The butane market is expected to grow by USD 13.22 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Butane Market 2020-2024 (Graphic: Business Wire)
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LPG is a cleaner alternative to conventional fuels such as petrol and diesel as it contains comparatively simpler hydrocarbon compounds. LPG offers similar efficiency and better mileage than petrol vehicles for the same volume of fuel. Also, LPG is free from additives such as lead and has very low sulfur content. Moreover, vehicles that run on LPG have comparatively lower maintenance costs due to the cleaner burning of the fuel. Many such benefits are increasing the use of LPG as an automotive fuel, which is contributing to the growth of the global butane market.
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As per Technavio, the increasing demand for LPG in APAC will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Butane Market: Increasing Demand for LPG in APAC
The rising number of petrochemical units such as propane dehydrogenation units, alkylation units, mixed dehydrogenation, steam crackers, and isomerization units has increased the use of LPG in APAC. In addition, the rising competition from the US LPG exporters is prompting exporters in the Middle East to strengthen the existing deals with major importers in the region. For instance, India has signed a contract with Iran to import LPG to meet the growing domestic demand for cooking fuel. Similarly, the growing demand from propane dehydrogenation (PDH) plants has significantly increased LPG imports in China. Therefore, the increasing import of LPG in APAC is expected to fuel the growth of the global butane market during the forecast period.
“Less stringent regulations in North America and the increasing number of strategic alliances will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Butane Market: Segmentation Analysis
This market research report segments the butane market by Application (LPG, Petrochemicals, Refineries, and Others) and Geography (APAC, MEA, North America, Europe, and South America).
The APAC region led the butane market in 2019, followed by MEA, North America, Europe, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increased use of LPG in the production of plastic products.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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