Natural Gas Liquid Market Size, Share, Growth, Industry Analysis By 2032
Research Reports
Aug 13, 2023
Insights about the future of market research:
The components of natural gas that have been condensed into liquid form are what are referred to as natural gas liquids. This may occur as a part of the extraction process in regions where there are facilities, or it may occur at various types of plants through the processes of absorption, condensation, or other means. In addition, natural gas liquids, often known as NGLs, are another type of hydrocarbon fossil fuel. Like natural gas and crude oil, NGLs are comprised of the fundamental chemical components hydrogen and carbon.
There are several various kinds of Natural Gas Liquid Market, including ethane, propane, butane, isobutane, and pentanes, and each of these NGLs has a particular function that it is best suited for. These natural gas liquids can be used in a wide variety of applications, ranging from the production of petrochemicals and plastics to the provision of much-required energy for residential heating in colder climates during the winter months. One of the most important applications for these natural gas liquids is as feedstocks for major industries.
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Rapid urbanisation and industrialisation are two of the primary factors that are driving the demand for natural gas liquids. The growing nations are in need of energy, and natural gas is essential to the production of energy. The growth of the economy and the spread of urbanisation are driving fast expansion and transformation in energy requirements. China and India have been the world’s two largest consumers of natural gas during the past few decades. Their rising need for natural gas is being driven by the rapid urbanisation and industrialisation that has taken place.
Principal Key players:
- BP PL.C.
- Chevron Corporation
- ConocoPhillips Company
- Devon Energy Corporation
- Exxon Mobil Corporation
- Lukoil
- Occidental Petroleum Corporation
- Range Resources Corporation
- Saudi Arabian Oil Co.
- Shell PIc
Analyses of the region:
The market for natural gas liquids in the world has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World based on geographic location. The most significant portion of the market was contributed by North America. During the time under consideration, it is anticipated that Asia Pacific would have the greatest CAGR.
Because there are a lot of emerging nations in the APAC area, there is a massive amount of untapped potential for the growth of the many businesses that exist there. One of these types of industries that is flourishing as a result of this pattern is the natural gas business, which is seeing substantial expansion. It is anticipated that the region’s growing population, in conjunction with improvements in new technologies and goods, would make this location an attractive location in the coming years for the development of natural gas liquids.
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The natural gas liquid market size was dominated by sales in North America, which accounted for the largest market share. The United States was the top consumer among individual nations, accounting for slightly more than one-third of the overall consumption. This was due to the fact that the country had a large population. The requirement for processing and transporting gas reserves was the primary force behind the high level of consumption in North America. In addition, there is a significant demand for natural gas liquids (NGLs), particularly propane, as a feedstock in the petrochemicals industry and the plastics sector.
Market Segment Overview
The worldwide market for natural gas liquid has been segmented into Ethane, Propane, Isobutene, and Natural Gasoline, depending on the type of product being sold. As a result of a growth in demand for ethane across a variety of sectors, ethane is expected to occupy the biggest market share in the natural gas liquid industry throughout the world in the year 2020.
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Residential, commercial, and industrial are the three submarkets that make up the application-based division of the worldwide market for natural gas liquid. Due to the fast rate of urbanisation and industrialization occurring in developing countries, the industrial sector is expected to occupy the greatest market share in the natural gas liquid market worldwide by the year 2020.
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