Natural Gas Liquids Market Examination and Industry Growth Till 2025 Which is Going to Change Industry Future
Seattle, WA -- (SBWIRE) -- 11/08/2019 -- Natural gas liquids namely propane, ethane, pentane plus, and butanes, among others are separated from the natural gas as liquids, through various procedures. These products are a good source of energy and is increasingly used in portable stoves, motor vehicles, laundries and other application areas. Growth in automotive sector has led to an increased demand for natural liquid gas majorly in the developing economies such China, Japan, and India. Various industrial sectors such as food industry, manufacturing industry, refineries, among others pose a huge demand for naturals gas liquids.
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Global NGL Market Trends and Drivers
Market analysts within the NGL market identified that there is a significant increase in the demand for energy across the globe. To maintain this supply-demand balance, companies have increased the oil and gas production by a substantial volume. This increase in production of oil and gas can prove to be one of the major contributors and driving factors defining the growth of NGL market. It is predicted that the growth in oil production from countries like the US, Brazil, Canada, and Norway may fulfil the demand through 2020. Moreover, the rising production of unconventional sources has helped the oil and gas industry experience significant growth in the production of oil and gas resources.
One of the major trends gaining traction in the NGL market over the last few years is the growth in the number of PDH plants. PDH provides and regular and a reliable source of propylene, this, in turn, give more control over the propylene feedstock costs. Experts have observed that the number of PDH plants have increased drastically increasing the consumption of propane. The increase in the demand for propane will be directly beneficial to the growth of the natural liquid gas market share over the forecast period.
Top Impacting Factors:
1.High demand in petrochemicals plants
2.High residential usage of NGLs products
3.Rising demand in refineries
The global natural gas liquids market is segmented based on product type and geography. According to product type, the market is categorized into ethane, propane, isobutene, and others, which include normal butane, pentane, and pentane plus. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific market is one of the developing markets and is expected to witness a high growth rate since energy demand in the Asia-Pacific region has increased more than expected.
China and India are the countries whose demand has increased at an unexpected rate and in the future the natural gas liquids market can be a big market in these countries, while the natural gas liquids market in Australia is expected to grow at healthy CAGR of during the forecast period.
ExxonMobil Corp., Chesapeake Energy Corp., BP Plc, Range Resources Corp., Royal Dutch Shell Plc, SM Energy, ConocoPhillips Company, Swift Energy Company, Statoil ASA, Linn Energy LLC, Chevron Corp., Canadian Natural Resources Limited, Anadarko Petroleum Corp., Alkcon Corp.
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