Natural Gas Liquid Market Overview:
The global Natural Gas Liquid Market is projected to record a CAGR of 5.7% during the forecast period.
Natural gas liquids are natural components found in gas state form. This separation of gases occurs in field facilities and gas processing plants. Nitrogen, hydrogen sulfide, and carbon dioxide are just a few of these components. Furthermore, natural gas liquids (or NGLs) are composed entirely of carbon and hydrogen, just like crude oil, natural gas, and fuels sometimes based on these hydrocarbons. In general, there are three kinds of NGL: ethane, propane, butane, isobutane, and pentanes plus some combination of these. There are many applications for each kind that include fuel production and petrochemicals to paints and coatings such as those used on cars.
The global natural gas liquid market is driven by the increasing demand for natural gas in developed as well as developing economies. The demand for natural gas has been increasing significantly due to the switching from naphtha and jet fuels to natural gas to reduce the emission of greenhouse gases. Multi-product pipelines and the development of the LNG carriers are some of the key developments in the natural gas market. However, the high production cost of natural gas has posed a challenge to the market. In addition, a reduction in the prices of LNG carriers has also played a role in inhibiting market growth. In addition to this, the availability of alternative sources of energy, such as coal and shale gas, may limit the market growth in the forecast period.
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The supply of natural gas liquids is directly affected by the demand for oil gas. This demand was limited during the COVID-19 outbreak and production slowed down. Crude prices have decreased due to cost containment caused by the budget shutdown at different levels of government and shifting focus towards biogas production as a source of renewable energy following an influx in reserves found in shale formations. The attention on these issues has reduced demand for natural gas liquids but it is unclear how long these will continue to affect the market.
With countries across the world, locking down their borders, there have been minimum export-import movements, which have profoundly impacted the growth of the overall Natural Gas Liquid industry. Measures to contain COVID-19 have led to multiple production and transport disruptions in China, where much of the global supply of raw materials originates. All this has severely affected the supply chain of the Natural Gas Liquid market at a global level.
Segmental Analysis
The global natural gas liquid market has been segmented based on products, application, and region.
By product, the global natural gas liquid market has been segmented into ethane, propane, isobutene, and natural gasoline. Ethane held the largest market share in the global natural gas liquid market for the year 2021. The ethane natural gas liquid market will see a high level of growth. This is because it is widely used in the petrochemical industry and large-scale ethylene crackers are being developed. Its use in other downstream industries such as the manufacturing of resins, plastics, and various other industrial products will increase. These factors, along with increasing development towards the use of other alternatives to ethane to produce ethylene will have a positive impact on the market for this product.
By application, the global natural gas liquid market has been segmented as residential, commercial, and industrial. Increasing investments toward the development of the industrial sector along with an increased demand for polyethylene, synthetic rubber and polypropylene to be used in the manufacturing of tires, plastics, and other products will fuel industry growth. In addition, intensifying focus on environmental protection along with continuous evaluation of new alternative fuel development technologies will stimulate industry growth.
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Regional Analysis
Geographically, the global natural gas liquid market has been categorized as North America, Europe, Asia-Pacific, South America, and Middle East Africa. As per analysis, North America constituted a dominant share of the Natural Gas Liquid market in 2021 and Asia Pacific is expected to grow with the highest CAGR during the forecast period.
Key Players
- BP P.L.C.
- Chevron Corporation
- ConocoPhillips Company
- Devon Energy Corporation
- Exxon Mobil Corporation
- Lukoil
- Occidental Petroleum Corporation
- Range Resources Corporation
- Saudi Arabian Oil Co.
- Shell Plc
