Isobutane Market Size Worth USD 32.60 Billion in 2032 | Emergen Research

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.

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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.

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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

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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.

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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
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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