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.
“Global Butanes Market was Valued at US$ 73.8 Bn in 2018 and it is Expected to Reach More than US$ 136.07 Bn by 2027, Likely to Grow with the CAGR of 7.1% During the Forecast Period.”
To request a sample copy or view summary of this report, click the link below:
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 2018 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 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.
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.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
About Bizizz Market Research:
Bizizz Market Research (BMR) is an unique market research, consulting, and business solution organization that offers best strategic and tactical support to customers to enhance their business decision process. BMR team is full of impassioned & dedicated experts who thrives to give their very best to their clients and always ready to take any challenge.
Our expanding team of professionals & experts from a wide array of streams and vertical has critical problem solving skills, innovative approaches and research techniques to deliver best solution to our clients. We continuously pushing our capabilities to enhance our services and setting higher quality goals each day. BMR offers syndicated reports, custom reports and consulting services to our clients. We are capable of catering the market research demands of individuals and organizations of various industries across different geographies with utmost data accuracy in minimal turnaround time.
Contact Us :
Bizizz Market Research
410 E Santa Clara Street, Unit #762
San Jose, CA 95113
Phone :+1 408-622-0123
Reference Link: https://www.bizizzmarketresearch.com/pr/global-butanes-market