Europe Butane Market Development Plans and Future Growth Forecast 2027
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, states Fortune Business Insights™ in its report,
Source: https://www.fortunebusinessinsights.com/europe-butane-market-104707
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.
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.
