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GTL process oils find diverse applications across a spectrum of chemical and technical industries, serving either as a primary raw material component or as a facilitating agent in various processes. Renowned for their water-white color, these oils boast a uniform chemical structure, coupled with a high flash point, low volatility, and exceptional light and thermal stability. A key distinguishing feature is their minimal content of sulphur, nitrogen, or aromatics, further enhancing their appeal. In 2016, the market value of GTL process oils stood at USD 2,308.7 million, and it is anticipated to witness a robust Compound Annual Growth Rate (CAGR) of 7.00%.
GTL plants, employing the Fischer-Tropsch synthesis process, not only yield fuels but also produce ultra-clean synthetic paraffin wax. This wax can be further processed to generate lubricant base oil that stands out for its absence of sulfur, metals, and aromatic contaminants commonly found in refined base oils. The resulting GTL lubricants exhibit exceptional attributes, characterized by virtually zero sulfur and nitrogen content, outstanding oxidation stability, and low viscosity, even at lower temperatures.
In the realm of fuels, GTL process oils play a pivotal role in the formulation of advanced heavy fuel oil, specifically designed for utilization in boilers and other equipment responsible for generating heat and energy in diverse manufacturing operations and processes. The inclusion of GTL process oils contributes to enhancing the reliability and performance of the entire boiler system, spanning from the storage tank to the chimney.
The Fischer-Tropsch synthesis process implemented in GTL plants is instrumental in crafting ultra-clean synthetic paraffin wax, a valuable byproduct alongside fuels. This paraffin wax undergoes further refinement to produce lubricant base oil distinguished by its freedom from sulfur, metals, and aromatics that often characterize conventional refined base oils. The resulting GTL lubricants boast qualities such as minimal sulfur and nitrogen content, excellent oxidation stability, and a low viscosity profile, even in colder temperatures.
Furthermore, GTL process oils are recognized for their water-white hue, providing a visual indicator of their purity. Their chemical uniformity, coupled with a high flash point and low volatility, contributes to their stability under varying thermal conditions. Importantly, these oils stand out for their near absence of sulfur, nitrogen, and aromatics, aligning with the growing emphasis on cleaner and more environmentally friendly industrial processes.
The GTL process oils market exhibited a market value of USD 2,308.7 million in 2016 and is poised for substantial growth, driven by a commendable CAGR of 7.00%. This trajectory underscores the increasing recognition and adoption of GTL process oils across industries, where their unique characteristics contribute to enhanced efficiency, reduced environmental impact, and the overall advancement of diverse manufacturing processes.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 14.79 Billion |
| Market Size Value In 2023 | USD 15.70 Billion |
| Growth Rate | 6.11% (2023-2031)Base Year2022Forecast Period2023-2031Historical Data2020 & 2021Forecast UnitsValue (USD Billion)Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and TrendsSegments CoveredVoltage, Output Power, End-user, and RegionGeographies CoveredNorth America, Europe, Asia Pacific, and Rest of the WorldCountries CoveredThe U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and BrazilKey Companies ProfiledGeneral Electric (U.S.), Siemens (Germany), ABB (Switzerland), Robert Bosch GmbH (Germany), Emerson Electric Co. (US), Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (China), Rockwell Automation, Inc. (US), and others.Key Market OpportunitiesIncreasing use of Natural GasKey Market DynamicsRising Demand for Energy along with Demand for Hydrocarbon Products to Augment Growth in the Market |
Gas to liquid Market Highlights:
Global Gas to Liquid Market Overview:
The Gas to Liquid Market industry is projected to grow from USD 15.70 Billion in 2023 to USD 25.22 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 6.11% during the forecast period (2023 - 2031). Gas to Liquid (GTL) Market Size was valued at USD 14.79 billion in 2022. It is anticipated that demand for the Fischer Tropsch (FT) will increase as more people seek to make money off of fossil fuels that are either soon to become extinct or are no longer usable. Natural gas shortages and rising demand from end-use industries.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Gas to Liquid Market Trends
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Rising Demand for Energy along with Demand for Hydrocarbon Products to Augment Growth in the Market
A rapid rise in energy demand, as seen in several emerging economies, has fueled the expansion of the gas-to-liquid business. Due to the huge increase in demand for various energy sources, such as crude oil end products, the oil and gas industry has been forced to increase its production capabilities.
Furthermore, strong expansion in emerging economies over the past two decades has raised oil & natural gas consumption. The need for energy is anticipated to rise further as the world's population, particularly in emerging countries, grows. A sizable portion of the world's energy is consumed by transportation, which is fueled by increased sales of relatively affordable cars. Leading companies look to increase their capacity in order to satisfy rising demand. For instance, Sasol wants to build more gas-to-liquid facilities, some of which are already under construction. Nigeria, Uzbekistan, Canada, and the United States, all of which have sizable natural gas deposits, are the countries with the company's most advanced ambitions.
Figure 1: Natural gas Production, U.S., 2015-2021
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Gas to Liquid Market Segment Insights:
Gas to Liquid (GTL) Product Insights
Based on product, gas-to-liquid (GTL) market segmentation, includes GTL diesel and GTL naphtha. The market is dominated by the GTL diesel segment. GTL naphtha segment is anticipated to grow significantly in the market during the forecast period. This product serves as an alternative feedstock for the chemical industry, which produces the raw materials for plastic building blocks. However, the technological development of the gas to liquids (GTL) business is projected to be boosted by the conversion of methane-rich gases into liquid synthetic fuel.
Gas to Liquid (GTL) Application Insights
Based on application, the Gas to Liquid (GTL) market is segmented into lubricating oil, process oil, and fuel oil. The segmentation of fuel oil represents the highest market share. In order to increase the efficiency and dependability of the complete boiler system, fuel oil is widely utilized in boilers and other machinery that generates heat and energy for manufacturing activities and processes. The second-largest application category worldwide is lubricating oil.
Figure 2: Gas to Liquid Market by Application, 2022 & 2031 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Similar to this, process oils are employed as a raw material or as a help with the processing of components in a variety of chemical and technical sectors. Process oils have excellent light and thermal stability, a consistent chemical structure, a high flash point, and low volatility.
Gas to Liquid (GTL) Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. The Middle East & Africa are expected to dominate the worldwide business, due to its enormous hydrocarbon reserves, affordable crude oil & natural gas production, accessibility to numerous big-scale GT plants, and other factors.
The Asia Pacific gas to liquid market is expected to gain momentum because to the region's fast-rising energy demand as well as a burgeoning transportation industry with more people traveling and utility vehicles. In addition, government attempts to build new infrastructure and expand manufacturing capacity are projected to increase demand for various fuels to meet the region's energy needs.
Figure 3: Gas To Liquid Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The North America region is anticipated to grow significantly during the forecast period. The government policies that support the exploration of substantial conventional and unconventional reserves as well as considerable operations in onshore and offshore reserves are favorable to the expansion of the market in the North American region. For instance, according to the BP Statistical Review of World Energy 2022, the U.S. produced a total of roughly 934.62 billion cubic meters (bcm) of natural gas by the end of 2021, which is significantly increased from 915.9 bcm in 2020.
Gas to Liquid (GTL) Key Market Players & Competitive Insights
The market for gas to a liquids is highly consolidated, with a few major companies influencing worldwide industry developments. The involvement of numerous companies at various stages is heavily influenced by the GTL production technology as well as capacity. In addition to production/supply agreements, industry participants have seen major collaborative initiatives designed to channel their products at the best possible efficiency. In order to increase its output, Sasol, a South African energy and chemical technology firm, is significantly broadening its horizons through cooperation agreements and hydrocarbon production agreements.
For instance, Chevron completed the acquisition of Noble Energy, Inc., a hydrocarbon exploration business based in the United States. Along with financial gains, the acquisition is intended to give the corporation a wider range for producing natural gas.
List of the Key Companies in the Gas to Liquid Market include
- Royal Dutch Shell (Netherlands)
- Chevron Corporation (US)
- Sasol Limited (South Africa)
- Petro SA (South Africa)
- Velocys PLC (US)
- ORYX GTL (Qatar)
- OLTIN YO’L GTL (Uzbekistan)
- Linc Energy (Australia)
- Compact GTL (UK)
- Primus Green Energy (US)
- Gas Techno (US)
- NRG Energy (US)
Gas to Liquid (GTL) Industry Developments
In March 2022:A.P. Moller Maersk announced entering a strategic partnership with six companies to boost the worldwide production capacity of green methanol with the aim of sourcing a minimum of 730,000 tonnes of green methanol per year by 2025.
In August 2022:The UK is expected to receive delivery of a shipment of liquid natural gas from Australia to fulfill its need with the import from Russia. The country usually doesn’t rely on such distant nations for trade.
Gas to Liquid Market Segmentation
Gas to Liquid (GTL) Market Product Outlook
- GTL Diesel
- GTL Naphtha
Gas to Liquid (GTL) Market Application Outlook
- Fuel Oil
- Lubricating Oil
- Process Oil
Gas to Liquid (GTL) Market Regional Outlook
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North America- US
- Canada
-
Europe- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World- Middle East
- Africa
- Latin America
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