Global Butane Market is expected to reach USD
203.26 billion by 2020, according to a new study by Grand View Research, Inc.
Increasing government support to promote the use of LPG as a domestic fuel
particularly in Asia Pacific and Africa is expected to remain a key driving
factor for global butane market over the next six years. Growth of global
natural gas vehicle (NGV) industry is also expected to have a positive influence
on the market growth. Rapid petrochemical capacity expansion particularly in
Middle East and Asia Pacific is expected to further support the market growth
over the forecast period. Volatile raw material prices and ban on MTBE based
gasoline blending across several states in the U.S. on account of ground water
contamination is expected to remain key challenges for market participants.
LPG emerged as the leading application segment in
the global butane market and accounted for 66.1% of total volume in 2013.
Increasing LPG adoption on account of subsidies offered by governments
particularly in India and China is expected to drive butane demand for LPG.
Petrochemical is expected to witness highest growth rate over the forecast
period. The segment is expected to grow at an estimated CAGR of 2.9% from 2014
to 2020. Emergence of Middle East as a major petrochemical manufacturing hub is
expected to drive butane demand for petrochemical applications.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/butane-market
Further key findings from the study
suggest:
- Global butane demand was 209.39 million tons in 2013 and is expected to reach 250.36 million tons by 2020, growing at a CAGR of 2.6% from 2014 to 2020.
- Residential/commercial was the leading application segment for LPG and accounted for over 45% of total market volume in 2013. Auto fuel is expected to witness highest growth rate over the next several years on account of shift in consumer preference towards natural gas vehicles. This shift has been primarily driven in countries such as Poland, Turkey, South Korea and Japan.
- Asia Pacific dominated the global butane market and accounted for 29.9% of total volume in 2013. Asia Pacific is also expected to witness highest growth over the forecast period. Butane demand in the region is expected to grow at a CAGR of 3% from 2014 to 2020. Increasing LPG consumption for cooking & lighting in emerging markets of China and India is anticipated to drive the regional market over the next several years. MENA (Middle East & North Africa) is also expected to show significant growth rate over the forecast period owing to expansion of operating refineries and petrochemical complexes in Saudi Arabia, UAE and Qatar.
- The global butane market is highly fragmented with top four companies accounting for just over 35% of total market. The market is dominated by top oil & gas companies which have their presence across the value chain. Some of the key companies operating in the global butane market include Chevron, British Petroleum, Exxon Mobil ConocoPhillips, Royal Dutch Shell, Sinopec, Valero Energy, Total SA and CNPC.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
For
the purpose of this study, Grand View Research has segmented the butane market
on the basis of application and region:
Global Butane
Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2012 – 2020)
• Liquefied Petroleum Gas (LPG)
• Residential/Commercial
• Chemical/Petrochemical
• Industrial
• Auto Fuel
• Refinery
• Petrochemicals
• Refinery
• Others
Global Butane Regional
Outlook (Volume, Million Tons; Revenue, USD Billion, 2012 – 2020)
• North America
• Europe
• Asia Pacific
• Middle East & North Africa
• RoW
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
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James
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Grand
View Research, Inc.
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Phone: 1-415-349-0058
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Email: sales@grandviewresearch.com
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