Natural Gas Liquid Market Analysis | Leading Players, Industry Updates, Future Growth, Business Prospects, 2030
Natural Gas Liquid Market Overview:
The global Natural
Gas Liquid Market is projected to record a CAGR of 5.7% during the forecast
period.
Natural gas liquids are natural
components found in gas state form. This separation of gases occurs in field
facilities and gas processing plants. Nitrogen, hydrogen sulfide, and carbon
dioxide are just a few of these components. Furthermore, natural gas liquids
(or NGLs) are composed entirely of carbon and hydrogen, just like crude oil,
natural gas, and fuels sometimes based on these hydrocarbons. In general, there
are three kinds of NGL: ethane, propane, butane, isobutane, and pentanes plus
some combination of these. There are many applications for each kind that
include fuel production and petrochemicals to paints and coatings such as those
used on cars.
The global natural gas liquid
market is driven by the increasing demand for natural gas in developed as well
as developing economies. The demand for natural gas has been increasing
significantly due to the switching from naphtha and jet fuels to natural gas to
reduce the emission of greenhouse gases. Multi-product pipelines and the
development of the LNG carriers are some of the key developments in the natural
gas market. However, the high production cost of natural gas has posed a
challenge to the market. In addition, a reduction in the prices of LNG carriers
has also played a role in inhibiting market growth. In addition to this, the
availability of alternative sources of energy, such as coal and shale gas, may
limit the market growth in the forecast period.
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The supply of natural gas liquids is directly affected by the demand for oil & gas. This demand was limited during the COVID-19 outbreak and production slowed down. Crude prices have decreased due to cost containment caused by the budget shutdown at different levels of government and shifting focus towards biogas production as a source of renewable energy following an influx in reserves found in shale formations. The attention on these issues has reduced demand for natural gas liquids but it is unclear how long these will continue to affect the market.
With countries across the world,
locking down their borders, there have been minimum export-import movements,
which have profoundly impacted the growth of the overall Natural Gas Liquid
industry. Measures to contain COVID-19 have led to multiple production and
transport disruptions in China, where much of the global supply of raw
materials originates. All this has severely affected the supply chain of the
Natural Gas Liquid market at a global level.
Segmental Analysis
The global natural gas liquid
market has been segmented based on products, application, and region.
By product, the global natural
gas liquid market has been segmented into ethane, propane, isobutene, and
natural gasoline. Ethane held the largest market share in the global natural
gas liquid market for the year 2021. The ethane natural gas liquid market will
see a high level of growth. This is because it is widely used in the
petrochemical industry and large-scale ethylene crackers are being developed.
Its use in other downstream industries such as the manufacturing of resins,
plastics, and various other industrial products will increase. These factors,
along with increasing development towards the use of other alternatives to
ethane to produce ethylene will have a positive impact on the market for this
product.
By application, the global
natural gas liquid market has been segmented as residential, commercial, and
industrial. Increasing investments toward the development of the industrial
sector along with an increased demand for polyethylene, synthetic rubber and
polypropylene to be used in the manufacturing of tires, plastics, and other
products will fuel industry growth. In addition, intensifying focus on
environmental protection along with continuous evaluation of new alternative
fuel development technologies will stimulate industry growth.
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Regional Analysis
Geographically, the global
natural gas liquid market has been categorized as North America, Europe,
Asia-Pacific, South America, and Middle East & Africa. As per analysis,
North America constituted a dominant share of the Natural Gas Liquid market in
2021 and Asia Pacific is expected to grow with the highest CAGR during the
forecast period.
Key Players
- BP P.L.C.
- Chevron Corporation
- ConocoPhillips Company
- Devon Energy Corporation
- Exxon Mobil Corporation
- Lukoil
- Occidental Petroleum Corporation
- Range Resources Corporation
- Saudi Arabian Oil Co.
- Shell Plc
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