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Natural Gas Liquid Market Size – By Technology, By Application, Analysis, Share, Growth Forecast, 2025 - 2034

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Natural Gas Liquid Market Size

The global natural gas liquid market size was valued at 11.3 million barrels per day in 2024 and is estimated to grow at a CAGR of 5.6% from 2025 to 2034. The petrochemical industry is experiencing substantial investment growth, along with accelerated development in residential and commercial construction projects has complemented the industry landscape. Additionally, the automotive manufacturing sector’s consistent demand for critical components, growing adoption across residential activities and other industrial processes will further augment the industry landscape.
 

Natural Gas Liquid Market

Increasing exploration efforts across various nations coupled with flourishing investments by companies in diverse technological approaches and methodologies to identify and access new reserves, further contributing to industry growth. For instance, in September 2024, North Dakota Public Service Commission approved Cerilon's USD 3.2 billion gas-to-liquids plant project near Trenton, Williams County. The facility will convert natural gas into high-value products, including diesel fuel and lubricants. The commission's unanimous approval requires Cerilon to submit a construction management plan addressing traffic management around the plant site, which will be located west of Williston.
 

Natural Gas Liquid Market Trends

Natural gas liquid industry is anticipated to grow on account of increasing energy consumption driven by rising population and ongoing urbanization together with rising oil and gas production demands across various industries, and introduction of microbial Natural Gas Liquid techniques that minimizes environmental impact. Rising demand for space heating owing to shifting climate patterns, coupled with increasing consumption of plastics and synthetic rubber products across multiple industries will complement the industry landscape.
 

Growing population and rising living standards along with accelerating industrialization and urbanization in emerging economies will complement the industry growth. Increased demand for various products used in cooking, and combustion processes coupled with favorable initiatives to curb emissions will positively impact the industry dynamics.
 

Natural Gas Liquid Market Analysis

Natural Gas Liquid Market Size, By Product, 2022 - 2034 (Mbl/d)

The ethane segment is anticipated to grow over 7.9 million barrels per day by 2034, driven by its widespread adoption in petrochemical manufacturing and the construction of ethylene cracking facilities. Significant investments in downstream sectors further support market growth. The integration of ethane across these industrial processes strengthens its market position and indicates growing demand in the chemical manufacturing sector.
 

Natural Gas Liquid Market Volume Share, By Application, 2024

The petrochemical feedstock segment is projected to witness a CAGR of over 5% through 2034. Petrochemicals account for the majority share of the natural gas liquid market owing to rising investments in industrial sector development, coupled with increasing demand for polyethylene, synthetic rubber, polypropylene in tire, plastic, and other product manufacturing. Moreover, growing emphasis on environmental protection and continuous development of alternative fuel technologies contribute to the industry growth.
 

U.S. Natural Gas Liquid Market Size, 2022 - 2034 (Mbl/d)

U.S. natural gas liquid market is set to cross 4.6 Mbl/d by 2034. Ongoing development of the shale gas industry, low natural gas liquid prices, and reduced dependence on energy imports have increased NGL consumption. Cost efficiencies in supply, exchange rate fluctuations, and product monetization along with focus on national energy security and self-sufficiency, along with expanded use in the energy mix, contribute to industry growth.
 

Development of unconventional reserves to enhance domestic gas liquid capacity due to rising power demands, new industrial developments, and competitive prices. further complementing the industry landscape. For instance, in May 2024, ONEOK, Inc. has reached an agreement to purchase Easton Energy's NGL pipeline network for USD 280 million. The deal encompasses 450 miles of pipelines in the Gulf Coast region that transport NGLs, refined products, and crude oil. The infrastructure will be connected to ONEOK's existing facilities in Mont Belvieu, Texas, and its Houston operations.
 

Natural Gas Liquid Market Share

Natural Gas Liquid Company Market Share Analysis, 2024

Major companies in the industry are focusing on expanding their geographical presence through strategic collaborations and technological innovations. The industry is experiencing consolidation through mergers and acquisitions, demographic expansion, along with consumer awareness toward transition to clean energy solutions and efficient heating systems will further shaping the business dynamics.
 

Natural Gas Liquid Market Companies

Major players operating across the industry include:

  • BP
  • Canadian Natural Resources
  • Cenovus
  • Chevron
  • ConocoPhillips
  • Devon Energy
  • Eni
  • ExxonMobil
  • Kinder Morgan
  • Linde
  • Lukoil
  • Occidental Petroleum
  • Petrobras
  • QatarEnergy
  • Range Resources
  • Rosneft
  • Shell
  • TotalEnergies
     

Natural Gas Liquid Industry News

  • In December 2024, ONEOK, Inc. has expanded its natural gas liquids (NGL) operations through two significant developments. The company has brought online its new MB-6 fractionator facility in Mont Belvieu, Texas, with a processing capacity of 125,000 barrels per day. This addition brings the company’s overall fractionation capacity over 1 million bpd, minimizing its reliance on external fractionation services. Additionally, the company has completed the West Texas NGL Pipeline system expansion, increasing its capacity to 515,000 barrels per day. The pipeline system will undergo further enhancement with new pump stations, targeting a capacity of 740,000 bpd by mid-2025.
     
  • In October 2023, Enterprise Products Partners has unveiled plans for four major capital initiatives in the Permian Basin. The company will repurpose its Seminole Pipeline, which can transport 210,000 BPD of crude oil, for NGL service by December 2023. The expansion includes two gas processing facilities, the Bahia NGL pipeline system, and a new fractionation unit with a deisobutanizer at their Texas facility. These developments align with projected Permian Basin growth, where crude oil output is expected to rise by 700,000 BPD in 2023 and 1.5 million BPD through 2025.
     

The natural gas liquid market research report includes in-depth coverage of the industry with estimates & forecast in terms of “million barrels per day (Mbl/d)” from 2021 to 2034, for the following segments:

Market, By Product

  • Ethane
  • Propane
  • Butane
  • Pentane plus

Market, By Application

  • Petrochemical feedstock
  • Space heating
  • Blendstock
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Norway
    • Russia
    • UK
    • France
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • Australia
    • South Korea
    • India
    • Indonesia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Algeria
  • Latin America
    • Brazil
    • Mexico
    • Argentina

 

Authors: Ankit Gupta, Manish Dhiman
Frequently Asked Question(FAQ) :
Why is the petrochemical feedstock segment growing?
The petrochemical feedstock segment is expected to grow at a CAGR of over 5% through 2034, supported by increasing demand for polyethylene, synthetic rubber, and polypropylene in manufacturing and rising investments in industrial development.
How big is the natural gas liquid market?
What is the size of the U.S. natural gas liquid industry?
Who are the major players in the natural gas liquid market?
Natural Gas Liquid Market Scope
  • Natural Gas Liquid Market Size
  • Natural Gas Liquid Market Trends
  • Natural Gas Liquid Market Analysis
  • Natural Gas Liquid Market Share
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    Premium Report Details

    Base Year: 2024

    Companies covered: 18

    Tables & Figures: 32

    Countries covered: 20

    Pages: 115

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