Global butane market is expected to reach USD 203.26 billion by 2020, according to a new study by Grand View Research, Inc. Increasing government support to promote the use of LPG as a domestic fuel particularly in Asia Pacific and Africa is expected to remain a key driving factor for global butane market over the next six years. Growth of global natural gas vehicle (NGV) industry is also expected to have a positive influence on the market growth. Rapid petrochemical capacity expansion particularly in Middle East and Asia Pacific is expected to further support the market growth over the forecast period. Volatile raw material prices and ban on MTBE based gasoline blending across several states in the U.S. on account of ground water contamination is expected to remain key challenges for market participants.
LPG emerged as the leading application segment in the global butane market and accounted for 66.1% of total volume in 2013. Increasing LPG adoption on account of subsidies offered by governments particularly in India and China is expected to drive butane demand for LPG. Petrochemical is expected to witness highest growth rate over the forecast period. The segment is expected to grow at an estimated CAGR of 2.9% from 2014 to 2020. Emergence of Middle East as a major petrochemical manufacturing hub is expected to drive butane demand for petrochemical applications.
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