Press release
Butane Market Technology and Application Positive Long-Term Growth Outlook 2025
The global butane market was worth USD 60.04 billion in the year of 2016 and is projected to touch nearly USD 93.30 billion by 2025, while registering itself at a compound annual growth rate (CAGR) of 5.02% during the forecast period. The market industry is anticipated to witness substantial growth with decent compound annual growth rate during the forecast period due to increasing use of liquid petroleum gas (LPG) for a variety of applications. It is likely to have a positive prospect over the approaching years. Butane is employed in fuel manufacturing procedures, owing to its characteristics like easily liquefiable and high flammability. The market demand of LPG is growing, as its adoption as household fuel, chiefly in Asia Pacific and Africa, is expected to fuel butane market.Fill the form for an exclusive sample of this report @: http://www.crystalmarketresearch.com/report-sample/CM09209
In many countries, the government is offering subsidy on LPG rates to encourage its use as domestic fuel. The government is encouraging its utilization in order to trim down coal need and limit carbon footprints. As compared to coal combustion, the CO2 emission with LPG is reduced by almost 33 percent which makes it a proficient alternative for traditional fossil fuels. LPG has extensive range of use over numerous sectors like residential, commercial, agriculture and automobile. Increasing use of autogas due to its cost and functional benefits as compared to oil based fuels. The utilization has been speedily increasing from the previous few years, primarily owing to its ecological benefits and other properties like high energy content and the fact that it burns easily. Governments of nations like Australia and Algeria are encouraging the local public to make use of autogas vehicles. The government of Indonesia had established a program for paraffin-to-LPG conversion to encourage its use, and allotted a stove and 3 kilo refillable cylinder for LPG. In South Africa, knowledge and promotion of the product is not implemented yet, particularly in rural areas, the whole focus is on LPG promotion now. In India, government has taken initiatives such as Rajiv Gandhi Gramin LPG Vitaran program, this facilitates the distribution of LPG at low cost in the rural areas of India.
Application Outlook and Trend Analysis
The LPG section has major share in 2015 and its requirement was 92.12 million tons. Growing applications for LPG in commercial and residential sectors for heating and cooking purposes is anticipated to promote the market growth during the forecast period. Butane as well as its isomers is employed for gasoline mixing in plants to oxygenate and to amend its octane rating. Iso-butane is likely to substitute the conventional hazardous chlorofluorocarbons (CFC) which were earlier used as deodorants, propellants, and refrigerants. The fuel gas use in fuel refineries amends the combustible characteristics of the fuel and is hence projected to drive the development from 2016 to 2025. Petrochemical sector is projected to be the quickest growing market during the forecast period. Rising disposable earnings and increasing standard of living is projected to boost the growth during the forecast period. Increasing incidences of human health risks due to breathing-in butane gas has positioned the market under numerous regulations and supply norms. These standard and regulation acts are likely to regulate negatively during the upcoming years.
Browse Market Research Report @: http://www.crystalmarketresearch.com/report/butane-market
Regional Outlook and Trend Analysis
Asia Pacific conquered the regional sector due to the rise in the gas requirement in chemical processing units and refineries in China. Asia Pacific region was estimated around USD 22.17 billion in 2015. Growth of numerous end-use industries like infrastructure and automotive in Asia Pacific and Latin America is predicted to drive the market. Encouraging government regulations like subsidies and several connections for LPG are the key factors which led to the rise in LPG demand and subsequently butane demand in these regions. Middle East is the key regional manufacturer of butane, as the natural resources of petroleum and oil are present there. North America is also likely to have an optimistic outlook for growth via its petrochemicals and auto fuel industry. Speedy development of sedimentary rock gas in the United States is anticipated to preserve the sustainable supply of natural gas liquids and will ultimately promote the market growth over the coming years.
Competitive Insights
The market is a monopoly and is likely to move towards integration. Key players race against one another based on overall profitability and services. As the market is consisted of many players and is capital concentrated, there are quite high hurdles for entry in this market. Some companies have been implicated R&D for formulating bio-based option in order to produce niche applications. A new market player has to bring any innovation in terms of product improvement or alternate products with extra applications to enroll into this market and carry on the existing competition. Major players operating in this market industry involves ConocoPhillips Inc., British Petroleum (BP), Exxon Mobil Corporation and Chevron Corporation. Few other companies that are having major operations in butane market are; China Petroleum and Chemical Corporation (SINOPEC), Royal Dutch Shell PLC., China National Petroleum Corporation (CNPC), Total S.A., Linde, Air Liquide and Praxair.
The butane market is segmented as follows -
By Application
Petrochemicals
Liquefied Petroleum Gas (LPG)
Chemical/ Petrochemical
Residential/ Commercial
Auto fuel
Industrial
Refinery
Others
Refinery
Other
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