industry. The rapid development in the shale revolution in the US has positively impacted the butane market and is expected to boost natural gas liquids market demand, which in turn may drive regional industry growth. It is predicted to contribute to the sustainable supply of natural gas liquids in the longer term.
While the Middle East is the major regional producer of the butane market due to the presence of their natural resources of petroleum and oil.
Asia Pacific is anticipated to hold above 20 % over the forecast period The Asia Pacific and is projected to grow at a CAGR of xx % over the forecast period. Growth of various end-use industries such as automotive and infrastructure in the Asia Pacific with China as the major contributing nation. Supportive government policies and subsidies in countries such as India have significantly contributed to the growth of LPG which in turn has resulted in the augmented demand of butane. Furthermore, the growth of end-use industries such as automobile and petrochemical downstream sectors has led to increased consumption of butane in the Asia Pacific.
The Butane market is an oligopolistic and is expected to move towards consolidation.Major players operating in this industry include British Petroleum (BP), ConocoPhillips Inc., Exxon Mobil, and Corporation Chevron Corporation.Some of other companies having significant operations in the butane market include Royal Dutch Shell PLC., China Petroleum and Chemical Corporation (SINOPEC), Total S.A., China National Petroleum Corporation (CNPC), Praxair, Linde, and Air Liquide.
Butane Market Key Segments:
Butane Market, by Application:
- Liquefied Petroleum Gas (LPG)
- Residential/ Commercial
- Chemical/ Petrochemical
- Auto fuel
Butane Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America