"Global Butane Market" - 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 durables is expected to provide a key opportunity for market growth.
Application Insights
This market involves application based on end-use and industry sectors such as household & commercial, automobiles and chemical & petroleum refineries. LPG dominated the butane market owing to its use in lighting & cooking from household & commercial sector. LPG is used in cooking & lighting owing to its flammable and eco-friendly characteristics. LPG accounted for over 45% and 60% consumption of the market share in 2013 in terms of volume & revenue respectively is expected to follow the same trend for the next forecast period. Following LPG, butane is used as a feedstock majorly in chemical and petrochemical feedstock. Petrochemical applications are expected to show a moderate growth over the next six years. Auto fuel applications are expected to witness a stagnant growth growing over the next forecast period.
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Regional Insights
Asia Pacific dominated the global butane market and accounted for over 25% of the market share in terms of volume. Asia Pacific is anticipated to witness higher growth rates over the next forecast. Major demand is expected from Asia Pacific Countries such as China & India owing to expanding population and increase in middle class disposable incomes. Following Asia Pacific, Middle East and Africa (MENA) are expected to show moderate growth rates owing over the next forecast period owing to large number of refineries operating in these regions. Significant demand for butane is expected from countries such as Saudi Arabia, Qatar, UAE and Nigeria. Following MENA, North America and Europe has shown steady growth rates over the past five years and are expected to lose some of its market share to emerging economies over the next six years.
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