Growing Demand for Cleaner Fuel to Boost Natural Gas Liquid Market Growth
New York, US, Aug. 15, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Natural Gas Liquid Market Analysis by Product, By Application and Region- Forecast till 2030” valuation is poised to reach USD 29 Billion by 2030, registering an 5.7% CAGR throughout the forecast period (2022–2030).
Natural Gas Liquid Market Overview
The increasing use of NGL products in residents will boost market growth over the forecast period. The use of NGLs products is growing in response to rising living standards and environmental concerns. Products made from NGLs, such propane and butane, are frequently used as fuel in furnaces in case of heating, cooking, like a source of energy for heating systems, and as a fuel for clothes dryers, grills, and portable stoves. The market for natural gas liquid is anticipated to grow as a result of the increase in the usage of these products for heating, burning, and cooking.
Natural Gas Liquid Market Report Scope:
Revenue Forecast By 2030
USD 29 Billion
Market Growth 2022-2030
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Growing Demand for Cleaner Fuel to offer Robust Opportunities
The growing need for cleaner fuel will offer robust opportunities for the market over the forecast period. Despite relative stability amid 2013 and 2016, CO2 emissions increased by 1.5% in 2017. The IEA estimates that in 2016, transportation industry produced roughly eight gigatons of CO2, or nearly one-fourth of all emissions. As a result, NGLs have been widely used as an energy source in a variety of industries.
Besides, burgeoning need for automobile products such as belts, mattings, floorings, and tires from both aftermarket and OEM will also boost market growth.
Changing Crude Oil Prices to act as Market Restraint
The changing crude oil prices and lack of infrastructure may act as market restraints over the forecast period.
Geopolitical Uncertainty to act as Market Challenge
Geopolitical uncertainty and availability of substitute may act as market challenges over the forecast period.
Natural Gas Liquid Market Segments
The global natural gas liquid market is bifurcated based on application and product.
By product, ethane will lead the market over the forecast period.
By application, industrial will dominate the market over the forecast period.
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Natural Gas Liquid Market Regional Analysis
North America to Lead Natural Gas Liquid Market
In 2020, North America domineered the global market for natural gas liquids, and it is anticipated that this region would continue to develop at the quickest rate over the forecast period. Due to the region's substantial proved reserves & onshore area, this is linked to the highest output of natural gas in the area. The largest market share for natural gas liquids was held by North America. With slightly more than one-third of the global consumption, the United States had been the top consumer among individual nations. The requirement to transport and treat gas reserves was the key factor driving consumption in North America. Additionally, there is a significant need for NGLs, particularly propane, as feedstock for the plastics and petrochemicals industries.
During the anticipated period, North America is anticipated to be a highly promising area of the worldwide market. Due to a significant overall increase in NGL output levels, the North American market for natural gas liquids is anticipated to expand quickly throughout the projected period (from refineries & gas plants combined). The output of natural gas liquids from gas plants in the United States has expanded owing to the significant growth in natural gas production from nontraditional sources, including as tight, shale, & coal-bed methane deposits.
The yearly consumption of the U.S. market is anticipated to surpass about 3 million barrels each day by 2025. The use of NGLs has significantly increased as a result of the booming shale gas industry, low natural gas liquid prices, and a declining reliance on energy imports from other countries. Additionally, it is anticipated that product monetization, currency exchange rate instability, and supply cost reductions would all favourably impact the expansion of the natural gas liquid market. Industrial and power applications are the main drivers of natural gas liquid market in North America. Nevertheless, Peru only has one LNG liquefaction facility in operation. Natural gas deposits are abounding in South America.
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APAC to Have Admirable Growth in Natural Gas Liquid Market
Since there are so many emerging nations in the APAC area, its diversified industries have a lot of room to grow. One industry that is benefiting from the trend and is experiencing tremendous expansion is the natural gas sector. In the upcoming years, the region is expected to be a prime location for the growth of the natural gas liquids due to its growing population and the emergence of new technology and goods. The market for natural gas liquids has expanded in the Asia Pacific area as a result of a rise in energy consumption, particularly from rising nations like China & India. Due to its increased usage of LNG to combat air pollution, China held the dominant power in this region and throughout the world.
Chemicals and natural gas liquid are used in a variety of household goods, including cleaning agents and automobile accessories. Applications in the chemicals & materials sector range from automobiles to medical equipment to institutional cleaners. 96 percent of manufactured goods containing chemical industry byproducts are used in commonplace items like food packaging and disposable hospital gowns. With such a wide economic exposure, it is anticipated that COVID-19 will have a substantial influence on this industry, putting it at risk and presenting enormous potential for growth and change. The demand for oil and gas production directly relates to the sales of the natural gas liquids. However, the ongoing upstream activities have not had a significant impact on the production of natural gas liquids, which remains sluggish. Production of oil and gas came under fire following the COVID-19 epidemic and experienced a huge drop in the crude prices during 2020 because of limited storage & discontinued overflow production.
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Natural Gas Liquid Market Competitive Analysis
Dominant Key Players on Natural Gas Liquid Market Covered are:
Devon Energy Corporation
Exxon Mobil Corporation
Occidental Petroleum Corporation
Range Resources Corporation
Saudi Arabian Oil Co.
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