Author: Himanshu Patni
21 November 2022
The Natural Gas Liquid Market is expected to witness a CAGR of around 6% during the forecast period (2021–2027). Natural gas liquids (NGLs) are light hydrocarbons that are broken up in associated or non‐associated natural gas in a hydrocarbon reservoir and are produced inside a gas stream. They contain ethane, propane, butane, isobutene (aggregately LPG), pentane‐plus, and gas condensate. For example, molecules with 2‐8 carbon molecules (C2H6‐ C8H18). Over the ground, the rich gas stream is unstable, as heavier parts will consolidate, while lighter parts typically stay gaseous, and isolated from the dry gas in a gas processing plant (GPP). NGLs are utilized as inputs for petrochemical plants, consumed for space intensity and cooking, and mixed into vehicle fuel. The synthetic structure of these hydrocarbons is comparative, yet their applications change generally.
In 2018, the United States was the biggest worldwide supplier of new NGL supply and a significant NGL exporter with volumes arriving at 1.7 million barrels each day (bpd).
However, industry growth witnessed some stress and negative impact due to COVID-19. The sudden outbreak of COVID-19 has sent shockwaves across industries manufacturing, power generation, renewables, nuclear, and oil & gas. The outbreak and the resulting economic slowdown have had an intermediate impact on the natural gas liquids industry. The COVID-19 pandemic basically affected the worldwide natural gas market in 2020. The market interests contracted alongside financial movement as legislatures across the world forced prohibitive measures to relieve the infection’s effect.
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Based on the product, the natural gas liquid is segmented into ethane, propane, butane, pentane, and others. Amongst them, the ethane segment dominated the market in 2020 and is expected to continue the higher growth compared to the other products owing to the rapid growth in the transportation sector and the use of ethane as a transportation fuel. According to a leading consulting firm, the use of ethane for the steam cracker was 3.2 million barrels per day for the year 2018 and is expected to register a growth of 4.1 million barrels per day by the year 2023 and 4.5 million barrels per day by the year 2028.
Based on application, the market is categorized into the industrial, commercial, and residential segments. It has been observed that the industrial segment ruled the worldwide natural gas liquids market in 2020 and is projected to grow substantially during the forecast period. This is due to the increasing urbanization and rapid industrialization. In addition, the rising demand for energy in emerging economies and particularly for shipping merchandise will further positively impact the growth of the segment.
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For a better understanding of the market adoption of the natural gas industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, and Rest of North America); Europe (Germany, U.K., Russia, Spain, and the Rest of Europe); Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific); and the Middle East and Africa (Saudi Arabia, Kuwait, UAE and Rest of ME&A). In 2020, North America, accounted for a significant market presence in the market owing to high participation by the national oil companies and active deployment of advanced technologies in the natural gas liquid sector.
Some of the major players operating in the market include Exxon Mobil Corporation, Rosneft, SM Energy, Equinor ASA, Royal Dutch Shell Plc, Chevron Corporation, ConocoPhillips Company, Lukoil, Saudi Arabian Oil Co., and Linn Energy LLC.
Natural Gas Market Segmentation
Market Insight, by Product
Market Insight, by Application
Market Insight, by Region
Top Company Profiles
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