Trending News: Natural Gas Liquid Market Anticipated for Progressive CAGR Growth During 2020-2027
Pune, New York, USA, November 18 2020 (Wiredrelease) Research Dive –:Global natural gas liquid market is projected to observe a tremendous growth in the forecast period primarily owing to the continual technological advancements coupled with increasing production of natural gas liquid. By product, the ethane segment is expected to witness the largest growth in the global industry by 2025. The North America region is anticipated to subjugate the market during the estimated timeframe.
According to a latest report published by Research Dive, the global natural gas liquid market is estimated to surpass $14,330.0 million and grow at a CAGR of 6.9% in the forecast period from 2019 to 2025.
The North America market is projected to dominate the global industry during the forecast period primarily due to the rapidly growing natural gas industry, increase in reliance on foreign countries, and cost-effectiveness of natural gas liquids.
The continuous progress in technologies such as hydraulic fracturing and horizontal drilling, which involve the use of high-pressure liquids or water to extract gas has resulted in the increase in production of natural gas liquid. This is the major factor expected to fuel the growth of the global natural gas liquid market during the forecast period. Moreover, the increasing investment in renewable energy sources and fluctuating regulatory policies for energy transformation are likely to create lucrative growth opportunities for the global market by 2025. However, the decline in prices of crude oil is expected to negatively impact the overall natural gas liquid market growth in the upcoming years.
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Key Segment Finding of the Market:
The report segments the global natural gas liquid market into product, applications, and end-users.
– On the basis of product, the global market is segmented into propane, ethane, pentane plus, and butane. Of these, the ethane natural gas segment is projected to hold the largest share in the market by 2025 owing to the increasing usage of ethylene by the petrochemical industry.
– Based on applications, the overall market is categorized into blend stock, space heating, and petrochemical feedstock. Of these, the petrochemical feedstock segment is predicted to witness a significant growth in the forecast period majorly due to the rising investment towards industrial sector development.
– On the basis of end-users, the global industry is segmented into industries, petrochemical plants refineries, and residential sector. Of these, the petrochemical plants refineries segment is estimated to account for majority of share in the market by 2025 owing to the increasing demand for butane, propane, and ethane applications across petrochemical industries.
– Geographically, the global natural gas liquid market is divided into Asia Pacific, North America, LAMEA, and Europe. The Asia Pacific region is expected to witness a healthy growth during the forecast period.
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Prominent Players of the Industry
The key players functioning in the global natural gas liquid industry include Chesapeake Energy Corp., Exxon Mobil Corp., BP plc, Royal Dutch Shell PLC, SM Energy Co., Swift Energy Co., ConocoPhillips, Range Resources Corp., Linn Energy Inc., and Statoil ASA. The report summarizes and includes several aspects of all these industry players such as SWOT analysis, recent strategic moves & developments, financial performance, and product portfolio.
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