23-Mar-2020 | Facts and Factors
Findings from Facts and Factors report “Butane Market By Application (LPG, Petrochemicals, Refinery, and Others), and By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global Butane market in 2019 was approximately over USD 75.5 Billion. The market is expected to grow at a CAGR of 7.5% and is anticipated to reach around USD 124.8 Billion by 2026.
Butane is a highly flammable, colorless, and easily liquefied hydrocarbon. Butane is produced as a byproduct of crude oil production and refining. It is widely used as LPG, refrigerant, lighters, and aerosols due to its high density.
Browse the full “Butane Market By Application (LPG, Petrochemicals, Refinery, and Others), and By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/global-butane-market-by-application-lpg-petrochemicals-refinery-870
Market Drivers:
The growing demand for an alternative for fossil fuels is the primary reason augmenting the growth of the global Butane market. Thus, the automotive application of butane is a major market share contributor. Additionally, the rising demand for electricity has increased its use in power generation across the world. Furthermore, the rising demand for butane in the petrochemical industries accounts for market growth. The growing R&D activities in the renewable energy sector are likely to escalate the scope of butane in the coming years. Butane is widely used as LPG in the industrial and residential areas, thereby benefiting the butane market. The eco-friendly nature and efficiency of butane make it a promising reliant for the paper, plastic, explosive, and food processing industries. Apart from this, the rising use of automobiles, supporting government bodies, and favorable emission standard policies boost industry growth. However, the changing crude oil prices and groundwater contamination due to leakage of methyl tert-butyl ether (MTBE) will hamper the growth of the Butane market.
Market Segment Dominance:
- LPG category holds the majority of the market share in the global Butane market
LPG application is expected to dominate the global Butane market on account of its increasing use in each and every household over other fossil fuels. Additionally, the growing number of government initiatives and public organizations to support the use of LPG for cooking, heating, etc. is the primary factor contributing to the market share. Moreover, the rising use of LPG in the automotive sector due to its cost-effectiveness over other fuels is anticipated to boost the global Butane market.
Regional Dominance:
- The Asia Pacific is expected to dominate the global Butane market during the forecast period
The growth of the Asia-Pacific Butane market is attributed to the increasing generation and consumption of butane in emerging countries such as China and India. The rapid advancement in the automotive sector that is demanding an alternative fuel is the major factor propelling the Butane market. In addition, the demand for advanced technology vehicles such as natural gas vehicles coupled with the introduction of new technologies is projected to surge the demand for butane across the world in the next few years. Furthermore, the rising demand for clean-energy sources, better transportation facilities, growing government subsidy-concerned initiatives to increase adoption of LPG is likely to promote market growth over the forecast period.
Report Scope
Report Attribute |
Details |
Market Size in 2019 |
USD 75.5 Billion |
Projected Market Size in 2026 |
USD 124.8 Billion |
CAGR Growth Rate |
7.5% CAGR |
Base Year |
2019 |
Forecast Years |
2020-2026 |
Key Market Players |
Chevron Corporation, Aditya Air Product Pvt. Ltd., British Petroleum, ExxonMobil Corp., ConocoPhillips Co., Sinopec Group., Proton Gases India Pvt. ltd., Royal Dutch Shell, Total S.A., Devon Energy Corporation, Valero Energy Corporation., Tyumen Oil Company, Air Liquide, Linde AG, Energy Corporation of America, Praxair, Perenco, and China National Petroleum Corporation (CNPC), among others. |
Key Segment |
By Application, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Some of the key market players of the global Butane Market include Chevron Corporation, Aditya Air Product Pvt. Ltd., British Petroleum, ExxonMobil Corp., ConocoPhillips Co., Sinopec Group., Proton Gases India Pvt. ltd., Royal Dutch Shell, Total S.A., Devon Energy Corporation, Valero Energy Corporation., Tyumen Oil Company, Air Liquide, Linde AG, Energy Corporation of America, Praxair, Perenco, and China National Petroleum Corporation (CNPC), among others.
Global Butane Market: By Type Segmentation Analysis
- LPG
- Petrochemicals
- Refineries
- Others
Global Butane Market: Regional Segmentation Analysis
- North America
- Europe
- Germany
- The UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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