Natural Gas Liquid (NGL) Market Likely To Touch New Heights By End Of Forecast Period 2030

 

Natural Gas Liquid (NGL) Market Overview:

The global Natural Gas Liquid (NGL) Market is projected to record a CAGR of 5.7% during the forecast period 2022-2030.

Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.

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The supply of Natural Gas Liquid (NGL)s 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 Liquid (NGL)s but it is unclear how long these will continue to affect the market.

Segmental Analysis

The global Natural Gas Liquid (NGL)s market has been segmented based on products, application, and region.

By product, the global Natural Gas Liquid (NGL) market has been segmented into ethane, propane, isobutene, and natural gasoline. Ethane held the largest market share in the global Natural Gas Liquid (NGL) market for the year 2021. The ethane Natural Gas Liquid (NGL) 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 (NGL) 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.

Regional Analysis

Geographically, the global Natural Gas Liquid (NGL) 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 (NGL) market in 2021 and Asia Pacific is expected to grow with the highest CAGR during the forecast period.

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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