Rampant LPG consumption on account of its cost-efficiency and effective functionality is forecast to benefit Butane Market expansion over the coming timeframe. Furthermore, the widespread use of autogas as a green fuel to curb GHG emissions will further boost the industry trends. As per Global Market Insights, Inc., “Butane Industry size is projected to grow at a rate of 2.7% over the period of 2015-2022.” High demand for LPG across APAC and Africa along with the supportive government legislations encouraging LPG usage is anticipated to benefit the industry over the next few years.
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How will various sectors stimulate butane industry growth in future?
Butane finds large application across refinery, LPG, and petrochemicals sectors. Butane market size across petrochemicals sector is likely to witness a marked growth over the years ahead. Established presence of petrochemical firms in middle east regions will escalate the product demand over the coming years. Enhanced production of ethylene in the regions of middle east will further elevate the demand for butane.
Butane market value in LPG, worth USD 120 billion in 2014, is predicted to grow significantly over the coming timeframe. Mounting need of LPG as a transportation fuel across Europe and Asia along with high popularity of heating fuel in the cold regions will boost the product demand. Furthermore, LPG finds its major use as a cooking fuel in most of the countries of APAC, thereby driving the demand for butane.
How will the different geographies influence the global butane market landscape?
In terms of regions, Middle East and North Africa butane industry is projected to expand substantially over the coming timeframe, driven by the growing need of LPG as a feedstock across chemical firms as well as oil & gas factories. Nigeria, Saudi Arabia, UAE, and Qatar are the key regional revenue growth drivers.
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Asia pacific butane market, estimated at USD 57 billion in 2014, will grow strikingly over the next few years. Intensifying energy requirements as a result of exponentially rising population along with high demand for cooking fuel will motivate the regional growth. China and India are projected to be the regional revenue growth drivers.
Butane market is oligopolistic in nature with only few players acquiring a large chunk of the market share. Key industry participants include Chevron Corporation, ConocoPhillips Corporation, ExxonMobil Corporation, Royal Dutch Shell PLC, Air Liquide S.A., British Petroleum Corporation, SINOPEC Limited, Devron Energy Corporation, Total S.A, Perenco Company, and China National Petroleum Corporation.
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