Butanes Market: Key HighlightsAccording to “Butanes Market - Global Industry Size, Market Share, Trends, Analysis, And Forecasts 2019 - 2027”, a new report published by Transparency Market Research (TMR), the global butane market is estimated to reach US$ 155.7 Billion by the end of 2027, growing from US$ 84.0 Billion back in 2018.
The report states that the butanes market will expand at a CAGR of 7.1% in terms of value from 2019 to 2027.Download PDF Brochure -https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=308Increasing demand for Liquefied Petroleum Gas (LPG) to Drive Butanes Market DemandButanes are primarily used in liquefied petroleum gas (LPG).
The demand for butane is directly proportional to the rise in demand for LPG, since two-thirds of the butane produced globally is used in LPG.
According to the report, the surging demand for LPG as a domestic fuel in commercial and residential sectors is the major factor attributed to the growth of the global butanes market.
They can set up their SBUs in Asia Pacific and capitalize on the market opportunities and increasing demand registered by the region.Among the many applications of butanes, LPG accounted for a whopping 66.1% of the butane produced globally in 2018.
LPG is primarily used as a heating and cooking fuel in residential and commercial sectors and this segment represents 49% of the overall global demand for LPG.