Natural Gas Liquids Market Size, Share, and Growth Trends
NLG Market Overview
Natural
gas liquids Market are hydrocarbon liquids that
are separated from natural gas during the natural gas processing process. The
most common NGLs are ethane, propane, butane, and natural gasoline. NGLs are
used in a variety of applications, including petrochemical feedstocks, fuels,
and solvents.
The global NGL market is expected to grow at a
compound annual growth rate (CAGR) of 5.70% from 2023 to 2032.
The NGL market is growing rapidly, driven by a
number of factors, including:
·
Increasing demand for
NGLs in the petrochemical industry, which uses NGLs as feedstock to produce a
wide range of products, such as plastics, fertilizers, and synthetic rubber.
·
Growing use of NGLs as
fuels, particularly propane, which is used for heating and cooking, and ethane,
which is used to produce ethylene, a key ingredient in polyethylene and other
plastics.
·
Rising production of
natural gas, which is the primary source of NGLs.
The global NGL market was valued at $19.8 billion
in 2022, and is projected to grow to $32.6 billion by 2032, at a compound
annual growth rate (CAGR) of 5.70%
Natural gas liquids are made up of parts of
natural gas that have been condensed into liquid form.
This might take place during the extraction
process in areas with facilities, or it might happen at different kinds of
plants through processes like absorption, condensation, or other techniques.
Natural gas liquids, also referred to as NGLs, are
an additional category of hydrocarbon fossil fuel. NGLs are made of the same
basic chemical elements—hydrogen and carbon—as natural gas and crude oil.
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.
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.
The NLG 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.
The natural gas liquids Industry is a dynamic and multifaceted industry that plays a
pivotal role in the global energy landscape. As the demand for cleaner energy
sources grows, the NGL
market trends has gained prominence due to its
diverse applications and contributions.
Liquefied petroleum gas (LPG), including propane
and butane, forms a significant segment within this market, serving as crucial
energy sources for heating, cooking, and various industrial processes. Ethane,
another vital NGL component, holds strategic importance as a feedstock for
petrochemical production, particularly in the manufacturing of plastics and
chemicals. Additionally, pentane and other NGLs find utility across industries,
including as solvents, refrigerants, and aerosol propellants.
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.
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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