Butanes Market Highlights On Evolution 2027 | Exxon Mobil Corporation, British Petroleum Plc

High Demand for Residential LPG to Aid Market Growth

Butanes are principally employed in the production of liquefied petroleum gas (LPG). As two-thirds of the butane generated globally is utilized in LPG, the hike in demand for butane is exactly proportionate to the surge in demand for LPG. Numerous factors are propelling the growth of the global butanes market. The rising demand for LPG as a household fuel in the residential and commercial sectors is one of the crucial factors propelling the growth of the global butanes market.

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LPG demand for residential applications has increased, particularly in emerging countries. Developing-country governments are heavily encouraging the use of LNG cylinders in domestic applications. The government is providing different incentives to increase LPG consumption. For example, the Indian government has started the Pradhan Mantri Ujjwala Yojana, which aims to give LPG connections in underserved areas. Moreover, the hotel industry is rapidly expanding in emerging markets as a result of increasing disposable incomes and a rising population. This is projected to create revenue-generation opportunities in butanes market during the forecast period.
The global butanes market is expected to reach US$ 156 Bn by 2027, expanding at a CAGR of 7.1% from 2019 to 2027 (forecast period).

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Butanes Market Benefited from COVID-19 Pandemic
The COVID 19 pandemic had a favorable impact on the sales of butanes market, as its primary application is in the residential sector. Since most people were at home during the lockdown, usage of LPG cylinders increased. Usage of LPG cylinders has grown in main economies throughout the world. For instance, India is the world's second-largest consumer of LPG. As per Oil Ministry, domestic LPG sales increased by 10.3% from April 2020 to February 2021. As a result, the global butanes market witnessed significant growth amid the COVID-19 pandemic.

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Asia Pacific to Maintain Dominance in Worldwide Market

Asia Pacific dominated the worldwide butanes market and is expected to maintain its dominance during the forecast period. Nations such as China, India, Indonesia, Bangladesh, and others are experiencing significant demographic and economic growth. Demand for LPG is rising in these nations. Moreover, other end-users such as chemical producers, hoteliers, and so on are experiencing rapid expansion in these nations. This is projected to fuel regional market expansion throughout the forecast period. Nevertheless, the COVID-19 outbreak had a minor influence on the LPG demand. For example, with the installation of tight limits, demand for LPG in Bangladesh reduced. Furthermore, during the shutdown limitations, China also reported fewer LPG imports. It recorded a slight drop in LPG imports in March 2020. However, demand in the country has been continuously growing since the lockdown, and the market is witnessing tremendous growth in these nations.

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North America is projected to make considerable contributions to the global butanes market during the forecast period. The United States is expected to be the largest revenue generator in butanes market in North America. The country's quick development of the shale revolution has benefited the butanes market. North America is expected to add to the continuous natural gas supply in the long run.
Leading players in the butanes market are Exxon Mobil Corporation, British Petroleum Plc, Royal Dutch Shell, Chevron, Total S.A., Bharat Petroleum Corporation Limited, Conocophillips, China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and Indian Oil Corporation Ltd.

The global butanes market is segmented as follows:

By Application

• Liquefied Petroleum Gas (LPG)
• Petrochemicals
• Refineries
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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