Global butane market is
expected to reach USD 203.26 billion by 2020. 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.
Browse
Full Report With TOC @ http://www.radiantinsights.com/research/butane-market-analysis-by-application-lpg-petrochemicals-refinery-and-segment-forecasts-to-2020
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.
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
About
Radiant Insights
Radiant Insights is a
platform for companies looking to meet their market research and business
intelligence requirements. We assist and facilitate organizations and
individuals procure market research reports, helping them in the decision
making process. We have a comprehensive collection of reports, covering over 40
key industries and a host of micro markets. In addition to over extensive
database of reports, our experienced research coordinators also offer a host of
ancillary services such as, research partnerships/ tie-ups and customized
research solutions.
Michelle Thoras
Corporate Sales Specialist, USA
Radiant Insights, Inc
Phone: 1-415-349-0054
Toll Free: 1-888-202-9519
Email: sales@radiantinsights.com
Blog URL: http://www.radiantinsightsinc.blogspot.com
No comments:
Post a Comment