The global natural gas liquid market is anticipated to observe significant growth over the coming years due to steady expansion of space heating systems across Tier II and Tier III cities. Rise in capital expenditure across the petrochemical sector would stir up the demand for natural gas liquid. Along the lines of these factors, surging demand for gasoline in the automobile sector and a significant rise in use of synthetic rubber, polypropylene, and polyethylene to make plastics, tires, and several other products would stimulate natural gas demand.
An upsurge need for cleaner energy sources has increased the prominence of natural gas liquid over gasoline and diesel in the transportation sector. The product’s ability to generate low-emission as well as its low cost would play a vital role in impelling industry foothold over the ensuing years. Based on its wide ranging application and demand, Global Market Insights, Inc., projects that the global natural gas liquid market may record over 14 mbl per day through 2025.
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Mentioned below the top 3 trends fueling global natural gas liquid industry growth:
- Increasing demand for blendstock
Speaking of the application, blendstock segment is expected to record high demand from petrochemical refineries in the coming years. It is used as a blending agent with several other hydrocarbon end-products. Increasing demand for high-octane gasoline due to its desirable fuel properties and low aromatic content will instigate segment growth over time.
- Wide range applications of propane NGL
With reference to product type, propane NGL are gaining prominence across the transportation and space heating sector. Increasing need for the product as a feedstock in chemical industries would proliferate market size. In addition, introduction of strict emission norms along with rising need for clean and efficient fuel would bolster natural gas liquid market size.
- Surging deployment across Europe and Japan
Europe natural gas liquid industry would observe significant growth due to growing concerns about carbon reduction and imposing of stern regulatory policies related to emissions. Steady economy growth, notable enhancements in energy efficiency, and continuously changing consumption patterns would foster industry size.
Apart from Europe, increasing demand for high value-added petrochemicals is expected to drive Japan NGL industry size over the forthcoming years. Burgeoning investments in the chemical industry may complement regional market share. Based on these growth factors, Japan NGL market is projected to surpass consumption of 0.2 mbl per day by 2025.
Companies operating in the NGL market are increasingly accelerating their efforts to gain an edge over competitors. They are adopting business tactics like investment rounds, acquisitions, and collaborations with other key firms. Citing an instance, in October 2019, ExxonMobil inked a MoU with Indian Oil to expand its footprint in India and explore new growth opportunities. The competitive landscape of the global natural gas liquid market is inclusive of players such as Chevron, Devon, Lukoil, Gazprom, Total, Equinor, ConocoPhilips, Eni, Riveria, Rosneft, Range Resources, Canadian Natural Resources, Qatar Petroleum, Royal Dutch Shell, and BP among others.
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