Description
Global
butane market is expected to reach USD 203.26 billion by 2020. 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.
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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.
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.
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)
Residential/Commercial
Chemical/Petrochemical
Industrial
Auto
Fuel
Refinery
Petrochemicals
Refinery
Others
Global
Butane Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2012 -
2020)
North
America
Europe
Asia
Pacific
Middle
East & North Africa
RoW
Table of Contents
Chapter 1 Executive Summary
1.1
Butane - Industry Summary & Critical Success Factors (CSFs)
Chapter 2 Butane Industry Outlook
2.1
Market Segmentation
2.2
Market Size and Growth Prospects
2.3
Butane Value Chain Analysis
2.4
Butane Market Dynamics
2.4.1
Market driver analysis
2.4.1.1
Increasing penetration of LPG as a domestic fuel in emerging markets
2.4.1.2
Growth in global autogas vehicle industry
2.4.1.3
Rapid petrochemicals capacity expansion in Middle East
2.4.2
Market restraint analysis
2.4.2.1
Increasing demand for substitute products for gasoline blending
2.4.2.2.
Volatility in raw material prices
2.5
Key Opportunities Prioritized
2.6
Industry Analysis - Porter's
2.7
Butane - Company Market Share Analysis
2.8
Butane - PESTEL Analysis
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