(MENAFN- The Express Wire)
Posted on Jan 13 2022 8:55 AM
'Companies covered in the Europe Butane market are British petroleum plc (UK), ConocoPhillips Company (U.S.), Chevron Corporation (U.S.), ExxonMobil (U.S.), Sinopec Group (China), Total SA (France), China National Petroleum Corporation (China), Linde plc (Ireland), Air Liquide (France), Equinor (Norway), MOL Group (Hungary) and more players profiled.
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The Europe butane market size is projected to reach USD 8,580.9 million by 2027, exhibiting a CAGR of 3.6% during the forecast period. Increasing adoption of cleaner energy sources in Europe will be the top growth determinant for this market, The European Union (EU) has been steadily phasing out fossil fuel-based energy sources such as coal from its power mix. According to a report by the European Environment Agency, greenhouse gas (GHG) emissions fell by 2.1% in the EU in 2018 compared to 2017 levels. Furthermore, the EU also declared its ambitions to reduce emissions by 55% by 2030 through its newly set up EU Emissions Trading Commission. Meeting this target would necessitate the adoption of alternative energy sources such as liquefied petroleum gas (LPG), which is derived from natural gas. Butane (C4H10) is an essential component in the formulation of LPG and since LPG is playing an important role in curbing household emissions, the demand for C4H10 is likely to remain stable in the upcoming years.
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The report states that the market value in 2019 stood at USD 7,301.9 million and shares the following:
- Unparalleled insights into the regional prospects of the market;
- In-depth diagnosis of the market drivers and challenges;
- Impeccable profiling of key market players and detailed study of their strategies; and
- Exhaustive research into the different market segments.
List of Key Players Profiled in this Market Report:
- British Petroleum plc (UK)
- ConocoPhillips Company (U.S.)
- Chevron Corporation (U.S.)
- ExxonMobil (U.S.)
- Sinopec Group (China)
- Total SA (France)
- China National Petroleum Corporation (China)
- Linde plc (Ireland)
- Air Liquide (France)
- Equinor (Norway)
- MOL Group (Hungary)
- Other Key Players
Restraining Factor
Disrupted Chemicals Manufacturing amid COVID-19 to Stymie Market Growth
The Europe butane market growth is confronting the challenges posed by the outbreak of the COVID-19 pandemic to Europe's chemicals industry. According to the European Chemical Industry Council (Cefic), chemical production in the EU27 plunged by 5.2% between January 2020 and June 2020. The principal factors for this sudden downturn were the lockdowns imposed in several European countries. However, chemical output showed an uptick, registering a 2.9% growth in June compared to May. Moreover, the European Green Deal that was promulgated in 2019 comprises an important 'Chemicals Strategy for Sustainability', which aims at encouraging chemical companies to develop cleaner, safer, and sustainable alternatives to conventional energy sources. Thus, the utilization of butanes is projected to widen in Europe's chemicals and energy industries over the next decade.
Country Insights
Russia to Spearhead the Europe Market; Germany & France to Display Promising Growth
Russia is a major player in Europe's energy sector, emerging as one of the largest suppliers of natural gas in the continent. The country is expected to lead the Europe butane market share during the forecast period on account of the rising demand for cleaner energy sources for cooking and heating applications.
The market in Germany and France is being driven by supportive government policies that are promoting the adoption of butanes and other alternative fuels in the countries' manufacturing sectors. On the other hand, in Italy, high disposable incomes and a well-established cosmetics industry is powering the butane market in the country.
Industry Development:
- April 2020: Sibur, the largest petrochemical company in Russia, announced that it will be supplying two cargoes of LPG to India in May 2020 for the first time amid the COVID-19 outbreak. The export to India is based on the fact that the majority of Indian households use LPG for cooking purposes and thus, its demand remained high in the country, despite the nationwide lockdown.
Competitive Landscape
Regional Players to Capitalize on Energy Demands of Developing Nations
Leading regional companies are turning their attention towards meeting the soaring energy demand of developing economies such as India and China. These players are engaging in an export-based competition, with the aim to establish their operations in emerging markets and build profitable ventures with domestic companies.
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