Portland, OR, June 08, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global natural gas liquids market generated $16.9 billion in 2020, and is projected to reach $28.5 billion by 2030, growing at a CAGR of 5.4% from 2021 to 2030.The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Extensive use of natural gas liquids to produce ethylene, in order to further turn it into plastics for various applications, significant surge in energy demand across the globe, wide application of natural gas liquids in petrochemical plants, space heating and cooking purposes, automotive, and others are expected to drive the growth of the global natural gas liquids market. On the other hand, availability of substitute fuels is expected to hinder the growth to some extent. However, increase in the usage of natural gas liquid products in residential applications due to the rise in standard of living among people are expected to create tremendous opportunities for the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global natural gas liquids market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various end-use industries where natural gas liquids were widely used. This was due to the stringent social distancing restrictions imposed by the government so as to curb the spread of the virus.
- Besides, there was a record decline in the prices of crude oil which further aggravated the impact on the market.
- However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global natural gas liquids market based on product, application and region.
Based on product, the ethane segment held the largest market share in 2020, garnering nearly two-fifths of the total market. In addition, the same segment is predicted to cite the fastest CAGR of 5.7% during the forecast period. The other segments analyzed in the market include propane, isobutene, natural Gasoline, and others.
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Based on application, the industrial segment held the majority share in 2020, holding two-fifths of the total market. The commercial segment, on the other hand, is anticipated to exhibit the fastest CAGR of 5.5% during the forecast period.
Based on region, the North America region held the lion’s share in 2020, garnering more than two-fifths of the total market. The Europe region, on the other hand, is anticipated to cite the fastest CAGR of 5.8% during the forecast period.
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The key payers analyzed in the global natural gas liquids market report include BP P.L.C., Chevron Corporation, ConocoPhillips Company, Devon Energy Corporation, Exxon Mobil Corporation, Lukoil, Occidental Petroleum Corporation, Range Resources Corporation, Saudi Arabian Oil Co. and Shell Plc.
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