Isobutane Market is Expected to Clock a Notable A CAGR of 6% and Reach USD 30.41 Billion by 2032
According to a new report by Reports and Data, the global isobutane market is expected to reach USD 30.41 Billion by 2032. Isobutane is a colorless gas that is denser than air and has a slight petroleum-like odor. Among the five natural gas liquids, isobutane holds a unique position in the market. It is produced from gas processing plants and refineries and is the only NGL purposely produced from another NGL – n-butane.
In refineries, isobutane is primarily used as a gasoline additive to make alkylate through the process of alkylation. It is also used to produce isooctane, a high-octane gasoline constituent, which improves the octane rating and anti-knock characteristics of gasoline. The extensive use of isobutane in refineries and petrochemical plants is expected to drive market growth. Isobutane is also used as a refrigerant in the cold chain market, where temperature control is crucial throughout the supply chain. As the cold chain market continues to grow, there will be an increased demand for isobutene in the forecast period.
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However, factors such as the inflammable nature of isobutane and related safety issues may act as a restraint to market growth. The Asia Pacific region is projected to observe the highest growth rate for the isobutene market due to the increase in petroleum refineries and petrochemical plants, especially in countries such as China and India. The demand for isobutane in this region is also attributed to its use as refrigerants and aerosol propellants in various other industries.
The report also suggests that pure grade isobutane is forecasted to witness the highest growth rate of 6.8% in the forecast period owing to its application in the alkylation process and refrigeration systems. Petrochemicals are projected to capture more than 60% of the market in the forecast year reaching USD 20.77 billion by 2028, mainly due to the very high use of isobutane as feedstock which is used in the formation of the suitable atmosphere for production of isooctane.
Asia Pacific is estimated to capture the largest market share in the forecast period due to the presence of a large number of refineries in the region, particularly in countries such as China, India, Japan, and South Korea. The market in North America is projected to reach USD 7.17 billion by 2028. Key participants in the isobutane market include Conoco Phillips, Linde, Praxair Technology, Air Liquide, Shell Trading International Limited, Sirloong, Jinling Petrochemicals, Taiyo Nippon Sanso Corporation, Evonik, and Sibur among others.
The global isobutane market has been segmented by Reports and Data on the basis of type, grade, application, and region. The report provides details of the market's volume, revenue, and growth rates for each segment.
Isobutane Market: Drive factors
· The Isobutane Market is expected to experience significant growth due to several driving factors. Isobutane is extensively used as an additive in refineries to produce high octane gasoline constituents such as isooctane, which enhances the anti-knock characteristics and octane rating of gasoline. Additionally, the application of isobutane as a refrigerant in the cold chain market, where temperature control is critical throughout the supply chain, is increasing, resulting in a higher demand for isobutane.
· The Asia Pacific region is projected to have the highest growth rate in the market, with an increase in petroleum refineries and petrochemical plants, particularly in countries like China and India. The demand for isobutane in this region is also due to its use as refrigerants and aerosol propellants in various industries.
· However, the inflammable nature of isobutane and related safety concerns could act as a restraint on market growth. Nonetheless, the use of isobutane as a feedstock in the production of various other compounds is being researched, which may offer new opportunities for market growth.
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