DUBLIN–(BUSINESS WIRE)–The “Isobutane Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)” report has been added to ResearchAndMarkets.com’s offering.
The report provides comprehensive insights into market trends and forecasts, reveals that global sales of isobutane are expected to reach US$ 18 billion in 2024, the market is projected to exhibit a compound annual growth rate (CAGR) of 9.0%, reaching a value of US$ 32 billion by 2031.
The petrochemical sector’s expansion, driven by increasing demand for downstream products across industries such as construction, pharmaceuticals, and automotive, is a major driver for isobutane demand. Isobutane is crucial for the production of various end-use products like lubricants, fuels, rubbers, and additives.
With a focus on sustainability, many industries are shifting towards environmentally friendly alternatives. Isobutane’s low global warming potential and minimal ozone depletion potential make it an attractive option for replacing traditional refrigerants and propellants in various applications, including cosmetics and household cleaners.
Despite the promising outlook, certain challenges could hinder the growth of the isobutane market:
Isobutane’s highly inflammable nature poses safety risks, particularly in applications such as refrigeration for domestic and commercial purposes. Strict regulations and safety precautions may limit its adoption in certain industries. High volatility in natural gas prices and stringent government regulations could impact the demand for isobutane in the coming years, posing challenges for manufacturers and suppliers.
Regional Analysis: Focus on China and India
China and India emerge as key markets for isobutane, driven by robust industrial growth and increasing demand across various sectors. China is expected to provide an incremental opportunity of US$ 4.3 billion during the forecast period, while India’s isobutane market is projected to grow at a rate of 8.4%.
Category-wise Insights: Purity and Applications
The report highlights the dominance of 99.5% purity isobutane due to its superior energy efficiency and suitability for refrigeration and alkylation processes. Refineries constitute a major end-user segment, with significant growth anticipated in the coming years, driven by the increasing use of isobutane in petrochemical refineries.
Competitive Analysis and Future Prospects
Key players in the isobutane market are focusing on increasing production capacities and expanding their consumer base through strategic acquisitions and investments in research and development. With rising demand for isobutane across diverse industries, manufacturers are poised to capitalize on emerging opportunities and drive market growth in the coming years.
Some Key companies in the market are:
Isobutane Market by Purity:
Isobutane Market by Source:
Isobutane Market by Application:
For more information about this report visit https://www.researchandmarkets.com/r/ioeyw
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