Isobutane Market Segmented By Bio-based, Synthetic source in Refineries, Refrigerant, Propellants, Feed Stock (Plastics), Solvents
The isobutane market is a significant segment of the global petrochemical industry, driven by its versatile applications in various sectors. Isobutane, also known as 2-methylpropane, is a colorless and odorless gas that is primarily derived from natural gas or petroleum refining processes. It is commonly used as a fuel and as a feedstock for the production of chemicals, making it an essential component in several industrial processes.
Newly-released data on the isobutane market shows that global sales are expected to reach US$ 17.9 Bn in 2022, registering Y-o-Y growth of 5.7%. The market for isobutane is projected to expand at a CAGR of 6.5% and reach a value of US$ 33.56 Bn by the end of 2032.
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One major factor contributing to the growth of the isobutane market is its application as a refrigerant. Isobutane is widely used as a refrigerant in commercial and domestic refrigeration systems due to its excellent thermodynamic properties. It has a low global warming potential (GWP) and is considered a more environmentally friendly alternative to traditional refrigerants such as chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs).
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Furthermore, isobutane is extensively utilized as a propellant in aerosol products. Its low boiling point and favorable vapor pressure make it ideal for maintaining pressure in aerosol cans, allowing the efficient dispensing of various consumer products such as deodorants, hairsprays, and air fresheners. The growing demand for personal care and household products worldwide is driving the expansion of the isobutane market in this segment.
Isobutane also finds application as a blending component in gasoline. It enhances the octane rating of gasoline, improving engine performance and reducing emissions. With increasing regulations and standards for cleaner fuels, the demand for isobutane as a gasoline blending component is expected to grow. Additionally, isobutane is used in the production of isobutylene, a key intermediate in the manufacturing of synthetic rubber, lubricants, and various chemicals.
Geographically, North America and Europe are major consumers of isobutane due to their well-established automotive and chemical industries. The Asia Pacific region is also witnessing significant growth in the isobutane market, fueled by industrialization, urbanization, and increasing disposable incomes. Emerging economies in the region, such as China and India, are experiencing rapid growth in the automotive and consumer goods sectors, thereby driving the demand for isobutane.
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Key Segments Covered in Isobutane Market Research
Isobutane Market by Purity:
Isobutane Market by Source:
Isobutane Market by Application:
Isobutane Market by Region:
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Jun 12, 2023
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