Natural gas liquids market to register 7.16% CAGR from 2016 to 2024, thanks to healthy demand from petrochemical industry
Natural gas liquids are light hydrocarbons that are composed exclusively of hydrogen and carbon molecules. The chemical composition of natural gas liquids is similar to the molecular composition of crude oil and natural gas. Natural gas liquids are manufactured within a gas stream and find application in diverse industries. Several natural gas liquids can be extracted via an absorption procedure, which includes the passing of mixed gases across a pool of gas-absorbing oil. This process holds the heavier hydrocarbons but allows methane to move over. The growing demand for and rising investments in the production of natural gas liquids are expected to fuel the growth of the global market in the near future.
In 2015, the global natural gas liquids market stood at 7,982.63 kilo barrels/day and is estimated to be 14,806.59 kilo barrels/day by the end of 2024. The global natural gas liquids market is estimated to exhibit a 7.16% CAGR between 2016 and 2024.
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Increased Use in Petrochemical Industry to benefit Global Natural Gas Liquids Market
The global market for natural gas liquids can be classified on the basis of type into ethane, normal butane, isobutane, propane, and pentanes plus. In 2015, the ethane segment dominated the overall market, holding a 45% share in the global natural gas liquids market. The rapid growth of this segment can be attributed to the growing application of natural gas liquids in the petrochemicals industry around the world. In the same year, the propane segment accounted for a 45% share in the overall natural gas liquids market owing to its increased use in households for cooking and heating purposes. Normal butane, pentanes plus, and isobutane are used as fuel for lighters, blended vehicle fuel, and several other applications in diverse industries.
The increasing use of shale gas resources and the mounting use of natural gas liquids in the petrochemical industry have encouraged the production of natural gas liquids globally. On the flip side, the growth of the global natural gas liquids market is restrained by the growing use of substitutes, including naphtha. However, the decreasing natural gas prices would offer a strong opportunity for the growth of the global market for natural gas liquids in the next few years.
The Middle East Dominated Global Natural gas liquids Market in 2015
The global market for natural gas liquids can be divided on the basis of geography into North America, Latin America, Europe, the Middle East, Asia Pacific, and Europe. In 2015, the Middle East dominated by accounting for a 40% share in the global natural gas liquids market, followed by North America. In 2015, North America held a 30% share in the global market. The other regional segments including Europe, Latin America, Africa, and Asia Pacific collectively accounted for less than a 10% share in the global market for natural gas liquid.
The prominent players operating in the global market for natural gas liquids include SM Energy, Swift Energy Company, BP Plc, Linn Energy LLC, ConocoPhillips Company, ExxonMobil Corporation, Chesapeake Energy Corporation, Range Resources Corporation, Royal Dutch Shell Plc., and Statoil ASA.
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