An up-to-date research report has been disclosed by Market Research Reports Search Engine highlighting the title “Natural Gas Liquids market, By Type (Ethane, Propane, Normal Butane, Isobutane, and Pentanes Plus) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2016 - 2024” which provides an outlook of current market value as well as the expected forecast including Rate on Investment (ROI) together with growing CAGR of 7.2% during 2016-2024. The report studies the natural gas liquids market worldwide, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, size, growth, revenue, consumption, import and export in these regions.
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NGLs such as butane, ethane, propane, and isobutene are used as feedstocks in the petrochemical industry. This has proven essential in boosting prospects for the rising sale of natural gas liquids worldwide. The research study finds that the demand for natural gas liquids (NGL) has been rising in response to their increasing use in petrochemical applications. Market Research Reports Search Engine forecasts the global natural gas liquids market to expand at a CAGR of 7.16%, in terms of volume between 2016 and 2024. In 2015, the market stood at 7,982.63 kilo barrels/day and is expected to reach 14,806.59 kilo barrels/day by the end of 2024.
The above findings has been presented through the primary and secondary research methods. In order to provide a comprehensive view of the market, the research presents segmentation analysis on the basis of type and application of NGLs.
Demand for Ethane Surges with its Increasing Application in Petrochemical Industry
By type, ethane, propane, normal butane, pentanes plus, and isobutene constitute the key product segments in the natural gas liquids market. Amongst, ethane held the dominant share of 45% in the market in 2014. The shale revolution witnessed in the U.S. has prompted paradigm shift in the global natural gas liquids market. This established the U.S. as a leading exporter of ethane in the global market.
Propane is another widely used constituent of natural gas liquids. It is increasingly gaining prominence as a green fuel across residential, commercial, industrial, transportation, and chemical and refinery sectors. By application, however the petrochemical industries segment accounted for 55% of the global NSL market in 2014, followed by the space heating segment.
On the flip side, the market faces challenge from the declining prices of crude oil, due to which naphtha, a petroleum by-product, is replacing ethane in petrochemical applications. During the same time, prices of natural gas are likely to fall. This diminishing trend of natural gas prices is likely to continue through the forecast period between 2016 and 2024. Lower price of natural gas as a result of weak demand, will in turn strengthen sales of natural gas liquids.
Industrialization in Middle East and Shale Gas Boom in U.S. to Bolster Opportunities for Natural Gas Liquids Market
Geographically, North America and the Middle East emerged as the most attractive markets for natural gas liquid in 2015. While the Middle East held the largest share in the overall market in 2015, North America is poised to surge at the fastest CAGR during the forecast period. The Middle East presently accounts for 40% of the proven natural gas reserves globally. As per the study key findings, The Middle East NGL market stood at 2,909.2 kilo barrels/day in 2014 and is anticipated to reach 5,468.9 kilo barrels/day by the end of 2024.
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In North America, The U.S. is presently witnessing shale gas boom due to which the production of natural gas has significantly increased in the country. Residential heating and petrochemical industries have emerged as the key application segments of natural gas liquid in the U.S. In addition, Asia Pacific is also constantly increasing in its production and processing capacity of natural gas. Some of the leading markets for natural gas liquids in Asia Pacific include India, Australia, China, and Indonesia.
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