The global butanes market sizeis expected to reach USD 74.53 billion by 2027, exhibiting a CAGR of 4.4%during the forecast period. The rapidly increasing demand for residential LPGin developing countries will boost the growth of the market during the forecastperiod, states Fortune Business Insights, in a report, titled “Butanes Market Size, Share &Industry Analysis, By Application (Residential & Commercial, Industrial,Engine Fuel, Refinery, Chemical Feedstock, and Others), and Regional Forecast,2020-2027.” The market size stood at USD 59.85 billion in2019.
The report on the butanes market illustrates:
- Prominent understandings of the market
- Swot Analysis of the regions
- Latest market trends and developments
- Stellar insights into the competitive landscape
- Prime data about regional players
- COVID-19 effect
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Regional Analysis:
Heavy Demand for Shale Gas to Contribute Growth in North America
The market in Europe is expected to hold the largest share in the global marketduring the forecast period owing to the supply of natural gas in the region. The high consumption of butane in Russia because of low prices coupled with theavailability of fossil fuels will boost the growth of the market in Europe inthe forthcoming years. The ongoing gas pipeline project between Germany andRussia will contribute positively to the market. Turkey consumes largequantities of butanes as engine fuel due to increased efficiency and lowprices. Turkey accounts for a high share in the global market. The market inNorth America is expected to expand radically during the forecast period owingto the increased production of shale gas. The favorable government policieswill contribute significantly to the growth of the market in the region. TheMiddle East & Africa are expected to rise tremendously owing to the growingconsumption of LPG in the region.
Market Driver:
High Adoption and Consumption of Liquefied Cylinders to AugmentGrowth
The surging demand for LPG for various applications will spur opportunities for themarket. The increasing government subsidies for the consumption of liquefied cylinders in developing countries will aid the expansion of the market. For instance, the Indian Government launched Pradhan Mantri Ujjwala Yojana which isaimed to provide LPG connection in the untapped regions. Furthermore, the booming hospitability industry coupled with high disposable income in emergingnations will have a tremendous impact on the market. Besides, the growing consumption of LPG especially in the residential sector for cooking willimprove the prospects of the market in the future.
Browse In-depth Summary of This Research Insight@ https://www.fortunebusinessinsights.com/industry-reports/butanes-market-100763
Diminished Consumption to Retard Market Growth Amid Coronavirus
Coronavirushas negatively affected commercial and industrial operations across the world.The disruption in logistics, labor shortage, low demand from end-users willconsiderably disturb the industry. The declined demand and supply have resultedin major losses for the country. For instance, in India, the uncertainty causedby the pandemic resulted in an overestimation of demand for LPG that ramped uppurchases in March and April. Moreover, the drop in LPG demand owing to theshutdown of hotels and businesses due to lockdown will further dampen themarket growth. Also, the imposition of lockdowns in various countries to curbthe spread of coronavirus will adversely impact the global market.
Key Development:
January 2020: Indian Oil Corporation Ltd (IOCL)signed a memorandum of understanding (MoU) with Ghana’s National PetroleumAuthority (NPA) to expand its liquefied petroleum gas (LPG) network.
The Report lists the Main Companies in the Butanes Market:
- Exxon Mobil Corporation (Irving, United States)
- British Petroleum Plc (London, United Kingdom)
- Total S.A. (Paris, France)
- Royal Dutch Shell (The Hague, Netherlands)
- Air Liquide (Paris, France)
- China Petroleum & Chemical Corporation (Sinopec) (Beijing, China)
- China National Petroleum Corporation (CNPC) (Beijing, China)
- Conocophillips (Houston, United States)
- Indian Oil Corporation Ltd. (New Delhi, India)
- Bharat Petroleum Corporation Limited(Mumbai, India)
