Butane Market Size, Share, Growth Analysis, By Type(Isobutane, and N-butane.), By Application(Liquefied petroleum gas LPG, petrochemicals, refinery, and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10G2013 |
Region:
Global |
Published Date: April, 2024
Pages:
178
|Tables:
63
|Figures:
78
Butane Market Insights
Global Butane Market size was USD 108.43 billion in 2022 and is projected to rise from USD 112.88 billion in 2023 to reach USD 155.67 billion by 2031, by exhibiting a CAGR of 4.10% during the forecast period (2024-2031).
Butane is generally used as a mixture of isomers in a variety of applications. There are two types of isomers n-butane and isobutane mixture of these two isomers. Butane is a colorless, flammable and easily liquefied gas. It is heavier than the air with a density of approximately 575 kg per cubic meters at 15 degree Celsius. Butane has a boiling point of approximately -1 degrees Celsius, while its flash point is approximately -40 degrees Celsius. Butanes are removed from gas processing plants that are found near crude oil or natural gas reserves. Butane can also be used as a byproduct of crude oil production and refining. Butanes are also produced as a by-product of crude oil refining in a refinery. The crude oil removed from the reservoir is sent to refineries to be processed into various end products such as gasoline, diesel, jet fuel, lubes, etc. Crude oil is processed in a fractionating tower, and various products are recovered from the tower at different temperature levels. These temperature levels are also known as crude cuts. The demand for butane is on the increase, as verification by its increasing use in the automotive and petrochemical industries. This trend is expected to continue even during the forecast period. Butane is mainly used as LPG in residential and commercial purposes for heating and cooking purposes. The demand for butane will increase in the coming years due to increasing use of butane in power generation.
US Butane Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
N-butane
Fastest Growth
N-butane
Growth Rate
4.10% CAGR
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Butane Market Segmental Analysis
The Butane market is segmented on the basis of type, application, and region. The type segment is further sub-segmented into the isobutene, and n-butane. Based on classification by application, the market is grouped into liquefied petroleum gas (LPG), petrochemicals, refinery, and others. Geographically, the global market is widespread into North America, South America, Europe, Asia Pacific and MEA.
Butane Market By Type
The N-Butane segment held the largest share in the butane market in 2022. N-Butane is linked in a straight chain and mixed with benzene to increase its volatility. Crude oil refining produces naphtha, a by-product that can be extracted during gas processing plants located near natural gas or crude oil reservoirs. Isobutane is a mainly used alkylating agent that is often used to produce high-octane fuels.
Butane Market By Application
Liquefied Petroleum Gas (LPG) held the largest share in the butane market in 2022, growing at a CAGR of 6.79% during the forecast period. Butane is a common feedstock for producing LPG, and the widespread adoption of LPG as a domestic and automotive fuel would be an important expenditure growth promoter. The automotive industry is a significant user of LPG. The environmental benefits of using LPG in automobiles are substantial, as it is a much more efficient replacement for fossil fuels.
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Butane Market Regional Insights
Asia Pacific accounted for the largest share in the global butane market in 2022.Countries such as India, China, Bangladesh, Indonesia and others are contributing significantly to this regional market revenue. The economies of these countries are growing rapidly, and their demand for LPG is increasing. Other businesses that use chemicals, such as hoteliers and chemical manufacturers, may also find these products useful. The outbreak of the Covid-19 has dented the LPG demand in 2020. The demand for LPG dropped in Bangladesh by 40%in just one month, after the imposition of lockdown restrictions. China also reported a lower import of propane during the lockdown restrictions. It reported a 17% fall in propane imports in March 2020.
North America held the second largest market share in the butane market, closely followed by the Middle East and Africa and Europe. Europe largely depends on natural gas supply lines in the region. Russia dominates the consumption of butane in the region due to low prices and large deposits of fossil fuels in the country.
- Largest
- Fastest
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Butane Market Dynamics
Butane Market Drivers
Government Initiatives and Policies to Drive the Usage of LPG
- A growing number of government subsidy initiatives in China, India and Indonesia aimed at forward LPG over other fossil fuels are supporting the growth of the market. In 2016, the Indian government started the Pradhan Mantri Ujjwala Yojana (PMUY) program, through which it aimed to distribute 50 million LPG cylinders to families below the poverty line. The Indonesian government began the Kerosene to LP Gas Conversion Programme in order to encourage the use of LP gas and avoid the use of kerosene as cooking fuel among households in the region. The Indonesian government distributed the 3 kg refillable LPG cylinders along with the stove to the household under the scheme.
Butane Market Restraints
Groundwater Contamination and Strict Environmental Regulation
- Groundwater contamination caused by methyl tert butyl linkage may hinder the market growth in the forecast period. The increasing popularity of ethanol as an alternative to gasoline may have the effect of inhibiting demand for butane. The butane market must attach to stringent regulatory norms to confirm safety for people. This is because butane can be harmful if inhaled, and there are many safety concerns associated with its use.
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Butane Market Competitive Landscape
The nature of competition for the butane market is likely to get more intensified with the increase in number of participants. Significant strategies such as technology launches, acquisitions, and investments on R&D are important strategies for players in the butane market.
Butane Market Top players Company Profile
- Exxon Mobil Corporation
- British Petroleum (BP) plc
- Royal Dutch Shell plc
- Sinopec
- Chevron Corporation
- China National Petroleum Corporation (CNPC)
- Total SA
- ConocoPhillips Company
- Lukoil
- Eni S.p.A.
- China Petroleum & Chemical Corporation (Sinopec)
- PetroChina Company Limited
- Gazprom
- Marathon Petroleum Corporation
- Phillips 66
- Valero Energy Corporation
- Hess Corporation
- Occidental Petroleum Corporation
- PTT Public Company Limited
- SK Innovation
Recent developments
- In March 2024, Trading and Exploitation Company (Tradex), specializing in the marketing of petroleum products, initiated an international tender process to recruit a supplier for 66,000 commercial butane 12.5kg gas cylinders and 600 cylinders of 50 kg each, equipped with a valve and level indicator.
- In November 2023, Spartan Delta Corp. announced the completion of a series of asset acquisitions in the West Shale Basin Duvernay for aggregate cash consideration of approximately $25 million and preliminary 2024 guidance.
- In May 2023, Trimac Transportation acquired Transport Sylvain Lasalle, a provider of bulk pressure transportation services in Eastern Canada, the company announced Thursday. The Joliette and St. Hyacinthe, Quebec-based company is a leading carrier of propane and butane gas for end users and distribution sites.
Butane Key Market Trends
- Butane and isobutane are both commonly used as aerosols products, such as deodorants. A few years ago, Chlorofluorocarbons were used in a particular product. These chemicals have been found to deplete the ozone layer, and so strict environmental regulations have been put in place to limit their use. Butane has an advantage over other alternatives. It is expensive and easily liquified.
Butane Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research and Analysis Wing) is our Business Information Services team that collects, collates, Co-relates and analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the butane market was mainly used in the liquefied petroleum gas (LPG). The increase in demand for LPG gas in countries such as India, China, and Japan are a key growth driver boosting the global butane market. Asia Pacific dominated the market in the past and is likely to continue so in the forecast period with North America in the second position. Liquefied Petroleum Gas (LPG) sector is projected to dominate the market in the foreseeable future, thereby ensuring significant revenue generation for the butane market in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2031 | USD 155.67 billion |
| Growth Rate | 4.10% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Recent developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Butane Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Butane Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Butane Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Butane Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Butane Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Butane Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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