Natural Gas Liquid Market Trends 2023- Global Industry Share, Size, Demand, Revenue, Challenges, Opportunity and Forecast by 2032

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Natural Gas Liquid Market Trends 2023- Global Industry Share, Size, Demand, Revenue, Challenges, Opportunity and Forecast by 2032: SPER Market Research


 Category : Power & Energy

 Published: Mar-2023
 Author: SPER Analyst


Global Natural Gas Liquid Market is projected to be worth USD 32.65 billion by 2032 and is anticipated to expand at a CAGR of 5.64%.

The natural gas liquids (NGLs) market is a significant and expanding division of the energy industry. It comprises hydrocarbons such as propane, butane, ethane, and pentane, generally derived from natural gas, and has a broad range of applications, including fuel for heating and cooking, feedstocks for petrochemical production, and raw materials for manufacturing plastics, chemicals, and other products. The demand for NGLs has been steadily growing, driven in part by the rise of shale gas production in the United States, which has become the largest NGL producer in the world, accounting for over half of the global production. Other notable NGL producers include Canada, Saudi Arabia, and Iran.

The global NGL market is anticipated to continue expanding in the future, owing to rising demand from developing countries and the shift to natural gas as a cleaner alternative to coal and other fossil fuels. However, the market is also susceptible to volatility, with prices and demand affected by changes in global oil and gas markets, geopolitical events, and weather patterns.  The NGL market is also subject to regulatory oversight, particularly with regard to safety and environmental concerns related to the transportation, storage, and usage of these liquids. Therefore, industry participants must comply with strict safety standards and regulatory compliance regulations to ensure the secure and responsible use of these products. In summary, the global NGL market is an important and rapidly growing segment of the energy industry, offering a diverse range of applications and opportunities for further growth and innovation.

The natural gas liquids (NGLs) market, like the global energy industry, has been significantly affected by the COVID-19 pandemic. The reduction in economic activity and lower consumption of transportation fuels, which are among the primary applications of NGLs, led to a decline in demand for these liquids. The production and transportation of NGLs have also been negatively impacted due to lockdowns and travel restrictions imposed by many countries, resulting in supply chain disruptions and decreased production.

The decline in demand and supply chain disruptions caused NGL prices to fall, impacting the revenues of oil and gas companies involved in their production. However, the effects were not uniform across different NGLs. Propane and butane, which are widely used for heating and cooking, experienced a lesser decline in demand than ethane and pentane.

The pandemic also resulted in the postponement or cancellation of some planned petrochemical projects that use NGLs as feedstocks. However, the long-term impact on the NGL market remains unclear as the rate of recovery from the pandemic and the shift towards cleaner energy sources could shape future demand for NGLs.


Natural Gas Liquid Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; 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. This is attributed to the largest production of natural gas in the region due to large proved reserves and onshore area in the region.


This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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