Natural Gas Liquid Market to Cross 14 mbl/day by 2025
Global Natural Gas Liquid Market is poised to cross 14 million barrels per day by 2025, said a study.
Japan natural gas liquid market is projected to surpass an annual consumption of 0.2 mbl/day said the latest study by Global Market Insights.
Accelerating funding’s toward chemical industry along with the manufacturing of high value-added petrochemicals will augment the industry growth.
In addition, up-surge in investments toward automotive sector coupled with expansion of various industrial base including manufacturing, refineries and chemicals will positively impact the product penetration.
The U.S. natural gas liquid market is set to surpass an annual consumption of 3 mbl/day by 2025 propelled by rapid development of shale gas industry and low prices of natural gas liquids.
Increasing investments toward petrochemical industry along with ongoing expansion of centralized heating systems particularly across Tier II & III cities will augment the natural gas liquid market.
In addition, the up-surging demand for polypropylene, polyethylene and synthetic rubber for manufacturing plastics, tires and several other products will propel the industry growth. Furthermore, the growing demand for gasoline (pentane plus) as a fuel for automobiles will favor the industry dynamics.
Declining costs for space heating, decreasing emissions from industrial sector, lower electricity costs and reduced reliance on foreign countries for energy imports are amongst the most instrumental factors that have been driving the natural gas liquid market growth.
In addition, rising demand for propane primarily across the emerging economies as a cooking fuel accompanied by population growth and improvement in standard of living will positively influence the product demand.
The propane natural gas liquid market is projected to grow at a rate of over 7% by 2025. The growing demand for product as a high-end feedstock for petrochemical industries along with its increasing use across transportation and space heating sectors will boost the industry growth.
In addition, accelerating need for clean and efficient fuel coupled with stringent emission reduction norms will positively impact the industry landscape.
Blendstock segment will onlook growth on account of its increasing use across petroleum refineries and as a blending agent with other hydrocarbons. In addition, increasing demand for high-octane gasoline on account of desirable fuel properties and low aromatic content will further augment the natural gas liquid market growth.
Favorable government policies coupled with growing concern toward carbon reduction will stimulate the Europe natural gas liquids market size. In addition, the changing consumption patterns, structural shifts in the European economy and significant progress on energy efficiency will drive the industry growth. Furthermore, the increasing demand for space heating along with increasing investments toward development of service industry will fuel the business outlook.
Reduced carbon footprint, high replacement potential and its wide applications across multiple sectors are the essential parameters that will foster the natural gas liquid market growth. In addition, rapid development of commercial and industrial sectors across the emerging economies has also provided favorable opportunities to the industry players for expansion.
Eminent players across the natural gas liquids market includes Total, Gazprom, Canadian Natural Resources, Exxon, Devon, Qatar Petroleum, Chevron, Riveria, Petrobras, Eni, Royal Dutch Shell, Lukoil, Equinor, ConocoPhilips, Range Resources, Rosneft and BP.