New York, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The global isobutane market is estimated to reach a value of US$ 33.56 Bn by the end of the forecast period (2022-2032). Significant demand for isobutane as a feedstock in refining and petrochemical industries, and growing adoption of isobutane as a refrigerant in refrigeration systems and a propellant in aerosol sprays are key growth drivers in for the market. East Asia is expected to remain prominent owing to the high presence of end users in the region.
Global sales of isobutane are projected to increase at a CAGR of 6.5% through 2032 on a value basis. This high growth is expected to be driven by the rapidly growing petrochemical industry and increasing usage of isobutane in the manufacturing of various petrochemical products, which are further used in a wide range of applications such as lubricants, fuels, rubbers, and additives.
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Increase in the demand for isobutane in plastic and rubber industries is being witnessed, as isobutane is used as a feedstock for the production of various plastic products and synthetic rubber. Further, growing demand for environment-friendly and lower global warming potential (GWP) products, owing to rising environmental concerns in various developed and developing economies such as the U.S., China, Germany, India, ASEAN, and others, is also expected to bolster the demand for isobutane over the coming years.
Key Takeaways from Market Study
- South Asia & Pacific is estimated to remain one of the fastest-growing regional markets, projected to expand at 6.9% CAGR over the projected period.
- By applications, the refining segment is anticipated to create an incremental dollar opportunity of US$ 7.5 Bn over the period of 2022 to 2032.
- Purity 99.5% isobutane sales are expected to witness a growth rate of 6.1% on a volume basis.
- East Asia is estimated to account for more than 30% of the global volume consumption of isobutane.
- China, the U.S., India, Germany, and Brazil are expected to remain key countries in the consumption and production of isobutane over the decade.
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“Key market participants are focusing on strategic expansions and acquisitions and are also opting for long-term partnerships with end-use industries,” says a Persistence Market Research analyst.
Competitive Landscape
The global market for isobutane has been identified as a consolidated space with the top players accounting for a key share of the overall sales of isobutane.
Some of the key market players included in the report are PBF Energy, Sinopec, Linde LLC., Valero Energy Corp., Ltd., ConocoPhillips, Airliquide, Evonik Industries, Chevron Phillips Chemical, Amcor, Matheson, Shandong Yuean Chemical, Aditya Air Products, Verni Gas Corporation, and Bhuruka Gases Limited.
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Several market players are investing in increasing their production capacity for isobutene. They are also collaborating with technology providers to enhance production technologies for isobutane with lower costs and energy consumption. Several developments are being witnessed for the setting up of production capacity for green isobutane.
- In July 2020, Thyssenkrupp Industrial Solutions AG and BASF SE signed an agreement to expand their cooperation on the STAR process. The STAR process of ThyssenKrupp produces propylene from propane feedstocks, or isobutylene from isobutane feedstocks, using a catalyst. In this joint development agreement, ThyssenKrupp focuses on process development and BASF focusses on catalyst development to lower catalyst costs and reduce feedstock and energy consumption through increased selectivity.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global isobutane market that contains industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, purity, source, application, and region. The report also provides supply and demand trends along with an overview of the parent market.
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