The global natural gas liquid market is projected to witness a growth rate of 7.2% annually from 2023 to 2028, with an anticipated size of US$ 12.73 billion by 2028, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the global natural gas liquid market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Report Highlights:
Market Size in 2028: US$ 12.73 billion
Growth (CAGR): 7.2% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20
Segment Insights on the Natural Gas Liquid Market:
The global natural gas liquid market is segmented based on product type, application type, and region.
Based on product type – The market is segmented as ethane, propane, butane, and pentane plus. Ethane is estimated to account for the lion’s share of the market during the forecast period. Its growing use in the petrochemical industry, development of large-scale ethylene crackers as a feedstock to produce ethylene, and growing investments in downstream industries are expected to drive the growth of the segment in the coming years.
Butane, on the other hand, is expected to register significant growth in the market over the forecast period. Factors such as its high replacement potential, wide applications across various sectors, reduced carbon footprints, and growing LPG demand are expected to fuel the segment’s growth over the forecast period.
Based on product type – The market is bifurcated into petrochemical feedstock, space heating, blendstock, and others. Petrochemical feedstock held a market share of more than 45% in 2022 and is estimated to be the largest share of the market during the forecast period. Increasing focus on environmental protection, coupled with continuous evaluation of alternative fuel adoption is likely to boost the overall industry growth in the coming years.
Furthermore, increasing investments toward developing the industrial sector, as well as growing demand for synthetic rubber, polyethylene, and polypropylene for the manufacture of plastics, tires, and other products, is expected to drive the natural gas liquid market growth over the forecast period.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that North America is estimated to be the leading region in the market during the forecast period. This growth outlook is majorly attributed to the following-
• U.S. being the growth engine of the region.
• Major factors such as the rapid development of the shale gas industry, decreasing reliance on foreign countries for energy imports, and low prices of natural gas liquids are expected to drive regional market growth during the forecast period.
• Furthermore, fluctuations in currency exchange rates, supply cost efficiencies, and product monetization all contribute to an optimistic outlook for industry growth over the forecast period.
Natural Gas Liquid Market Drivers:
Some of the key drivers listed in the report are given below.
• Demand for petrochemical use, domestic and industrial usage, and clean energy.
• Further, shale gas and oil have offered a diverse and more adaptable supply of feedstocks to the petrochemical industry to improve the market outlook.
Top Companies in the Natural Gas Liquid Market:
Stratview Research has identified the following companies as the top market players.
• Canadian Natural Resources
• Chevron Corporation
• Eni S.p.A.
• Exxon Mobil Corporation
• Gazprom
• Petrobras
• Range Resources Corporation
• Riveria Resources, Inc.
• Rosneft
• Royal Dutch Shell PLC.
What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Natural Gas Liquid Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?
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About Us:
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
This release was published on openPR.