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The global isobutane market, valued at USD 18.12 billion in 2022, is projected to grow rapidly at a compound annual growth rate (CAGR) of 6.1%

VANCOUVER, BRITISH COLUMBIA, CANADA, June 5, 2024 /EINPresswire.com/ -- The global isobutane market, valued at USD 18.12 billion in 2022, is projected to grow rapidly at a compound annual growth rate (CAGR) of 6.1% during the forecast period. The market's expansion is driven by the increasing use of isobutane as a propellant in aerosol products and supportive government regulations promoting eco-friendly alternatives with a low carbon footprint.

Market Drivers

One of the primary drivers of market growth is the significant role of isobutane in the automotive sector. It is essential for producing high-octane gasoline, which enhances engine performance and helps in reducing emissions. This is particularly important for meeting stringent environmental standards and regulatory requirements. According to the Center for Climate and Energy Solutions, the U.S. automotive sector is responsible for 27.2% of total greenhouse gas (GHG) emissions, making it the largest source.

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Isobutane Top Companies and Competitive Landscape

The global isobutane market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective isobutane products in the market.

Some of the major companies included in the global isobutane market report are:

Exxon Mobil Corporation
TotalEnergies
LyondellBasell Industries Holdings B.V.
Chevron Phillips Chemical Company LLC.
China Petroleum & Chemical Corporation (Sinopec)
TPC Group
INEOS
Shell
Versalis S.p.A.
Praxair, Inc.
Bharat Petroleum Corporation Limited
Valero
Air Liquide
Taiyo Nippon Sanso Corporation
Shanghai Danfan Network Science&Technology Co., Ltd.

Government initiatives are also playing a crucial role in propelling the market forward. For instance, in December 2021, the Environmental Protection Agency (EPA) updated the national standards for GHG emissions from passenger cars and light trucks up to the model year 2026. Additionally, President Biden’s ‘Strengthening American Leadership in Clean Cars and Trucks’ aims to have 50% of passenger cars and light-duty trucks as zero-emission vehicles by 2030. These regulations are boosting the demand for isobutane, as it helps in reducing emissions and meeting these environmental goals.

Market Restraints

Despite the positive outlook, the isobutane market faces some challenges. Fluctuations in raw material prices, the availability of more economical alternatives, and stringent guidelines for the storage and transportation of isobutane could restrain market growth.

Government Regulations

Regulations continue to shape the market landscape significantly. The U.S. Department of Energy (DoE) has set minimum energy efficiency standards for cooling technologies using isobutane refrigerants, with periodic updates to incorporate technological advancements. The EPA requires products containing isobutane to carry labels detailing the Global Warming Potential (GWP) of the refrigerant, based on its impact on GHG emissions.

In the European Union (EU), isobutane-utilizing air conditioners and other cooling technologies must adhere to energy efficiency standards. The EU also offers incentives and rebates to encourage consumers to choose more energy-efficient models.

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Market Segments

The isobutane market is segmented based on product and application.

Product Insights:

The market is divided into N-butane-based and propane-based segments. The N-butane-based segment is expected to hold the largest market share during the forecast period due to its extensive use as a fuel and refrigerant. Increased R&D investments are also making isobutane more feasible and cost-effective. China's Ministry of Industry and Information Technology’s ‘Green Refrigerant Action Plan’ (2021-2025) is an example of initiatives encouraging the adoption of eco-friendly refrigerants, including N-butane.

Application Insights:

Isobutane’s applications are diverse, including aerosol propellants, refrigeration and air conditioning, LPG blending, industrial solvents, fuel for portable stoves and camping equipment, chemical feedstock, hydrogen production, and laboratory uses. Among these, the refrigeration and air conditioning segment is expected to grow significantly due to isobutane's eco-friendly properties, including zero Ozone Depletion Potential (ODP) and low GWP. The refrigerant R600a, made from isobutane, is widely used due to its environmental advantages and energy efficiency.

Isobutane Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global isobutane market on the basis of product, purity level, application, and region:

Product Outlook (Revenue, USD Billion; 2019-2032)
N-Butane-Based
Propane-Based

Purity Level Outlook (Revenue, USD Billion; 2019-2032)
Purity 99%
Purity 99.5%
Purity 99.7%
Others

Application Outlook (Revenue, USD Billion; 2019-2032)
Aerosol Propellants
Refrigeration and Air Conditioning
Liquefied Petroleum Gas (LPG) Blending
Solvent in Industrial Processes
Fuel for Portable Stoves and Camping Equipment
Chemical Feedstock
Hydrogen Production
Laboratory Applications
Others

Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa

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The isobutane market is poised for significant growth, driven by its critical role in various industries and supportive regulatory frameworks. As environmental concerns and regulations continue to shape market dynamics, isobutane's role in creating sustainable and efficient solutions becomes increasingly important.

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