(MENAFN- GlobeNewsWire - Nasdaq) Increasing utilization as a propellant in aerosol products and supportive government laws and regulations promoting eco-friendly alternatives with minimum carbon footprint are key factors driving isobutane market revenue growth.Vancouver, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The global isobutane market size was USD 18.12 billion in 2022 and is expected to register a rapid revenue CAGR of 6.1% during the forecast period. Increasing utilization as a propellant in aerosol products and supportive government laws and regulations promoting eco-friendly alternatives with minimum carbon footprint are key factors driving market revenue growth.
Isobutane is widely used in the automotive sector. For optimal engine performance, the inclusion of isobutane is crucial in high-octane gasoline. When combined with additional gasoline elements, the inclusion of isobutane has the potential to play a role in minimizing emissions. This is especially significant for adhering to environmental standards and regulatory requirements.
For instance, according to the statistics published by Center for Climate and Energy Solutions, the U.S. automotive sector contributes to 27.2% of total Greenhouse Gas (GHG) emissions representing the largest source. For example, in December 2021, the Environmental and Protection Agency (EPA) modified the existing national standards for GHG emissions from passenger cars and light trucks up to model year 2026.
Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @
In the same year, President Biden enacted 'Strengthening American Leadership in Clean Cars and Trucks,' which establishes a nonbinding objective of achieving 50% of passenger cars and light-duty trucks as Zero-Emission Vehicles (ZEVs) by 2030. In addition, implementation of such regulations by government authorities, is another major factor driving revenue growth of the market.
However, fluctuations in the prices of raw materials, presence of more economical alternatives, and stringent regulatory guidelines overseeing the storage and transportation of isobutane are major factors, which could restrain market revenue growth.
Segment Insights
Product Insights:
On the basis of product, the global isobutane market is segmented into N-Butane-based and propane-based. The N-Butane based segment is expected to account for largest revenue share in the global isobutane market over the forecast period.
This is due to increasing utilization as a fuel in various applications and rising adoption of isobutane as a refrigerating agent owing to its lower environmental impact. In addition, rising expenditure to improve Research & Development (R&D) activities in manufacturing isobutane and make it more feasible or less costly is another factor driving revenue growth of this segment.
Application Insights:
On the basis of application, the global isobutane market is segmented into 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, and others.
The refrigeration and air conditioning segment is expected to register steadily fast revenue growth rate in the global isobutane market over the forecast period. This is attributed to eco-friendly nature with zero Ozone Depletion Potential (ODP), low Global Warming Potential (GWP) along with versatility for using isobutane in various types of refrigeration and air conditioning equipment.
Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @
Regional Insights:
Asia Pacific accounted for largest market share in the global isobutane market in 2022 owing to rising demand for manufacturing personal care products, rising adoption of isobutane as a refrigerant in domestic applications, along with government policies and regulations to shift towards cleaner energy sources. Authorities, such as Japan Refrigeration and Air Conditioning Testing and Inspection Association (JARKA) and Japan Quality Assurance Organization for Refrigerating Equipment (JQARE), offer testing and certification solutions for refrigeration systems using isobutane. Through these services, the compliance of isobutane systems with safety and performance standards is verified.
North America is expected to register fastest market growth rate in the global isobutane market during the forecast period. This is owing to rapid adoption of isobutane as a fuel additive for petrol in the automobile sector and government approvals and grants encouraging usage as a food additive. In addition, supportive government regulations to lower emission levels of Chlorofluorocarbon (CFC) and other harmful gases is also expected to drive market revenue growth of this region during the forecast period.
The U.S. Government is also making attempts to lower emission level in vehicles. For example, in December 2021, President Biden issued Executive Order establishing a nonbinding objective to achieve 50% of sales for passenger cars and light trucks as zero-emission vehicles by 2030. The order further instructs the Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) to create new fuel economy and emissions standards for passenger vehicles spanning model years 2027 to 2030, with a deadline for finalization set no later than July 2024.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 18.12 Billion |
| CAGR (2023–2032) | 6.1% |
| Revenue Forecast To 2032 | USD 32.60 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Product, purity level, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | 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, and Shanghai Danfan Network Science & Technology Co., Ltd. |
| Customization Scope | 10 hours of free customization and expert consultation |
Direct Order Can Be Placed Through This Link [Exclusive Copy] @
Major 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.
Browse Full Report Description + Research Methodology + Table of Content + Infographics @
Segments Covered in Report
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
Emergen Research is Offering Exclusive Customization as per your Specific Requirements @
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web:
Direct Line: +1 (604) 757-9756
E-mail: ...
Explore Our Blogs and Insights Section: insights
MENAFN18012024004107003653ID1107739217
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.