Economical gas to liquid technological innovations such as nanowire and Havelide systems provide innovative solutions to capture natural gases which gets wasted through flaring.
Portland, OR -- (SBWIRE) -- 10/02/2017 -- The global natural gas liquids market size is expected to reach 11,468 kilo barrels/day by 2022 from 7,306 kilo barrels/day in 2015 with a CAGR of 6.67% from 2016 to 2022. The natural gas liquids market holds a substantial scope for growth. Its contribution to the global market is expected to increase significantly over the span of the next six years.
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Increase in demand for petrochemical plants, refineries, and residential and industrial sectors are the major factors fueling the growth of the natural gas and liquid market. Propane is primarily used in petrochemical plants as a feedstock to produce ethylene and propylene, which is further used in making plastics. In addition, normal butane when mixed with propane produces ethylene and butadiene, which finds application in the production of synthetic rubber. Owing to rise in environmental concerns, the demand for isobutane has increased with extensive application in refineries to improve the quality of motor gasoline. Furthermore, the demand for isobutanes is expected to rise with applications in refrigerants and in common cooking lighters whereas pentanes are common ingredients in pesticides.
Natural Gas Liquids Market Key Findings:
* In 2015, Propane occupied more than one-fifth of the total share by volume.
* The natural gas liquid market for ethane is expected to grow at a CAGR of 6.18% during the forecast period.
* The European natural gas liquid market for propane is likely to achieve a CAGR of 6.60% from 2016 to 2022.
* In 2015, North America dominated the market with more than two-fifths of the total share by geography.
* The U.S. market for natural gas liquids is anticipated to expand at a CAGR of 6.16% during the forecast period.
Eminent market players in this sector include Royal Dutch Shell Plc., Chesapeake Energy Corporation, ConocoPhillips Company, SM Energy, Exxon Mobil Corporation, BP Plc, Range Resources Corporation, Statoil ASA, Swift Energy Company, and Linn Energy LLC.
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