ALBANY, N.Y., Jan. 14, 2021 /PRNewswire/ -- The Butanes market is anticipated to observe extensive growth across the forecast period of 2019-2027 on the back of the heightening demand from various applications. The advantages attached to Butanes such as affordable and easy liquefaction may bring immense growth prospects for the Butanes market. Butanes is a mixture of isomers. The properties of Butanes such as high inflammability and the ability to handle high pressure make it one of the most preferred choices in many applications.
The experts at Transparency Market Research (TMR) have thoroughly researched every factor associated with the growth of the Butanes market. After the research, the experts conclude that the global Butanes market is extrapolated to expand at a CAGR of 7.1 percent across the forecast period of 2019-2027. The global Butanes market was valued at US$ 84 bn in 2018 and is expected to reach US$ 156 bn by the end of the forecast period.
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The heightening demand for LPG across the residential, commercial and automotive sectors may invite prominent growth prospects for the Butanes market. Strict regulations regarding the environment imposed by numerous countries may further add extra stars of growth to the Butanes market. The growing demand for Butanes in applications like plumbing, glass making, and others will enhance the growth opportunities across the Butanes market.
Key Findings of the Report
Growing Demand from Residential Sector to Harness Extensive Growth for Butanes Market
The residential sector, especially in developing economies like India may serve as a robust growth generating segment for the Butanes market. The use of LPG for cooking may bring tremendous growth opportunities for the Butanes market.
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Initiatives Promoting LPG to Further Improve Growth Rate of Butanes Market
Developing countries have a large chunk of the populace using LPG for cooking purposes. Governments of such countries are in the continuous process of designing new schemes and initiatives. For instance, the Indonesian Government conducted the largest household fuel conversion program for replacing kerosene with LPG. The Indian Government launched the Pradhan Mantri Ujjwala Yojana that provides free LPG connections to families below the poverty line. Such initiatives bring profitable growth opportunities for the Butanes market.
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Automotive Sector to Invite Expansive Growth
The growing adoption of LPG-powered vehicles may prove to be a prominent growth contributor for the Butanes market. LPG is a cleaner alternative to petrol and diesel. Hence, a large chunk of the populace is opting for LPG vehicles. These aspects will help in bringing positive growth for the Butanes market.
Butanes Market: COVID-19 Impact
- The impact of the novel coronavirus pandemic has influenced the growth of the Butanes market to a certain extent
- The growth rate fluctuated across numerous regions according to the type of uses
- Countries like India observed an increased demand for LPG due to the pandemic uncertainty
- The demand for commercial LPG decreased substantially during the strict lockdown period as all hotels and restaurants were closed
- However, the relaxation in lockdown norms are expected to normalize the growth of the Butanes market as hotels and restaurants are being allowed to open with limited capacity
- Mass COVID-19 vaccine inoculation drives have already started in countries like the U.S. and the U.K., thus reigniting the hope of pre-COVID normalcy soon
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