Butane Market To Witness Significant Growth Due To Rise of Natural Gas Vehicle And Increasing Government Initiatives To Promote Usage of LPG as Heating Fuel Till 2025 | Million Insights
Global Butane Market is anticipated to grow significantly in the forecast period owing to the rise in demand for LPG (liquid petroleum gas) for wide range of applications. Butane is a flammable, colorless gas with petrol like smell. It is increasingly used as fuel additive or a solvent carrier and formulator. For non-fuel uses, butane is used for applications in aerosol coatings & sprays, paint dyes, insulating polyurethane, automotive spray waxes, etc.
Butane is extremely easy to use as compared to other fuels. It offers low toxicity and burns cleaner than other fuels; it produces carbon dioxide and is energy efficient. It produces more energy than propane with the same volume used for burning.
Butane market is majorly driven by increase in government initiatives to promote the use of LPG as a heating fuel especially in emerging regions of Africa and Asia Pacific due to the growing population. Moreover, the rise of natural gas vehicle is also influencing the butane industry. Petroleum capacity expansion is growing speedily in the regions of Asia Pacific and Middle East, which is again supporting the growth of butane market.
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Unstable prices of raw material and prohibition on MTBE based gasoline blending in several states in the United States for ground water pollution is a major challenge for the market players. However, unstable crude oil prices and strict government regulations for increasing environmental concerns are hampering the growth of butane industry. Also, the growing demand for energy supply in automobile sector and technological developments by organizations are the opportunities in the market of butane.
Butane market is categorized on the basis of application and geography. On the basis of application, the market is divided into LPG, refineries, and petrochemicals. LPG segment is expected to lead the industry owing to the growing heating fuel demand from low-temperature regions. Also, increase in demand and use of LPG as a cooking fuel along with extensive transportation in Asia Pacific and European countries is expected to stimulate LPG segment in the coming years.
Geographically, butane industry is segmented as North America, South America, Europe, Asia Pacific, and Middle East & Africa. Emerging economies from Asia Pacific regions like China and India are expected to drive the demand for butane due to increase in energy need for fuel and cooking purpose.
The key players of butane industry include ConocoPhillips Inc., Exxon Mobil Corp., Praxair, Total S.A, Chevron Corp., British Petroleum, Royal Dutch Shell PLC, China National Petroleum Corp., Sinopec Group, and Valero Energy Corporation.
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Market Segment:
Global Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 – 2025)
• LPG
• Residential/Commercial
• Chemical/Petrochemical
• Industrial
• Autofuel
• Refinery
• Others
• Petrochemicals
• Refineries
• Others
Global Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 – 2025)
• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• RoE
• Asia Pacific
• India
• China
• RoAPAC
• CSA
• MEA
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals
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