Butane Market Overview, Cost Structure Analysis, Growth Opportunities and Forecast to 2027
The global butanes market size is expected to reach USD 74.53 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period. The rapidly increasing demand for residential LPG in developing countries will boost the growth of the market during the forecast period, states Fortune Business Insights, in a report. The market size stood at USD 59.85 billion in 2019.
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The report on the butanes market illustrates:
- Prominent understandings of the market
- Swot Analysis of the regions
- Latest market trends and developments
- Stellar insights into the competitive landscape
- Prime data about regional players
- COVID-19 effect
The Report lists the Main Companies in the Butanes Market:
- Exxon Mobil Corporation (Irving, United States)
- British Petroleum Plc (London, United Kingdom)
- Total S.A. (Paris, France)
- Royal Dutch Shell (The Hague, Netherlands)
- Air Liquide (Paris, France)
- China Petroleum & Chemical Corporation (Sinopec) (Beijing, China)
- China National Petroleum Corporation (CNPC) (Beijing, China)
- Conocophillips (Houston, United States)
- Indian Oil Corporation Ltd. (New Delhi, India)
- Bharat Petroleum Corporation Limited(Mumbai, India)
High Adoption and Consumption of Liquefied Cylinders to Augment Growth
The surging demand for LPG for various applications will spur opportunities for the market. The increasing government subsidies for the consumption of liquefied cylinders in developing countries will aid the expansion of the market. For instance, the Indian Government launched Pradhan Mantri Ujjwala Yojana which is aimed to provide LPG connection in the untapped regions. Furthermore, the booming hospitability industry coupled with high disposable income in emerging nations will have a tremendous impact on the market. Besides, the growing consumption of LPG especially in the residential sector for cooking will improve the prospects of the market in the future.
Diminished Consumption to Retard Market Growth Amid Coronavirus
Coronavirus has negatively affected commercial and industrial operations across the world. The disruption in logistics, labor shortage, low demand from end-users will considerably disturb the industry. The declined demand and supply have resulted in major losses for the country. For instance, in India, the uncertainty caused by the pandemic resulted in an overestimation of demand for LPG that ramped up purchases in March and April. Moreover, the drop in LPG demand owing to the shutdown of hotels and businesses due to lockdown will further dampen the market growth. Also, the imposition of lockdowns in various countries to curb the spread of coronavirus will adversely impact the global market.
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Heavy Demand for Shale Gas to Contribute Growth in North America
The market in Europe is expected to hold the largest share in the global market during the forecast period owing to the supply of natural gas in the region. The high consumption of butane in Russia because of low prices coupled with the availability of fossil fuels will boost the growth of the market in Europe in the forthcoming years. The ongoing gas pipeline project between Germany and Russia will contribute positively to the market. Turkey consumes large quantities of butanes as engine fuel due to increased efficiency and low prices. Turkey accounts for a high share in the global market. The market in North America is expected to expand radically during the forecast period owing to the increased production of shale gas. The favorable government policies will contribute significantly to the growth of the market in the region. The Middle East & Africa are expected to rise tremendously owing to the growing consumption of LPG in the region.
January 2020: Indian Oil Corporation Ltd (IOCL) signed a memorandum of understanding (MoU) with Ghana’s National Petroleum Authority (NPA) to expand its liquefied petroleum gas (LPG) network.
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