Natural Gas Liquids (NGLs) Market size to grow by USD 19.62 billion from 2023 to 2028; Growth Driven by Increasing renewable energy demand - Technavio

NEW YORK, Dec. 6, 2023 /PRNewswire/ -- The natural gas liquids (NGLs) market is expected to grow by USD 19.62 billion from 2023 to 2028, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 6.47% during the forecast period. Increasing renewable energy demand is notably driving the natural gas liquids (NGLs) market. However, factors such as growing environmental concerns may impede market growth. The market is segmented by application (industrial, residential, and commercial), product (propane, butane, pentane, and ethane), and geography (North America, Middle East and Africa, Europe, APAC, and South America). 

Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The Free sample report is available in PDF format 

Key Segment Analysis

• The industrial segment is estimated to witness significant growth during the forecast period. Natural gas liquids are a major feedstock for petrochemical production, e.g. ethylene and propane. They are used as raw materials for the manufacture of a wide range of chemical and plastic substances, such as ethylene, propylene, or butadiene. Natural gas liquids are used in the manufacture of synthetic rubbers such as polybutadiene for tyre production. In the production of plastics made from foam, they are also blown as blow agents. In addition to this, in small-capacity refrigeration equipment and air conditioning units, especially for mobile and portable applications, propane and isobutene are used as refrigerants. Hence, these factors are expected to drive segment growth during the forecast period.

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Geographical Market Analysis 

• North America is estimated to contribute 45% to the growth of the global market during the forecast period. NGLs are critical feedstock for the petrochemical sector, which, in turn, produces a wide variety of chemicals and plastics. Demand for NGL has been stimulated by the growth of the petrochemicals sector, which is led by a range of industry sectors including automotive, construction, and packaging. In addition, since North America is shifting to cleaner energy sources, NGLs are playing an essential role in the transition. They have a lower carbon intensity than coal and can substitute for power generation and industry processes in order to mitigate the impact of greenhouse gas emissions.

Company Insights

The natural gas liquids (NGLs) market is fragmented, and companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including BP Plc, Canadian Natural Resources Ltd., Chesapeake Energy Corp, Chevron Corp., Citizen Energy, ConocoPhillips Co., Equinor ASA, Exxon Mobil Corp., Nigeria LNG Ltd., Ovintiv Inc., Petroleos de Venezuela SA, PJSC LUKOIL, PT Pertamina Persero, Repsol SA, Saudi Arabian Oil Co., Shell plc, SilverBow Resources Inc., SM ENERGY, TotalEnergies SE, and Valero Energy Corp.

View the Free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

Related Reports:

The petroleum liquid feedstock market size is estimated to grow at a CAGR of 4.5% between 2024 and 2028. The market size is forecast to increase by USD 77.22 billion.

The gasoline as a fuel market size is estimated to grow at a CAGR of 1.06% between 2022 and 2027. The market size is forecast to increase by USD 96.19 billion. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by WRITERS

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio