for a stronger future.
The global butane market is projected to cross USD 203 billion by 2022. Rising government support to promote the use of LPG (liquid petroleum gas) as a domestic fuel mainly in Africa and Asia Pacific will drive the market during the forecast period (2015-2022). Expansion in the overall natural gas industry is likely to spur the market demand in the near future.
Butane finds usage in fuel manufacturing processes on account of its liquefiable and high inflammable nature. Also, augmented investment of development of refineries along with an extension in capacity in the Middle East will propel the butane market further.
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The worldwide market can be segmented by applications and regions. Applications are LPG, petrochemicals, refinery, and others. LPG segment is further divided into the refinery, auto fuel, residential/commercial, industrial, and chemical/petrochemical. This segment dominated the market with 66.1% of total volumes in 2013. The growth could be ascribed to its escalating demand as a fuel for heating and cooking purposes across industrial, household, and commercial sectors.
Butane and its isomers are used as a feedstock for manufacturing various petrochemical intermediates. It is also used for gasoline blending in refineries as oxygenate and to develop its octane ranking. Auto gas is expected to grow at a rapid pace owing to augmented inclination of customers towards the adoption of natural gas vehicles.
Main regional segments in global butane market encompass Asia Pacific, Europe, the Middle East & Africa (MEA), North America, and Rest of the World (RoW). Asia Pacific led the market with close to 30% of overall demand in 2013. The rising demand of butane in chemical processing plants and refineries in India and China will drive the regional market further.
Europe is likely to grow profitably at an average rate of 8% over the forecast period, driving the butane market. Also, North America is projected to have dynamic growth through its petrochemicals and auto fuels sectors.
The global butane market is extremely oligopolistic in nature. Leading vendors compete against each other based on services and overall productivity. While the market covers several participants and is highly capital concentrated the obstacles to access for novel competitors are moderately elevated. Key manufacturers operating in this market encompasses ConocoPhillips Inc., Chevron Corporation British Petroleum (BP), and Exxon Mobil Corporation.
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