Natural Gas Liquid Market Size By Product (Ethane, Propane, Butane, Pentane Plus), By Application (Petrochemical Feedstock, Space Heating, Blend stock) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025
Published Date: Apr 2019 | Report ID: GMI3270 | Authors: Ankit Gupta, Abhishek Chopra
Natural Gas Liquid Market size was over 8 million barrels per day in 2018 and is anticipated to witness an annual growth rate of over 7% by 2025.
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The increasing investments toward petrochemical industry along with the rapid development of residential and commercial establishments will stimulate the market growth. The up surge in consumption of products for cooking, heating and burning purposes will positively impact the industry outlook. In addition, the growing demand for automobile products including tires, flooring, mattings and belts from both OEM and aftermarket will foster the business growth.
Accelerating investments toward clean energy sources driven by concerns over diversification of fuel and shifting regulatory mandates toward energy transition will stimulate the natural gas liquid market. For instance, The Texas Clean Fleet Program directs owners to permanently remove the diesel vehicles from the road and replace them with alternative fuel vehicles. Furthermore, the growing need to cater increasing domestic demand, reinforce energy security and achieve self-sufficiency will augment the industry outlook.
Increasing demand for space heating owing to rapidly changing climatic condition along with rising consumption of plastics and synthetic rubber for various applications will stimulate the global market growth. In addition, population growth, improved standard of living, rapid industrialization and urbanization across the emerging economies will favour the business outlook.
|Base Year:||2018||Market Size in 2018:||8 Billion (USD)|
|Historical Data for:||2014 to 2018||Forecast Period:||2019 to 2025|
|Forecast Period 2019 to 2025 CAGR:||7%||2025 Value Projection:||14 mbl/day|
|Pages:||190||Tables, Charts & Figures:||250|
|Geographies covered (24):||U.S., Canada, Norway, Russia, UK, France, Netherlands, China, Japan, Australia, South Korea, India, Indonesia, Thailand, Saudi Arabia, UAE, Qatar, Oman, Iran, Algeria, Tunisia, Mexico, Brazil, Argentina|
|Segments covered:||Product, Application and Region|
|Companies covered (17):||Exxon Mobil, Eni, Rosneft, Petrobras, Canadian Natural Resources, Range Resources Corporation, Gazprom, Riveria Resources, Inc., Royal Dutch Shell PLC, Chevron Corporation, ConocoPhillips, Equinor ASA, Lukoil, British Petroleum, Qatar Petroleum, Total, Devon Energy|
|Pitfalls & Challenges:||
Natural Gas Liquid Market, By Product
The ethane natural gas liquid market will onlook growth on account of its increasing use across petrochemical industry, development of large-scale ethylene crackers and growing investments toward the downstream industries. In addition, the growing use as a feedstock to produce ethylene, which is a major constituent in manufacturing resins, plastics and various other industrial products will further boost the industry growth.
The butane natural gas liquid market is projected to grow at a rate of over 8% by 2025. High replacement potential, reduced carbon footprint and its wide applications across numerous sectors are the underline parameters that will increase the product penetration. Butane is offered to its customers in the form of synthetic rubber for tires and liquified petroleum gas (LPG). Henceforth, increasing demand for LPG on account of its adoption as domestic fuel particularly in the region of Asia Pacific and Africa will positively impact the business outlook.
Natural Gas Liquid Market, By Application
Petrochemical feedstock in 2018, accounted for over 50% across the global natural gas liquid market share. Increasing investments toward development of industrial sector along with growing demand for polyethylene, synthetic rubber and polypropylene for manufacturing tires, plastics and various other products will fuel the industry growth. In addition, intensifying focus on environmental protection along with the continuous evaluation of alternative fuel development technologies will stimulate the industry growth.
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The space heating segment will onlook growth on account of the growing population, rapid development of Tier II & III cities and increasing awareness toward sustainable building solutions. In addition, shifting trend toward the clean energy sources coupled with the growing demand for effective and energy efficient systems will fuel the global market growth.
Natural Gas Liquid Market, By Region
The U.S. market is anticipated to exceed an annual consumption of 3 million barrels per day by 2025. Rapid development of shale gas industry, low prices of natural gas liquids and declining reliance on foreign countries for energy import have substantially widened the consumption of NGLs. Furthermore, supply cost efficiencies, currency exchange rate fluctuations, and monetization of product will positively impact the industry growth.
Increasing focus toward national energy security & self-sufficiency, expanding utilization of NGL in the energy mix will stimulate the natural gas liquid market across the Middle East & Africa region. The countries are prioritizing unconventional reserves to enhance the domestic gas liquid capacity on account of increasing power demands, the emergence of new industrial cities, and comparatively low prices.
Competitive Market Share
Eminent industry players operating across the natural gas liquid market include Devon, Total, Qatar Petroleum, BP, Lukoil, Equinor, ConocoPhilips, Chevron, Royal Dutch Shell, Riveria, Gazprom, Range Resources, Canadian Natural Resources, Petrobras, Rosneft, Eni and Exxon.
The leading players across the industry are directing toward extended geographical presence, strategic collaborations and technological innovations to enhance their presence across the globe. In addition, continued acquisitions & mergers which indicate a consolidated nature will significantly influence the industry trends.
Natural Gas Liquid Industry Background
The natural gas liquids are a form of hydrocarbons composed of carbon and hydrogen. The NGLs are components of gas which are separated from gas in the form of liquids. The separation of NGL’s from gas occurs in the gas processing facility through condensation, absorption and various other methods. The NGLs primarily include butane, ethane, propane and pentanes.
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