Pune, India -- (SBWIRE) -- 02/09/2018 -- The report Butane Market by Application (LPG, Petrochemicals, Refineries and Others), Liquified Petroleum Gas is further segmented (Residential & Commercial, Chemical & Petrochemical, Auto-fuel, Industrial, Refinery and Others) - Global Industry Analysis, Trends analysis and Forecast up to 2023 studies the world as well as regional markets including North America, Europe, Asia Pacific and RoW (Including Latin America, Middle East and Africa), The butane market is expected to reach USD 81 Billion by 2023 expanding at a CAGR of 3.5%. Factors driving the growth of this market include rising demand for Liquid Petroleum Gas (LPG), use of butane as petrochemical feedstock for producing other derivates and ethylene, and rising standards of living and disposable incomes.

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Rising demand for Liquid Petroleum Gas (LPG)

Butane is a flammable hydrocarbon gas liquefied through pressurization. It is used primarily for camping, cooking and cigarette lighters. Butane is blended with propane and commercially sold as LPG (liquefied petroleum gas). Moreover, rising demand for Liquified Petroleum Gas (LPG) from residential and commercial sectors where it is mainly used as a domestic fuel is the key factor driving the growth of global butane market over the forecast period.

Liquid Petroleum Gas (LPG) is estimated to command the largest share of the market during the forecast period

Based on application, the butane market is categorized into LPG, petrochemicals, refineries and others. LPG is further sub segmented into residential & commercial, chemical & petrochemical, auto-fuel, industrial, refinery and others. The Liquid Petroleum Gas (LPG) segment is estimated to account for the largest share of the global butane market during the forecast period. The residential & commercial growth sub segment is expected to cover 50% of the overall butane industry over the forecast period.

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Asia Pacific is estimated to command the largest share of the market

Based on region, the butane market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). Asia Pacific is expected to dominate the butane market in 2018. This is attributed to factors such as growth of automotive & construction industries and infrastructure in Asia Pacific is anticipated to bring more demand for the butane market as well as increase in demand for the gas in refineries and chemical processing units in countries such as India, China, and some others in Asia-Pacific region.

Geographic Coverage:

The report profiles some of the key companies in the butane market including Valero Energy Corporation, Sinopec Group, Exxon Mobil Corp., Chevron Corp., British Petroleum, ConocoPhillips Inc., Royal Dutch Shell PLC, Total S.A, China National Petroleum Corp., Praxair, Linde and Air Liquide.