Albany, New York, Sept. 05, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research’s latest report states that global natural gas liquid market is experiencing a robust growth in the ongoing forecast period. The report also mentions that the market’s momentum is mainly getting boosted due to the products’ myriad applications in end-use industries like petrochemicals. Moreover, the market is also experiencing this growth as a result of rising demand for natural gas liquid products in residential applications like cooking across the globe. Additionally, factors such as declining costs for space heating, reduced emissions from industries, lowered electricity costs coupled with less reliance on foreign countries for energy imports, are also responsible for the growth of global natural gas liquid market in the current forecast period of 2016 to 2024.
- Ethane to Emerge as the Strongest Segment
Fueled by rising industrial applications like development of large-scale ethylene crackers and pacing investments towards downstream industries for processing, purifying, and marketing Ethane segment in product category is currently drawing maximum revenue in the market. Additionally, the application of ethane as feedstock to produce ethylene is a prominent component required for manufacturing plastics, resins, and other industrial goods. This also adds to the dominance of the segment in global natural gas liquid market.
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The segment is followed by Butane under the same category. Factors responsible for the growth of this segment encapsulate replacement potential, low carbon-footprints, and wide spectrum of applications in different sectors. Butane is specifically used as Liquefied Petroleum Gas (LPG) for cooking in almost every house. Henceforth, the growing demand for LPG by consumers also augments the growth of the segment in the global natural gas liquid market.
- Middle East and Africa Dominates the Regional Segment
Presence of immense crude oil reserves in the region of Middle East and Africa is a major reason aiding its dominance. According to a research of Statistical Review of World Energy, Middle East accounts for 30% of global crude oil extraction. There are more than 800 oil wells in the region within an area of 5.1 million KMs. Cumulatively, these factors make the region as the leader of natural gas liquid market.
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However, in terms of application, North America is emerging as the fastest growing region in the world. The pace of the region rides on the use of various natural gas products as fuel for propulsion of vehicles in U.S. and Canada. Moreover, commercialization of LPG at a large-scale is also a prominent factor that is boosting the emergence of North America as leading consumer of global natural gas liquid market in the forecast period of 2016 to 2024.
- Substantial Volumetric Growth Lures Revenue
According to the report by Transparency Market Research, the volume of global natural gas liquid market was 7,982.63 kilo barrels/day in 2015. However, the consumption of products from the market is expected to witness substantial hike of 14,806.59 kilo barrels/day by the end of 2024. Furthermore, this volumetric growth is expected to boost the growth of the market with 7.16% CAGR in the forecast period of 2016 to 2024.
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The reason that the natural gas liquid market is to experience this hike is the entry of various players to capture the lucrative opportunities. Though, the cost of production for the products from natural gas liquid market is high, the players are relying upon the technological advancements to reduce this cost. Moreover, affordable shipping and market cost is further expected to boost the revenue of global natural gas liquid market players during the forecast period.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Natural Gas Liquid Market (Type – Ethane, Propane, Normal Butane, Isobutane, and Pentanes Plus) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”
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The global natural gas liquid market is segmented on the basis of:
- Type
- Ethane
- Propane
- Normal Butane
- Isobutane
- Pentanes Plus
- Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America
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