Apr 18, 2024 (MENAFN via COMTEX) --
(MENAFN - EIN Presswire)
Natural Gas Liquids Market Analysis
Advancement in Technology Foreseen to Drive the Global Natural Gas Liquids Market from 2020 to 2030
Oil & gas, chemical & petrochemicals, cosmetics products, and many other such companies are the major customers of the global natural gas liquid market." - Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, April 18, 2024 /EINPresswire / -- The rise in demand for chemicals & petrochemicals and the rapid surge in the usage of plastic products have led to an increase in demand for Natural gas liquid, which may act as the major driving factor for the market. The natural gas liquids market was valued at $16.9 billion in 2020 and is estimated to reach $28.5 billion by 2030, growing at a CAGR of 5.4% from 2021 to 2030.
Download Research Report Sample:
Natural gas liquids (NGLs) are a group of hydrocarbons that include ethane, propane, butane, isobutane, and natural gasoline. NGLs are differentiated from one another by the number of carbon atoms in their molecular chain. They have a wide variety of applications from specialized fuels (e.g., propane, butane) to petrochemical feedstocks for making products like plastic and fertilizers.
NGLs are extracted as byproducts in the production of natural gas and oil. In addition, of these two sources, natural gas processing is by far the most significant, contributing over 90% of NGL production in 2018. When extracted from a well, natural gas is mixed with other hydrocarbons and various impurities. For the natural gas to be marketable, the NGLs and impurities must then be removed. The separated NGLs may then be discarded or undergo further processing to be sold. The relatively high value of NGLs combined with the rise in natural gas production has led to a rapid rise in NGL production as it has become more economical for processors to sell the separated NGLs. The U.S. is by far the largest producer of NGLs in the world, accounting for more than a third of global production. Domestic NGL production has more than doubled in the 10 years since 2008, reaching 1,381 million barrels in 2017. Ethane and propane are the two most prevalent NGLs, and together they account for more than 70% of all domestic production. Canada, Japan, and China are currently the largest importers of U.S. NGLs.
The key factors responsible for driving natural gas liquids markets are an increase in demand in petrochemical plants; surge demand in refineries, and high demand from industrial & residential consumers. Some of the other factors responsible for driving the natural gas liquids market are developments in the natural gas business; and the increased utilization of associated gas.
Get a Customized Research Report @
Competitive Analysis:
The Natural Gas Liquids industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Natural Gas Liquids Market include,
ConocoPhillips Company
Exxon Mobil Corporation
Shell Plc.
BP P.L.C
Chevron Corporation
Occidental Petroleum Corporation
Saudi Arabian Oil Co.
Lukoil
Devon Energy Corporation
Range Resources Corporation
Press Release:
Restraining factors to this market are the lack of infrastructure to handle NGLs, and tough competition from other energy-producing products such as methane gas, biogas, and many more. The opportunity lies in developing the infrastructure for NGLs.
The natural gas liquids market is segmented based on product and application. By product, it is classified as ethane, propane, isobutene, and natural gasoline. By application, it is categorized as Industrial, residential, and commercial. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Inquiry before Buying:
Key findings of the study:
- Based on product, the ethane segment emerged as the global leader in 2020 and is anticipated to hold the largest natural gas liquids market size during the forecast period.
- Based on application, the industrial segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
- On the basis of region, the natural gas liquids market share is highly attributed to North America and is projected to remain the same during the natural gas liquids market forecast period.
Trending Reports in Energy and Power Industry:
1. Liquefied Petroleum Gas Market -
2. Landfill Gas Market -
3. Shale Gas Market -
About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
David Correa
Allied Market Research
+1 5038946022
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
MENAFN18042024003118003196ID1108109559
COMTEX_451038474/2604/2024-04-18T12:33:18
