LONDON, April 24, 2017 /PRNewswire/ -- 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.
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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, auto fuel, refinery, and petrochemicals among others.
· Residential & commercial segment is expected to be in high 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.