Pune, India, June 25, 2019 (GLOBE NEWSWIRE) -- The global gas to liquid market is the most lucrative and also one of the fastest growing, it is predicted to register a favorable growth at a splendid 7.42% CAGR over the forecast period (2016-2022), reveals the Market Research Future (MRFR) report. Gas-to-liquids (GTL) simply put, is a method which helps in the conversion of natural gas into liquid fuels namely - diesel, jet fuel, and gasoline. It is also used in the production of waxes. GTL products are odorless and colorless and do not contain any of these impurities present in crude oil such as nitrogen, aromatics, and sulfur. The gas to liquid market in the recent years has witnessed rapid growth owing to the convenience of liquid fuels with regards to storage and transportation. Liquid fuels that are obtained from this process are generally of a superior quality compared to that acquired from natural gas. On the other hand, diesel fuel obtained through the GTL process contains lower volumes of particulates, pollutants, and sulfur compared to conventional diesel fuels.
The Game Changers
The major players operating in the gas to liquid market include OLTIN YO’L GTL (Uzbekistan), ORYX GTL (Qatar), Velocys Plc. (U.K.), PetroSA (South Africa), Sasol Limited (South Africa), Chevron Corporation (U.S.), and Royal Dutch Shell plc. (The Netherlands).
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April 2019 - Osaka Gas Liquid, leading industrial gas manufacturer in Japan has come up with its latest steam reformer-type small hydrogen generator, HYSERVE-5. It will help in producing hydrogen resourcefully within the premises of the customers as per their demand volume. This way hydrogen will be served at an affordable price.
Three Key Process Steps
GTL process comprises of three key process steps. First and foremost, the natural gas is reformed to synthesis gas, which is a combination of gases containing unreacted methane, carbon dioxide, carbon monoxide and hydrogen. The second process is the Fischer Tropsch (FT) that converts hydrogen and carbon monoxide to long chain hydrocarbons. In the final step, the hydrocarbons are upgraded and refined into a definite state of liquid fuels.
Environmental Benefits Encourage Gas to Liquid Market
From the environmental perspective, the GTL method produces products that are much eco-friendlier. Diesel products produced through gas to liquid technology contains almost zero sulfur, has lower density, low aromatics and high cetane number. Increasing concerns about fossil fuel depletion coupled with need for alternative sources of energy is predicted to foster the growth of the gas to liquid market. Increasing demand for FT route for monetizing natural gas reserves which are stranded as well as unavailable for use will also add to the market growth. Also, methane-rich gases that are converted into clean, synthetic fuels is predicted to boost GTL technology growth. Besides, the other factors that may bolster the growth of the Gas to Liquid Market include burgeoning demand for clean energy source, growing need for liquid fuels due to convenience terms of storage and transportation, strict government regulations for controlling carbon footprint for promoting cleaner fuel sources, increasing transportation activities, urbanization and rapidly rising population. The additional factors that are propelling the market growth include increase in industrial growth, and escalated usage of fuel oil especially in boilers as well as other equipment to produce heat and energy. The increasing consumption of natural gas especially in China, Japan and India and the availability of micro-channel reactors can open opportunities for the GTL market. Not to forget, advancements in technology coupled with guidelines that various governments have implemented such as Oilfields Act of 1948, Oil Industry Act, 1974 and Petroleum and Natural Gas Regulatory Board Act, 2006 are likely to encourage petroleum products’ conservation in different end-users or sectors of the economy.
On the contrary, soaring capital investment cost related to the refinery process may deter the GTL market growth over the forecast period.
Market Segmentation
The MRFR report provides a complete analysis of the gas to liquid market based on application and product.
Based on product, it is segmented into GTL diesel and GTL naphtha. Of these, GTL diesel will have the maximum share in the market over the forecast period. GTL diesel is superior in quality in comparison to conventional refinery diesel that is obtained from crude oil.
Based on application, it is segmented into fuel oil, lubricating oil, process oil and others. Of these, fuel oil will dominate the market over the forecast period. Fuel oil is an advanced heavy oil that is utilized in boilers as well as other equipment to generate heat and energy both in manufacturing operations as well as processes. The specialty of fuel oils is that it helps in improving the performance and reliability of the boiler system in its entirety right from the storage tank up to the chimney.
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Qatar to Remain at the Helm
By region, the gas to liquid market covers growth opportunities and latest trends across the U.S., Qatar, South Africa, Nigeria, and Malaysia. Of these, Qatar will remain at the helm over the forecast period. Presently, there are two GTL plants operating in Qatar. One is based in Ras Laffan Industrial City and is a joint venture of Sasol of South Africa and Qatar Petroleum. This plant is operated by Oryx and has the capacity of producing about 34,000 barrels of liquids per day. The second plant again is located in this same city and operated by Shell and Qatar Petroleum. The gas to liquid market in South Africa will have the second major share over the forecast period. The GTL plant is based in Mossel Bay town, South Africa and is operated by PetroSA. This plant has the capacity of producing 45,000 barrels of liquids daily which includes specialty products, kerosene, gasoline, and diesel.
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