An extensive implementation of isobutene in refineries in production of alkylate is estimated to boost the market growth.
North America Isobutane Market Size – USD 23.37 Billion in 2020, Growth - CAGR of 6.6%, Trends – Rising cold chain market
The Global North America Isobutane Market is expected to reach USD 38.82 Billion by 2028, according to a new report by Reports and Data. North America Isobutane is a colorless gas with a slight petroleum-like odor. It is very inflammable and is denser than air. Among the five natural gas liquids, North America Isobutane has a distinctive place in the market. North America Isobutane is produced from gas processing plants and refineries and is also the only NGL purposely produced from another NGL –n-butane.
North America Isobutane is principally used in refineries as a gasoline – petrol – additive. It is processed to make alkylate through the process of alkylation. It is used to produce isooctane, a high octane gasoline constituent, which increases the octane rating and anti-knock characteristics of gasoline. This extensive implementation of North America Isobutane in refineries and petrochemical plants is forecasted to drive the market growth.
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Top Companies: Conoco Phillips, Linde, Praxair Technology, Air Liquide, Shell Trading International Limited, Sirloong, Jinling Petrochemicals, Taiyo Nippon Sanso Corporation, Evonik and Sibur among others.
Further Key Finding from the Report Suggestion:
- Pure grade North America Isobutane is forecasted to witness highest growth rate of 6.8% in the forecast period owing to the application of this grade of North America Isobutane in alkylation process as well as in refrigeration systems. Technical grade isobutene is forecasted to reach USD 10.71 billion by 2028.
- North America Isobutane does not have the harmful characteristics of Freon and other related compounds. Thus, it is extensively used in all types of refrigeration systems, extending from small home solutions to massive commercial freezers. North America Isobutane is denoted as R-600a when it is applied as propellants in aerosols or as refrigerants.
- Petrochemicals is projected to capture more the 60% of the market in the forecast year reaching USD 20.77 billion by 2028. This can be attributed to the very high use of North America Isobutane as feedstock which are used in the formation of the suitable atmosphere for production of isooctane. Researches are being done on various capabilities of North America Isobutane as a feedstock in improving the production of numerous other compounds.
- North America Isobutane is one among the hydrocarbons which are liquefied under pressure and are used as fuel in the form of LPG.
- Asia Pacific is estimated to capture the largest market share in the with a growth rate of 6.7% during the forecast period due to the presence of large number of refineries in the region, especially in countries like China, India, Japan and South Korea. The market in North America is projected to reach USD 7.17 billion by 2028.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global North America Isobutane Market is segmented into:
Type Outlook (Volume, Million Barrels per Day; 2020-2028 and Revenue, USD Million; 2020-2028)
- 99% Pure
- 5% Pure
- 7% Pure
- Others
Grade Outlook (Volume, Million Barrels per Day; 2020-2028 and Revenue, USD Million; 2020-2028)
- Pure Grade
- Instrumentation Grade
- Technical Grade
Application Outlook (Volume, Million Barrels per Day; 2020-2028 and Revenue, USD Million; 2020-2028)
- Refrigeration System
- Cosmetic Products
- Petrochemicals
- Aerosols
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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