Natural Gas Liquid Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
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Natural Gas Liquid Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
Natural Gas Liquid Market by Product Type (Ethane, Propane, Butane, and Pentane Plus), Application Type (Petrochemical Feedstock, Space Heating, Blendstock, and Others), and Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, South Korea, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
Natural Gas Liquid Market by Product Type (Ethane, Propane, Butane, and Pentane Plus), Application Type (Petrochemical Feedstock, Space Heating, Blendstock, and Others), and Region (North America [The USA, Canada, and Mexico...
"The global natural gas liquid market is estimated to grow from USD 8.3 billion in 2022 to USD 12.73 billion by 2028 at a CAGR of 7.20% during the forecast period."
Natural Gas Liquids (NGLs) are hydrocarbons that are separated from natural gas during processing. NGLs include a variety of liquid hydrocarbons, such as ethane, propane, butane, and pentane. These liquids are typically found in underground reservoirs along with natural gas and are extracted along with the gas through drilling.
The composition of NGLs can vary depending on the location where they are extracted, but they generally consist of light hydrocarbons that have a lower boiling point than crude oil. Ethane, propane, butane, and pentane are the most common NGLs, with each having different uses and properties.
Natural Gas Liquid Market Report: Overview
Market Size in 2028
USD 12.73 Billion
Market Size in 2022
USD 8.34 Billion
CAGR (2023-2028)
7.20%
Base Year of Study
2022
Trend Period
2017-2021
Forecast Period
2023-2028
The factors affecting the market for natural gas liquid include; demand for petrochemical use, domestic and industrial usage, and clean energy. The market is also affected by the reduced prices of natural gas which has shifted focus to NGL which is more valuable. Further, shale gas and oil have offered a diverse and more adaptable supply of feedstocks to the petrochemical industry to improve the market outlook. However, it has certain threats that include competition from renewable energy which is getting cheaper than natural gas and NGLs. This trend is fueled by factors such as environmental conservation and the quest to cut down on carbon footprints, thus moving away from the use of fossil-based energy.
The market is segmented as ethane, propane, butane, and pentane plus. Ethane is estimated to account for the lion’s share of the market during the forecast period. Its growing use in the petrochemical industry, development of large-scale ethylene crackers as a feedstock to produce ethylene, and growing investments in downstream industries are expected to drive the growth of the segment in the coming years.
Butane, on the other hand, is expected to register significant growth in the market over the forecast period. Factors such as its high replacement potential, wide applications across various sectors, reduced carbon footprints, and growing LPG demand are expected to fuel the segment's growth over the forecast period.
Application Trends
"Petrochemical feedstockaccounts for the largest market share."
The market is bifurcated into petrochemical feedstock, space heating, blendstock, and others. Petrochemical feedstock held a market share of more than 45% in 2022 & is estimated to be the largest share of the market during the forecast period. Increasing focus on environmental protection, coupled with continuous evaluation of alternative fuel adoption is likely to boost the overall industry growth in the coming years.
Furthermore, increasing investments toward developing the industrial sector, as well as growing demand for synthetic rubber, polyethylene, and polypropylene for the manufacture of plastics, tires, and other products, is expected to drive the natural gas liquid market growth over the forecast period.
Also, the market for space heating is expected to grow at a significant rate. Growing focus on clean energy sources, as well as rising demand for effective and energy-efficient systems, is expected to fuel the market growth. The growing population and increasing awareness of sustainable building solutions are likely to accelerate the growth of the market in the years to come.
Regional Insights
"North America accounted for the largest market share."
North America is estimated to be the leading region in the market during the forecast period with the U.S. being the growth engine of the region. Major factors such as the rapid development of the shale gas industry, decreasing reliance on foreign countries for energy imports, and low prices of natural gas liquids are expected to drive regional market growth during the forecast period.
Furthermore, fluctuations in currency exchange rates, supply cost efficiencies, and product monetization all contribute to an optimistic outlook for industry growth over the forecast period.
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.
What Deliverables Will You Get in This Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the natural gas liquid market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Competitive landscape analysis and market share analysis
How complex is the business environment?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The market is segmented into the following categories:
By Product Type
Ethane
Propane
Butane
Pentane Plus
By Application Type
Petrochemical Feedstock
Space Heating
Blendstock
Others
By Regional
North America (Country Analysis: The USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and Rest of Asia-Pacific)
Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s natural gas liquid market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
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Natural Gas Liquids (NGLs) are hydrocarbons that are separated from natural gas during processing. NGLs include a variety of liquid hydrocarbons, such as ethane, propane, butane, and pentane. These liquids are typically found in underground reservoirs along with natural gas and are extracted along with the gas through drilling.
Canadian Natural Resources, Chevron Corporation, Eni S.p.A., Exxon Mobil Corporation, Gazprom, Petrobras, Range Resources Corporation, Riveria Resources, Inc., Rosneft, and Royal Dutch Shell PLC are some of the key players in the market.
North America is estimated to lead the market on account of the rapid development of the shale gas industry, decreasing reliance on foreign countries for energy imports, and low prices of natural gas liquids. Furthermore, fluctuations in currency exchange rates, supply cost efficiencies, and product monetization all contribute to an optimistic outlook for industry growth over the forecast period.
Petrochemical feedstock is estimated to remain dominant in the market on account of increasing focus on environmental protection coupled with continuous evaluation of alternative fuel adoption, fueling the overall industry growth in the coming years. Furthermore, increasing investments toward developing the industrial sector, as well as growing demand for synthetic rubber, polyethylene, and polypropylene for the manufacture of plastics, tires, and other products, is expected to drive the natural gas liquid market growth over the forecast period.
The factors affecting the market for natural gas liquid include; demand for petrochemical use, domestic and industrial usage, and clean energy. The market is also affected by the reduced prices of natural gas which has shifted focus to NGL which is more valuable. Further, shale gas and oil have offered a diverse and more adaptable supply of feedstocks to the petrochemical industry to improve the market outlook. However, it has certain threats that include competition from renewable energy which is getting cheaper than natural gas and NGLs.