Natural Gas Liquid Market Overview:
In-depth examination of the current & future trends, market expansions, regional conditions, market size, growth drivers, limitations, and key players overview along with their business details. Reported historical data from 2017 to 2022 and makes available the forecast data from the year 2023 to 2032 which is based on their revenue status. This Study provides global markets improvement trends, hostile vision assessment, key region developments, policies, plans are discussed, and manufacturing strategies are also discussed.
Introduction of market factors, after COVID impact analysis, Porter's five forces, supply/value chain, competitive landscape, product matrix, peer analysis, and company profiles.
The global Natural Gas Liquid Market is projected to record a CAGR of 5.7% during the forecast period 2022-2030.
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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Segmental Analysis
The global natural gas liquids 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.
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
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