February 10, 2020
According to a recent study titled ‘Natural Gas Liquid Market Size By Product (Ethane, Propane, Butane, Pentane Plus), By Application (Petrochemical Feedstock, Space Heating, Blend stock) Industry Analysis Report, Regional Outlook (U.S., Canada, Norway, Russia, UK, France, Netherlands, China, Japan, Australia, South Korea, India, Indonesia, Thailand, Saudi Arabia, UAE, Qatar, Oman, Iran, Algeria, Tunisia, Mexico, Brazil, Argentina), Application Potential, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, the global natural gas liquid market is projected to cross 14 mbl/day by the year 2025.
Growing incorporation of space heating systems across Tier II & Tier III cities and increasing expenditure towards the petrochemical sector will stimulate the global natural gas liquid market growth during the forecast period. Escalating demand for gasoline for automobiles will continue to boost the product demand. Moreover, rising use of polyethylene, synthetic rubber, and polypropylene for manufacturing products such as tires and plastics will augment the business outlook.
Lower emission standards, affordable electricity cost, and low dependence on foreign countries for energy imports coupled with reduction of space heating expenses are the major factors fueling the growth of natural gas liquid market. In addition, rising demand for propane as a domestic fuel across emerging economies in tandem with rising disposable income will foster the market growth during the study period.
Based on the product type, propane natural gas liquid market is expected grow more than 7% through 2025. The growth can be attributed to its increasing use across space heating and transportation sectors coupled with its rising demand as a feedstock in chemical industries.
Speaking of the application scope, natural gas liquid market from blend stock segment is projected to grow substantially in the coming years, as it is widely used in petrochemical refineries. It is also used as a blending agent with various hydrocarbon end-products.
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Considering the geographical outlook, Europe natural gas liquid market will grow significantly in the coming years, owing to rising awareness towards carbon emission mitigation in conjunction with supportive government norms. Structural changes in economy, fluctuating consumption patterns, and increasing number of investments in service sector will further enhance the regional outlook.
On the other hand, Japan natural gas liquid market is expected to witness a consumption of 0.2 mbl/day by 2025. Rising demand for superior petrochemicals paired with rising investments towards chemical industry is propelling the regional growth. Expansion of refineries, chemical, manufacturing industries and automotive sector will increase the product adoption in the region.
Prominent players of natural gas liquid market are BP, Royal Dutch Shell, Petrobras, Exxon, Canadian Natural Resources, Qatar Petroleum, Range Resources, Riveria, Rosneft, Eni, Equinor, ConocoPhilips, Total, Lukoil, Gazprom, Chevron, and Devon.
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