Natural Gas Liquid (NGL) Market Research Report- Global Forecast till 2030

Natural Gas Liquid Market Research Report: Information by Product (Ethane, Propane, Isobutene, Natural Gasoline), By Application (Industrial, Residential, Commercial) and Region (North America, Europe, Asia-Pacific, and Rest of the World) - Forecast till 2030

ID: MRFR/E&P/9403-HCR | November 2022 | Region: Global | 100 Pages         

Natural Gas Liquid (NGL) Market

Natural Gas Liquid (NGL) Market size is projected to grow at an approximate CAGR of 5.7% from 2022 to 2030

Segmentation

By Product Ethane Propane Isobutene Natural Gasoline
By Application Industrial Residential Commercial

Key Players

  • BP P.L.C.
  • Chevron Corporation
  • ConocoPhillips Company
  • Devon Energy Corporation
  • Exxon Mobil Corporation
  • Lukoil
  • Occidental Petroleum Corporation
  • Range Resources Corporation
  • Saudi Arabian Oil Co.
  • Shell Plc

Drivers

  • Rapid Urbanization and Industrialization
  • Growing Demand for Space Heating
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The global Natural gas liquids (NGLs) Market size is projected to grow at an approximate CAGR of 5.7% from 2022 to 2030.


Natural Gas Liquid Market Overview


Natural gas liquids are simply components of natural gas that have been separated into liquids. This can happen as a part of the extraction process in areas where there are facilities or through absorption, condensation, or other methods at various types of plants. Additionally, NGLs (natural gas liquids) are hydrocarbon fossil fuels that include the same basic chemical elements hydrogen and carbon as natural gas or crude oil. There are several different types of NGLs including ethane, propane, butane, isobutane, and pentanes and they have their fair share of purposes. From petrochemicals to plastics, these natural gas liquids can be used in a plethora of ways from being used as feedstocks for major industries to providing much-needed energy for home heating during the winter months in colder climates.


COVID-19 Impact Analysis of Natural gas liquids (NGLs) Market


Natural gas liquid and chemicals are used in household products from cleaning supplies to accessories in cars. The chemicals and materials sector includes applications from automotive to medical devices to institutional cleaners. Of the manufactured goods that contain products of the chemical industry, 96 percent are used in everyday objects such as food packaging or disposable hospital gowns. With such a broad economic exposure, this sector is expected to be significantly impacted by COVID-19 which could put it under threat and bring about significant opportunities for growth and transformation.


Sales of natural gas liquids market are directly proportional to the demand of oil & gas production. Oil & gas production came under fire with the outbreak of COVID-19 and saw a significant drop in crude prices in 2020 due to limited storage and discontinued overflow production, however, the continued upstream activities have not had any significant impact on the production of natural gas liquids which remain sluggish.


Natural gas liquids (NGLs) Market Dynamics


Natural gas liquids currently account for a major share of the natural gases and are set to increase as the market grows. However, as the cost of producing it is expensive, new technologies are reducing the costs and increasing its profitability. The largest restraint for the Natural gas liquid market is that transporting it can be dangerous, as it is highly flammable. But with new innovations, the natural gas liquid market continues to grow.


Drivers



  • Rapid Urbanization and Industrialization


One of the major drivers of Natural Gas Liquids is the rapid urbanization and industrialization. The developing countries need energy and energy needs natural gas. Energy demands are increasing and changing rapidly with the economic progress and urbanization. In the past decades, China and India have been the major users of natural gas. Rapid urbanization and industrialization have driven their natural gas demand growth.


Restraint:



  • Lack of infrastructure and geopolitical uncertainty


There is a lack of infrastructure to support the number of natural gas liquids needed. This is why they are unable to be transported fast. A lot of geopolitical unrest is also a major concern. If certain countries do not agree with the sale of natural gas or natural gas liquids to another country, they will stop those ships in their ports. In order to overcome this problem, gas companies need to develop new methods for transporting natural gas.


Opportunity:



  • Growing demand for Space Heating 


It is difficult for a lot of people to realize the need for space heating in their homes and businesses. However, as the demand for space heating increases, the need for space heating services is also increasing. For example, there are people who are shifting out of the colder areas and living in the warmer ones. They are shifting because they are looking for a more comfortable and warmer life. And when they relocate, they will require space heating services. Also, there is an increasing number of individuals choosing not to live in homes and apartments. They are deciding to live in the open spaces, and they are opting to live in the outdoors. Such individuals will also require space heating services.


Natural gas liquids (NGLs) Market Segment Overview


By Product


Based on product, the global Natural Gas Liquid market has been divided into Ethane, Propane, Isobutene, and Natural Gasoline. Ethane holds the largest market share in the global Natural Gas Liquid market for the year 2020 due to an increase in demand for ethane in various industries.


By Application


By Application, the global Natural Gas Liquid market has been segmented as Residential, Commercial, and Industrial. The industrial segment holds the largest market share in the global Natural Gas Liquid market for the year 2020 owing to the rapid urbanization and industrialization in emerging economies.


Natural gas liquids (NGLs) Market Regional Analysis


By region, the global Natural Gas Liquid market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest market. Asia Pacific is projected to exhibit the highest CAGR during the review period.


Asia-Pacific Market


The APAC region is made up of many developing countries, suggesting huge potential for the development of the diverse industries there. The natural gas industry is one such industry benefiting from this trend and is going through significant growth. The region's increasing population, alongside developments in new technologies and products, are projected to make this region an ideal destination in the coming years for the development of natural gas liquids.


North America Market


North America accounted for the highest market share in the natural gas liquid market. Among individual countries, the United States was the leading consumer, accounting for a little more than one-third of the total consumption. The consumption in North America was mainly driven by the need for treating and transporting gas reservoirs. Moreover, high demand for NGLs especially propane as a feedstock for the petrochemicals market and plastics industry.


Natural gas liquids (NGLs) Market Competitive Landscape


The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached across the globe with diverse product portfolios. Companies such as BP PLC, Exxon Mobil Corporation, Saudi Arabian Oil Co., and Shell Plc. dominate the global Natural Gas Liquid market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are focused on investing in research and development. Furthermore, they adopt strategic growth initiatives, such as expansion, product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.


Prominent players in the global Natural Gas Liquid market includes, BP P.L.C., Chevron Corporation, ConocoPhillips Company, Devon Energy Corporation, Exxon Mobil Corporation, Lukoil, Occidental Petroleum Corporation, Range Resources Corporation, Saudi Arabian Oil Co., and Shell Plc.


Natural gas liquids (NGLs) Market Scope of the Report


Global Natural Gas Liquid Market, by Product



  • Ethane

  • Propane

  • Isobutene

  • Natural Gasoline


Global Natural Gas Liquid Market, by Application



  • Residential

  • Commercial

  • Industrial


Global Natural Gas Liquid Market, by region



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • The UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • The Middle East

    • Africa




Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Market Size and Forecast:

To identify and estimate the market size for the global Natural Gas Liquid market segmented by product type, material type, category, shape, and distribution channel by value (in US dollars). Also, to understand the consumption/ demand created by consumers of Natural Gas Liquid from 2019 to 2030


Market Landscape and Trends:

To identify and infer, the drivers, restraints, opportunities, and challenges for the global Natural Gas Liquid market


Market Influencing Factors:


To find out the factors which are affecting the sales of Natural Gas Liquids among consumers


Impact of COVID-19:


To identify and understand the various factors involved in the global Natural Gas Liquid market affected by the pandemic


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Natural Gas Liquid Producers

  • Raw Material Suppliers

  • Retailers, Wholesalers, and Distributors

  • Governments, Associations, and Industrial Bodies

  • Investors and Trade Experts



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 29 Billion
  CAGR   5.7%
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019, 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product, and Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   BP P.L.C., Chevron Corporation, ConocoPhillips Company, Devon Energy Corporation, Exxon Mobil Corporation, Lukoil, Occidental Petroleum Corporation, Range Resources Corporation, Saudi Arabian Oil Co., and Shell Plc
  Key Market Opportunities   Rapid Urbanization and Industrialization
  Key Market Drivers   Growing Demand for Space HeatingGrowing Demand for Space Heating


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Frequently Asked Questions (FAQ) :

BP P.L.C., Chevron Corporation, ConocoPhillips Company, Devon Energy Corporation, Exxon Mobil Corporation, Lukoil, Occidental Petroleum Corporation, Range Resources Corporation, Saudi Arabian Oil Co. and Shell Plc are the key players in the global Natural Gas Liquid market.

The global Natural Gas Liquid market is growing at a CAGR of ~ 5.7%.

Asia Pacific is expected to register the highest CAGR during 2022 - 2030

The study period of the global Natural Gas Liquid market is 2022 - 2030