Natural Gas Liquid Market Size- By Product, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Global Natural Gas Liquid Market Overview

According to SPER Market Research, the Global Natural Gas Liquid Market is estimated to reach USD 32.65 billion by 2032 with a CAGR of 5.64%.

Natural gas liquids (NGLs) are a collection of hydrocarbons that are typically present in natural gas deposits or linked to oil production. NGLs comprise ethane, propane, butane, isobutane, and pentane, and are isolated from natural gas or crude oil through a process called fractionation. NGLs have various applications, such as serving as feedstocks for petrochemical production, including the production of plastics, synthetic rubber, and other chemicals. They can also be utilized as fuel for heating and cooking, as well as transportation fuel for vehicles that run on compressed natural gas (CNG) or liquefied petroleum gas (LPG). The energy industry values NGLs as they are a valuable by-product of natural gas production and oil refining, and often sold separately from natural gas and crude oil, serving as a source of revenue for oil and gas companies.

The Natural gas liquids (NGL) market is a notable and expanding sector within the energy industry, consisting of hydrocarbons such as propane, butane, ethane, and pentane, typically obtained from natural gas. These liquids have a wide range of applications, including serving as fuel for heating and cooking, feedstocks for petrochemical production, and raw materials for manufacturing plastics, chemicals, and other items.

The demand for NGLs has been steadily rising in recent years, fuelled in part by the emergence of shale gas production in the United States, which has become the world's largest NGL producer, accounting for more than half of global production. Other significant NGL producers include Canada, Saudi Arabia, and Iran. The global NGL market is predicted to continue growing in the future, driven by increasing demand from developing economies and the shift to natural gas as a cleaner-burning substitute for coal and other fossil fuels. Nevertheless, the market is also prone to volatility, with prices and demand impacted by shifts in global oil and gas markets, geopolitical factors, and weather patterns. Regulatory oversight, particularly concerning safety and environmental concerns connected to the transportation, storage, and usage of NGLs, is also applicable to the NGL market.

Therefore, industry participants must adhere to strict safety standards and regulatory compliance regulations to ensure the safe and responsible use of these products. Overall, the global NGL market is an important and rapidly expanding component of the energy industry, providing a diverse range of applications and possibilities for further growth and advancement.

Impact of COVID-19 on the Global Natural Gas Liquid Market

COVID-19 outbreak and the resumption of overflow production, petroleum prices fell dramatically in 2020. Nonetheless, continuous upstream activities have had no effect on natural gas liquids production, but have had a slow influence on natural gas liquids sales. COVID-19 is a global public health emergency that has affected practically every industry, and the long-term effects are expected to have an impact on the growth of many end-use industries during the forecast period. This current research expands the research framework to include fundamental COVID-19 concerns and potential next steps.

COVID-19, taking into account changes in consumer behaviour and demand, purchasing patterns, supply chain re-routing, the dynamics of contemporary market forces, and significant government initiatives. The report's devoted part presents a detailed study of the impact of COVID-19 and its succeeding variant outbreaks on demand, supply, price, and vendor uptake, as well as recommendations for long-term outcomes. The updated study provides insights, analyses, estimations, and predictions for the Global Natural Gas Liquid Market in light of the COVID-19 impact.

Scope of the Report

Report Metric Details:

Market size available for years 2019-2032

Base year considered 2021

Forecast period 2022-2032

Segments covered

By Product, By Application

Regions covered Asia-Pacific, Europe, Middle East and Africa, North America, Latin America

Companies Covered

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., Shell Plc.

Global Natural Gas Liquid Market Segmentation:

By Product: Based on the Product, Global Natural Gas Liquid Market is segmented as; Ethane, Isobutene, Natural Gasoline, Propane.

By Application: Based on the Application, Global Natural Gas Liquid Market is segmented as; Blend stock, Commercial, Industrial, Petrochemical Feedstock, Residential, and Space Heating.

By Region: By Region, the study provides market insights into Asia-Pacific, Europe, Latin America, Middle East and North America. North America dominated the global Natural gas liquids market and is projected to remain the fastest-growing segment during the forecast period.