Industry Insights
Global increase in use of butane in the form of Liquefied Petroleum Gas (LPG) for household & commercial sectors is expected to drive butane market growth over the next six years. A significant increase in demand for butane as LPG is anticipated from Asia Pacific especially from countries such as China & India owing to increasing application in cooking & heating from household & commercial sector. Increasing monetary assistance in the form of subsidies from respective government in these regions coupled with burgeoning population is expected to significantly augment the market growth. Increasing use of LPG as feedstock in chemical & petroleum refineries is expected to fuel butane market growth over the next forecast period. LPG is used as a substitute for crude oil & natural gas with large consumption in olefins manufacturing industry. Major demand for butane in the form of LPG is expected from North America and Middle East owing to large number of refineries operating in these regions.
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Global increase in demand for automobiles is expected to have positive impact on butane market growth over the next six years. LPG is anticipated to be a preferable choice in automobile fuel owing to low maintenance cost and being eco-friendly. Increasing demand for synthetic rubber is expected to have a positive outlook on butane market growth. Butane is used as a feedstock in manufacturing ethylene and butadiene, which is a key ingredient for manufacturing synthetic rubber. Volatile crude oil prices coupled with regulatory issues over growing environmental concerns is expected to hamper butane market growth. Use of butane as a refrigerant substitute for HCFC in consumer...