Strategic Collaborations Among Companies to Boost Growth
The increasing number of company collaborations has offered several growth opportunities for the companies operating in the global butanes market. With a bid to establish a strong brand presence in a market that contains several companies, ONGC, one of the leading companies in India completed the acquisition of HPCL. ONGC is likely to generate significant butanes market revenue in the coming years. Fortune Business Insights has predicted that ONGC’s latest acquisition will constitute an increase in the global butanes market size in the forthcoming years.
According to a report by Fortune Business Insights, titled “Butane Market Size, Share and Global Trend By Application (LPG (Residential/Commercial, Automotive, Others), Petrochemicals, Refinery, Others) and Geography Forecast till 2026,” the market will grow considerably in the coming years due to the high demand for the product across the world.
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List of the leading companies that are operating in the global butane market are:
- Chevron Phillips Chemical
- Total, Air Liquid
- China Petroleum & Chemical Corporation
- Devon Energy Corporation
- Reliance Industries Limited
- Cabot Oil & Gas Corporation
- Marathon Petroleum Corporation
- Whiting Petroleum Corporation
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Butane is a colorless gas that possesses properties such as easily liquefiable and flammability. The butane is blended with gasoline and used as isobutene in several applications across diverse industries. The maximum portion of butane manufactured across the world is used as LPG. The increasing concerns regarding environmental preservation have led to increased adoption of LPG as fuel alternatives. The properties such as reduced pollution and a positive impact on the efforts to reduce global warming. LPG emits around 33% fewer carbon emission compared to coal. The increased adoption of LPG will lead to a subsequent rise in the demand for butane across the world.
The report segments the global butanes market based on applications and regional demographics. Based on regional demographics, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the Asia Pacific has witnessed the highest growth in recent years. The growing government subsidiaries associated with the use of LPG will aid the growth of the butanes market in the Asia Pacific.
Owing to its Environment-friendly Nature, LPG is Projected to Witness High Demand
The global butanes market is segmented based on applications into LPG, petrochemicals, and refinery. Among all applications, the LPG segment is likely to witness the highest growth due to the favorable government subsidies. LPG is being increasingly used as an alternative to combustible fuel and coal.
LPG allows reduced gas emission and the same efficacy as fuel or coal. Furthermore, LPG is cheaper than petroleum and other gases, thereby leading to increased adoption across the world. The use of LPG is not just limited to automobiles; it is also used widely in the residential and industrial sectors. LPG is used as a petrochemical feedstock for generating other produce.
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