Press release
Butane Market Growth Is Driven by Rising Demand For Liquefied Petroleum Gas
The report “Butane Market Size By Application (Refinery, Petrochemicals, LPG), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022” by Global Market Insights, Inc. says Butane market size is likely to exceed 265 million tons by 2022, with estimated gains at over 2.7%.Rising LPG (liquefied petroleum gas) demand due to its acceptance as domestic fuel, specifically in APAC and Africa, is projected to promote global industry trends. Governments all across the globe are encouraging its usage to reduce greenhouse emissions and coal dependency. They are providing subsidy on LPG to promote its usage as domestic fuel.
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Butane market price trend is projected to soften during forecast timeline due to crude oil movement. Rising use of auto gas due to operational cost advantages as compared to oil based fuels like gasoline is projected to promote industry demand. It possesses high energy ingredients and burns easily as compared to other fuels. Use of auto gas as fuel is growing rapidly during past few years owing to ecological advantages.
However, pollution of underground water due to leakage of methyl tert-butyl ether along with growing demand for ethanol as a replacement for gasoline is anticipated to hinder growth of global butane market in future.
Application Trends
Global butane market is segmented into various applications like LPG, refinery and petrochemicals.
LPG segment was biggest and contributed higher than $121 billion for 2014. Rising demand for heating fuel in cold locations along with use of fuel for cooking purposes in APAC is anticipated to promote demand of butane for LPG production. Furthermore, most of the Asian and European nations have been accepting LPG as transportation fuel.
Petrochemical segment contributed higher than 16.1% of total demand and is projected to expand substantially during forecast timeline. Growth of the segment in middle east is projected to promote the demand during forecast timeframe.
Regional Trends
Global butane industry is segmented into geographical locations like North America, MENA, Latin America, APAC and Europe.
APAC, led by India and China butane market, contributed key industry share and produced revenue about $57.1 billion for 2014. Increase in population and growing requirement for energy, specifically in rural areas of China and India for cooking is projected to stimulate the demand for butane.
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Competitive Trends
Key industry participants profiled in the report include British Petroleum, ExxonMobil Corporation, Valero Energy Corporation, Royal Dutch Shell, Tyumen Oil Company, Perenco, Total S.A, Air Liquide, Energy Corporation of America, Chevron Corporation, ConocoPhillips Company, Sinopec Group and China National Petroleum Corporation.
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https://www.gminsights.com/industry-analysis/lng-bunkering-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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