LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of their Global Butane Market - Procurement Intelligence Report.
The recent increase in natural gas extraction activities is resulting in a surge in the production of butane. This boost in production will have a direct positive impact on the global butane market, which is set to touch a value of over USD 20 billion between 2018-2023. Butane is used as one of the essential feedstocks for the production of LPG which is currently witnessing an extensive adoption as a domestic and automotive fuel. This will contribute towards the spend growth in the global butane market. Download the Free Sample of the butane market procurement intelligence report here and know about the factors that are driving the procurement expenditure in the US market.
Severe supply shortage, accidents while handling the chemical and logistics issues are some of the imposing butane procurement challenges. These are also responsible for propelling the procurement expenditure for buyers in the butane market. Given these challenges, this procurement intelligence report has suggested a set of butane supplier relationship management objectives that can aid buyers to address these challenges. Insights into the same are listed below:
Butane Supplier Relationship Management Insights 1
Because of the severe supply shortage in the butane market, a critical butane supplier relationship management objective is to ascertain the level of technology adoption of suppliers. Buyers are also advised to engage with suppliers who leverage supply chain management software to track their products and raw materials. They use the batch production process, which makes it easier to track all the products in upstream and downstream processes. This information helps suppliers to identify any potential bottlenecks in their processes and in the process aid buyers to tackle one of the potential butane procurement challenges.
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Butane Supplier Relationship Management Insights 2
“In North America and Europe, the delivery time of butane during the winter season is less compared to other seasons such as autumn and spring. This, in turn, will impact the productivity of buyers and increase their procurement cost,” says SpendEdge procurement expert Tridib Bora.
To address this procurement challenge stated above, one of the critical butane supplier relationship management objectives for buyers from these regions is to optimize their procurement volume. To achieve the same, buyers must engage with suppliers who can perform effective demand management, which will also help in attaining cost savings. While performing demand management, suppliers must consider variations in prices of butane across regions based on exchange rates, freight rates, and location of suppliers' manufacturing units.
Get more information on procurement strategies recommended by our experts that will help you optimize your spend amidst difficult market scenario.
Get the butane market procurement intelligence report to know more about the best practices that can help you to tackle the potential butane procurement challenges in today’s market.
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