San Francisco, California, Nov. 4, 2014 (GLOBE NEWSWIRE) -- Global butane market is expected to reach USD 203.26 billion by 2020, according to a new study by Grand View Research, Inc. 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.
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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.
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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)
• Auto Fuel
Global Butane Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2012 - 2020)
• North America
• Asia Pacific
• Middle East & North Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For more information, visit http://www.grandviewresearch.com/
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Source:Grand View Research