Global Natural Gas Liquids (NGLs) Market Report, published by Variant Market Research, forecast that the global market is expected to reach 13,239 kilo barrels/day by 2024 from 7,793 kilo barrels/day in 2016, growing at a CAGR of 6.8% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 7.9% and 7.1%, respectively, during the forecast period.
"Natural Gas Liquids (NGLs) Market (By Product Type: Ethane, Propane, Isobutane, and Others; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
The global natural gas liquids market is majorly driven by increasing demand in refineries and petrochemical plants, coupled with rise in utilization of associated gas. Moreover, replacement of wetter non-associated gas with traditional dry gas has also supplemented the growth of the market. However, high competition from other energy producing products such as bio gas, methane gas and others would act as a restraint for the market. Development in the infrastructure for NGLs would provide several growth opportunities for the market in the coming years.
The global natural gas liquids market is categorized into product type and geography. Product type segment includes ethane, propane, isobutene, and others. Ethane segment accounted for the largest market share in 2016, owing to its increasing demand in refineries for heating. However, the isobutene segment is expected to grow at the fastest CAGR during the forecast period 2016-2024.
Geographically the natural gas liquids market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period, driven by increased demand from industrial and residential consumers. In terms of growth, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period 2016-2024. The high growth is majorly seen due to increasing energy demand in countries such as China and India.
Major players in the natural gas liquids market include, ConocoPhillips Company, SM Energy, Royal Dutch Shell Plc., Chesapeake Energy Corporation, Exxon Mobil Corporation, BP Plc, Range Resources Corporation, Linn Energy LLC, Statoil ASA, and Swift Energy Company, among others.