Butane Market Size, Share & Trends Analysis Report By Application (LPG, Petrochemicals, Refineries, Others) By Region (North America, Europe, APAC, MEA), And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the butane market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for butane market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of butane market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Butane Market Categorization:

The butane market was categorized into four segments, namely application (Liquid Petroleum Gases (LPG), Petrochemicals, Refineries), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The butane market was segmented into application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The butane market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S.; Canada; Mexico; Germany; UK; Italy; Spain; Russia; China; India; Japan; South Korea; Thailand; Malaysia; Brazil; Argentina; Saudi Arabia; Iran

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Butane market companies & financials:

The butane market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• British Petroleum PLC is an integrated oil & gas company that operates in the areas of upstream & downstream segments and alternative energy. Its upstream segment includes exploration & production (E&P) of oil & gas, midstream transportation, processing, and storage. Moreover, it includes trading of natural gas including liquefied natural gas (LNG) and power & natural gas liquids (NGL). Its downstream segment offers manufacturing and distribution of products such as fuels, petrochemicals &lubricants.

• Chevron Corporation is a vertically integrated oil & gas company and through subsidiaries, is engaged in business operations that include upstream and downstream operations. Upstream segments include exploration & production of oil & natural gas. Downstream operations offer the manufacturing and distribution of chemicals, lubricants, and additives. In addition, the downstream operation also includes pipelines, shipping, and global trading. Chevron company’s other business operation includes mining, power generation, and technology.

• ConocoPhillips Company is engaged in exploration & production and manufacturing & distribution of crude oil, natural gas, liquefied natural gas (LNG), natural gas liquids (NGL), and bitumen globally. Its business expanded over North America, Europe, and Asia Pacific.

• ExxonMobil Corporation is the world’s largest publicly traded international oil& gas company. It operates through four business segments that include upstream, chemical, downstream, and natural gas & power marketing. The company’s product portfolio includes olefins, aromatics, fluids, synthetic rubber, polyethylene, polypropylene, and zeolite catalysts.

• Royal Dutch Shell is an integrated oil & gas company engaged in business segments that include upstream, integrated gas and new energies, downstream, and projects & technology. Upstream International operates business outside the Americas and explores & produces (E&P) crude oil, natural gas, and natural gas liquids (NGL) and transports oil & gas to market. Downstream activities involve refining and marketing of oil products and chemicals, which are managed globally. Its petrochemical product portfolio includes acetone, ethylene oxide, ethylene glycols, phenol, polyols, propylene glycols, and propylene oxides.

• Petroleum and Chemical Corporation (SINOPEC) also known as Sinopec Group, manufactures petroleum and petrochemical products. Its operations include oil & gas exploration & production, crude oil processing, petroleum product trading, transportation, distribution & marketing, and petrochemical product manufacturing. It operates a comprehensive R&D system, which includes six research institutes and four engineering institutes. Sinopec combines its petrochemical business with its refineries and distributes a majority of its petrochemical products within the country.

• Proton Gases India Pvt. Ltd., is a manufacturer and supplier of industrial & specialized gas and gas handling systems. Its product range includes liquid argon & nitrogen, neon, krypton, xenon, hydrocarbon & hydrocarbon refrigerants, semiconductor gases, process gases, and calibration gases. Its business segments include petrochemical & refineries, instruments manufacturers, automobile, medical, power, fertilizer & chemicals, lighting industries, food industry, and cement industries.

• Valero Energy Corp. is a manufacturer and distributes petrochemical products, transportation fuels, and power. It serves a variety of markets through two business segments: refining and ethanol.  The refining segment includes gasoline, jet fuel, diesel, petrochemicals, and lubricants. The production of distiller grains and ethanol is part of the company's ethanol segment.

• Aditya Air Product Pvt. Ltd. is an industrial gas manufacturer and distributor. Carbon dioxide, nitrogen, argon, hydrogen, isobutene, n-butane, SF-6, zero air, and oxygen gases are among the products offered by the company. Business sectors include the chemical, petroleum, engineering, and medical industries.

• Praxair Technology, Inc. is an industrial gas supplier across the globe. The products in the industrial gases business include atmospheric gases (oxygen, nitrogen, argon, rare gases) and process gases (carbon dioxide, helium, hydrogen, electronic gases, specialty gases, acetylene). It also provides isobutylene in a variety of purities and concentrations such as isobutylene air mixture, isobutylene helium mixture, and isobutylene nitrogen mixture.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Butane Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 - 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Butane Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.