The Worldwide Natural Gas Liquids Industry is Projected to Reach $28.5 Billion by 2030 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Natural Gas Liquids Market By Product, By Application: Global Opportunity Analysis and Industry Forecast, 2020-2030” report has been added to ResearchAndMarkets.com’s offering.
The global Natural gas liquid market was valued at $16.9 billion in 2020, and is projected to reach $28.5 billion by 2030, growing at a CAGR of 5.4% from 2020 to 2030.
Natural Gas Liquids (NGLs) are those hydrocarbons in natural gas that are separated from the gas as liquids through various processes and the products thus obtained are majorly ethane, propane, butanes, pentane and pentane plus. These products can be used for heat, in cooking, as an energy source, laundry dryers, portable stoves, and in motor vehicles.
In addition, Natural gas liquids are the heavier hydrocarbons separated from raw natural gas to maintain the dew point and heating value of the finished products. The natural gas liquids (NGL) yield a source of revenue and are often sold separately like lighter NGL fractions (ethane, propane and butane) as refinery feedstock and heavier HCs as gasoline-blends.
The key factors responsible for driving natural gas liquids markets are increasing demand in petrochemical plants; increasing demand in refineries, high demand from industrial and residential consumers. Some of the other factors responsible for driving this market are developments in natural gas business; increasing utilization of associated gas; traditional dry gas, is being replaced by wetter non-associated gas in some countries.
Restraining factors to this market are lack of infrastructure to handle NGLs, tough competition from other energy producing products such as methane gas, bio gas, and many more. The rapid growth of NGL production has also outpaced the development of supporting infrastructure. NGLs are expensive to transport and handle-requiring high pressures and low temperatures to keep them in a liquid state for shipment. A network of processing plants and distribution methods is necessary to move NGLs from well to market. Moreover, the surplus of NGLs brought upon by domestic production growth is increasing the need for infrastructure to aid in the exportation of NGLs internationally and the storage of NGLs domestically. The opportunity lies in developing the infrastructure for NGLs.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the natural gas liquids market analysis from 2020 to 2030 to identify the prevailing natural gas liquids market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the natural gas liquids market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global natural gas liquids market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
- Natural Gasoline
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- BP P.L.C
- Chevron Corporation
- ConocoPhillips Company
- Devon Energy Corporation
- Exxon Mobil Corporation
- Occidental Petroleum Corporation
- Range Resources Corporation
- Saudi Arabian Oil Co.
- Shell Plc.
For more information about this report visit https://www.researchandmarkets.com/r/l530yi
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900