Isobutane Market Segmented By Bio-based, Synthetic source in Refineries, Refrigerant, Propellants, Feed Stock (Plastics), Solvents
The isobutane market has experienced steady growth in recent years, driven by its wide range of applications in various industries. Isobutane, also known as methylpropane, is a colorless and odorless gas that is primarily used as a fuel and as a feedstock for the production of other chemicals.
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 of the key factors contributing to the growth of the isobutane market is its use as a clean-burning fuel. Isobutane is commonly used as a liquefied petroleum gas (LPG) fuel, particularly in portable stoves, camping equipment, and heating applications. It offers several advantages, including high energy density, low emissions, and easy handling. The demand for clean and efficient fuels, especially in residential and commercial sectors, has driven the consumption of isobutane as a fuel source.
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Furthermore, isobutane is an important feedstock for the production of various chemicals and derivatives. It is used in the manufacturing of isobutylene, which is a key building block for the production of synthetic rubber, elastomers, and plastics. Isobutane is also utilized in the production of isooctane, which is an essential component of high-octane gasoline and helps improve the performance and efficiency of automotive fuels. The growth of the automotive industry and the increasing demand for high-performance fuels have positively impacted the isobutane market.
Additionally, the refrigerant and aerosol industries are significant consumers of isobutane. Isobutane is used as a refrigerant in household and commercial refrigeration systems due to its low environmental impact and favorable thermodynamic properties. It is also utilized as a propellant in aerosol products, such as deodorants, hairsprays, and paints. The growing demand for refrigeration and aerosol products, driven by changing consumer lifestyles and increasing disposable incomes, has led to the increased consumption of isobutane.
The isobutane market is also influenced by the petrochemical industry. Isobutane is used as a feedstock in the production of ethylene and propylene through a process called steam cracking. Ethylene and propylene are essential building blocks for various chemicals, plastics, and synthetic fibers. The expansion of the petrochemical sector, particularly in emerging economies, has resulted in increased demand for isobutane as a feedstock.
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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 14, 2023
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