The global demand for Natural Gas Liquid Market is presumed to reach the market size of nearly USD 24.66 MN by 2028 from USD 16.4 MN in 2021 with a CAGR of 6% under the study period 2022 - 2028.
Natural gas liquids (NGL) are liquidized components of natural gas that have been separated from their gaseous condition. Absorption, condensation, and other processes separate the gases in a field facility or a gas processing plant. Furthermore, natural gas liquids are hydrocarbons, a family of chemicals that includes natural gas and crude oil and is made entirely of carbon and hydrogen. Furthermore, natural gas liquids come in various forms and have a wide range of applications. Ethane, propane, butane, isobutane, and pentane are all-natural gas liquid products.
Market Dynamics
Liquefied Natural Gas has a small volume, making it cost-effective to transport across large distances and in areas where pipelines are unavailable. The primary market driver for the global natural gas market is increased global energy consumption. The usage of natural gas liquid products in residential applications has expanded as the population and lifestyles have improved. The fall in crude oil prices is the main market limitation for natural gas liquid. Nonetheless, demand for the commodity is increasing in industries like refineries, providing numerous growth opportunities to market players.
Market Segmentation
This section of the natural gas liquid market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Type
- Ethane
- Propane
- Normal Butane
- Isobutane
- Pentanes Plus
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Natural Gas Liquid market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Natural Gas Liquid Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the natural gas liquid market include BP Plc., Exxon Mobil Corporation, Royal Dutch Shell Plc., Range Resources Corporation, SM Energy, Equinor ASA, Silver BoW resources, Linn Energy LLC, Range Resources Corporation, ConocoPhillips Company, and Chesapeake Energy Corporation. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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