NEW YORK, Jan. 4, 2017 /PRNewswire/ -- The global butane market size is expected to reach USD 81.62 billion by 2025, according to a new report by Grand View Research, Inc. Increasing monetary assistance from respective governments in the form of subsidies for LPG coupled with expanding population is expected to drive the market over the forecast period. Growing population and disposable income is projected to push the market growth over the coming years.
Rising industrialization coupled with capacity expansions of refineries in emerging economies of China and India is expected to fuel the butane industry demand. Growing concern regarding the impact of conventional fuel on the environment is projected to boost the LPG application market.
Increasing need for energy supply in automotive sectors is anticipated to drive the growth for butane industry. Wide range of applications of butane in petrochemicals, refrigerants, as a fuel for cigarette lighters, as propellants in aerosol sprays is expected to augment the market positively.
Growing demand for energy consumption on account of rapid urbanization is anticipated to augment butane market over the coming years. Companies such as Valero Energy Corporation, Energy Corporation of America, and Praxair adopted expansion strategies to enhance the production capacity.
Further key Findings From the Study Suggest:
LPG segment dominated the butane application in 2015 accounting for over 66.6% of the global market
Increased demand for LPG in residential, commercial, industrial, and refinery is expected to boost the LPG market
Butane gas is used in LPG application areas including residential, industrial, autofuel, refinery, and petrochemicals among others
Residential & commercial segment is expected to be inhigh demand for LPG application industry by 2025 accounting for over 50.2% of the overall market
Asia Pacific region is anticipated to grow at a significant rate of 4.2% over the forecast period owning to growing demand for fuel gas
U.S. EPA has filed litigation on the use of MTBE for gasoline blending owing to increased incidences of groundwater contamination
Rising investment on LNG by the governments is leading to the production of butane gas, in addition to R&D is expected to propel the market over the coming years
Companies such as Sinopec Group, Valero Energy Corporation, and Total S.A. offerservices for refining, industrial, and nuclear power sectors among othersis projected to propel growth of the market
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