Global Natural Gas Liquids Market to Register 7.16% CAGR from 2016 to 2024, Thanks to Healthy Demand from Petrochemical Industry

Natural gas liquids are light hydrocarbons that are composed exclusively of hydrogen and carbon molecules. The chemical composition of natural gas liquids is similar to the molecular composition of crude oil and natural gas. Natural gas liquids are manufactured within a gas stream and find application in diverse industries. Several natural gas liquids can be extracted via an absorption procedure, which includes the passing of mixed gases across a pool of gas-absorbing oil. This process holds the heavier hydrocarbons but allows methane to move over. The growing demand for and rising investments in the production of natural gas liquids are expected to fuel the growth of the global market in the near future.

In 2015, the global natural gas liquids market stood at 7,982.63 kilo barrels/day and is estimated to be 14,806.59 kilo barrels/day by the end of 2024. The global natural gas liquids market is estimated to exhibit a 7.16% CAGR between 2016 and 2024.

Increased Use in Petrochemical Industry to benefit Global Natural Gas Liquids Market

The global market for natural gas liquids can be classified on the basis of type into ethane, normal butane, isobutane, propane, and pentanes plus. In 2015, the ethane segment dominated the overall market, holding a 45% share in the global natural gas liquids market. The rapid growth of this segment can be attributed to the growing application of natural gas liquids in the petrochemicals industry around the world. In the same year, the propane segment accounted for a 45% share in the overall natural gas liquids market owing to its increased use in households for cooking and heating purposes. Normal butane, pentanes plus, and isobutane are used as fuel for lighters, blended vehicle fuel, and several other applications in diverse industries.

The increasing use of shale gas resources and the mounting use of natural gas liquids in the petrochemical industry have encouraged the production of natural gas liquids globally. On the flip side, the growth of the global natural gas liquids market is restrained by the growing use of substitutes, including naphtha. However, the decreasing natural gas prices would offer a strong opportunity for the growth of the global market for natural gas liquids in the next few years.

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The Middle East Dominated Global Natural gas liquids Market in 2015

The global market for natural gas liquids can be divided on the basis of geography into North America, Latin America, Europe, the Middle East, Asia Pacific, and Europe. In 2015, the Middle East dominated by accounting for a 40% share in the global natural gas liquids market, followed by North America. In 2015, North America held a 30% share in the global market. The other regional segments including Europe, Latin America, Africa, and Asia Pacific collectively accounted for less than a 10% share in the global market for natural gas liquid.

The prominent players operating in the global market for natural gas liquids include SM Energy, Swift Energy Company, BP Plc, Linn Energy LLC, ConocoPhillips Company, ExxonMobil Corporation, Chesapeake Energy Corporation, Range Resources Corporation, Royal Dutch Shell Plc., and Statoil ASA.

Natural Gas Liquids market Segment Forecasts up to 2024, Research Reports:TMR

Natural gas liquids are light hydrocarbons composed entirely of carbon and hydrogen molecules. They are dissolved in associated or non?associated natural gas in a hydrocarbon reservoir. The chemical composition of natural gas liquids (NGLs) is similar to molecular composition of natural gas and crude oil. Natural gas liquids are produced within a gas stream. They are utilized in a variety of industries and in different applications. Natural gas liquids are commonly used as inputs/feedstock for petrochemical plants, fuel source for space heat and cooking, and are also blended into vehicle fuel.

The natural gas liquids market is segmented on the basis of type into ethane, propane, normal butane, isobutane, and pentanes plus. The chemical composition of these hydrocarbons is similar, yet their applications vary widely.

Ethane dominates the market with the largest share of natural gas liquid field production. Ethane is most commonly used to produce ethylene. Ethylene is used to manufacture different kinds of plastics. Propane is burned for heating and cooking applications. It is most commonly used as a feedstock for petrochemical industries. A blend of propane and butane, referred to as autogas, is a common fuel in some parts of Europe, Turkey, and Australia. Natural gasoline (pentanes plus) can be blended into various kinds of fuel for combustion engines, and is useful in energy recovery from wells and oil sands. Butane is commonly used as fuel in lighters.

Most natural gas liquids can be removed using an absorption process, which comprises passing mixed gases through a pool of gas-absorbing oil that catches the heavier hydrocarbons but allows methane to move through. However, light hydrocarbons such as ethane are tougher to recover. Small amounts of these light hydrocarbons can be left in natural gas with no ill effects. If larger quantities are present, however, they can be removed using a process called cryogenic expansion.

A cryogenic process takes place at very low temperatures. In cryogenic expansion, a powerful fan blows cooled gas from a narrow pipe into an expansion chamber. This reduces the vapor pressure of the gas, which has the effect of further reducing the gas temperature to approximately -120 F. At this temperature, methane remains a gas while other hydrocarbons transform into liquid and can be removed. The collected natural gas liquids are then separated using another temperature-based process. Each type of hydrocarbon has a unique boiling point – the temperature at which it converts from liquid to vapor. Recovered natural gas liquids pass through a series of progressively warmer chambers, each heated to a temperature that will vaporize a specific hydrocarbon from the remaining liquid. Natural gas liquids are mostly produced by a process called fractionation in gas processing plants. Natural gas liquids can also be processed and produced at refineries. Around 60% of global natural gas liquids are produced at gas processing plants while remaining 40% are processed and produced at refineries.

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On the basis of geography, the natural gas liquid market is classified into North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. The Middle East had the largest production of natural gas liquids, followed by North America and Europe in 2015. The U.S., Saudi Arabia, Qatar, Canada, and the UAE were the leading countries in these regions with respect to natural gas liquids production. Europe, Africa, Latin America, and Asia Pacific also had significant natural gas liquids production in 2015. These regions are expected to increase natural gas liquids production during the forecast period owing to rising demand.

Increasing use of natural gas liquids (NGL) in petrochemical applications and growing use of shale gas resources have boosted the production of natural gas liquids across the globe. However, the growth of natural gas liquid market is hampered by increasing use of alternatives of natural gas liquids (NGL) such as naphtha. Decreasing natural gas prices would provide a potential opportunity for the growth of natural gas liquid market in the next few years.

Some of the companies operating in the natural gas liquid market include BP Plc, Chesapeake Energy Corporation, ConocoPhillips Company, Exxon Mobil Corporation, Linn Energy LLC, Range Resources Corporation, Royal Dutch Shell Plc, SM Energy, Statoil ASA, and Swift Energy Company.

Natural Gas Liquids market Global Industry Analysis 2016 - 2024

Transparency Market Research has released a new market report titled Natural Gas Liquids market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2016 - 2024. The report defines and segments the natural gas Liquids market, providing analysis and forecasts of the global production. According to the report, the global natural gas Liquids market stood at 7,982.63 Kilo barrels/Day in 2015 and is likely to reach 14,806.59 Kilo barrels/Day by 2024 at a CAGR of 7.16% between 2016 and 2024.

The natural gas Liquids market has been segmented on the basis of type into ethane, propane, normal butane, isobutane, and pentanes plus. The chemical composition of these hydrocarbons is similar, yet their applications vary widely. Different types of natural gas liquids have different boiling points and are processed at different temperatures in a gas processing facility or refinery

Natural gas liquids are light hydrocarbons composed entirely of carbon and hydrogen molecules. They are dissolved in associated or non?associated natural gas in a hydrocarbon reservoir. The chemical composition of natural gas liquids (NGLs) is similar to molecular composition of natural gas and crude oil. Natural gas liquids are produced within a gas stream. Natural gas liquids are utilized in a variety of industries and in different applications. Natural gas liquids are commonly used as inputs/feedstock for petrochemical plants, fuel source for space heat and cooking, and also blended into vehicle fuel.

The global natural gas Liquids market has been segmented on the basis on geography into North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. The Middle East held the highest share of global natural gas market, with around 40% share, in 2015. North America held the second-largest share of the global natural gas market with around 30% market share in 2015. Other regional markets for natural gas liquid such as Asia Pacific, Europe, Africa, and Latin America held less than 10% market share respectively.

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Ethane was the largest type segment of the global natural gas Liquids market, accounting for more than 45% of the global share in 2015. Ethane production increased due to its rising applications in petrochemical and other industries across the globe. Propane was the second-largest type segment of the global natural gas Liquids market, accounting for more than 45% of the global share in 2015. Propane is widely used in households for heating and cooking applications. Normal butane, isobutane, and pentanes plus are used as blended vehicle fuel, fuel for lighters, and various applications across different industries. Increasing use of natural gas liquids (NGLs) in petrochemical applications and growing use of shale gas resources for production have boosted the production of natural gas liquids across the globe. However, growth of the natural gas Liquids market is hampered by increasing use of alternatives of natural gas liquids (NGLs) such as naphtha. Decreasing natural gas prices would provide a potential opportunity for the growth of the natural gas Liquids market in the near future.

Some of the leading companies in the global natural gas Liquids market include BP Plc, Chesapeake Energy Corporation, ConocoPhillips Company, Exxon Mobil Corporation, Linn Energy LLC, Range Resources Corporation, Royal Dutch Shell Plc., SM Energy, Statoil ASA, and Swift Energy Company. The report provides an overview of these companies, followed by their financial revenues (on availability), business strategies, and recent developments.

The global natural gas Liquids market has been segmented as follows:

Global Natural Gas Liquids market: Type Analysis

• Ethane
• Propane
• Normal Butane
• Isobutane
• Pentanes Plus

Global Natural Gas Liquids market: Regional Analysis

North America

• U.S.
• Canada
• Mexico

Europe

• Norway
• Russia
• U.K.
• Netherlands

Asia Pacific

• Indonesia
• Australia
• India
• Rest of Asia Pacific

Middle East

• Qatar
• Iran
• Saudi Arabia
• U.A.E
• Rest of Middle East

Africa

• Algeria
• Nigeria
• Rest of Africa

Latin America

• Argentina
• Brazil
• Venezuela
• Rest of Latin America

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