Natural Gas Liquid Market to Gain Rapid Advancement to Reach 19,500 Thousand B/D with 6% CAGR Value by 2027

The global Natural Gas Liquid market is estimated to attain a valuation of 19,500 Thousand B/D by the end of 2027, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 6% during the forecast period, 2019 - 2027.

Key Drivers of Natural Gas Liquid Market

Increasing use of natural gas liquids (NGLs) in petrochemical applications is expected to drive the global natural gas liquid market during the forecast period. Ethane holds the maximum share of NGL field production. It is used almost exclusively to produce ethylene, which is then turned into plastics. It is also a key feedstock employed in the production of petrochemical products. On the contrast, a majority of propane is used for heating purpose, although a substantial amount is used as a petrochemical feedstock. Also, pentane is used as a blowing agent for polystyrene foam. A blend of propane and butane, sometimes referred to as auto gas, is a popular fuel in some parts of Europe, Turkey, and Australia. Thus, increasing use of natural gas liquids (NGLs) in petrochemical applications is anticipated to boost the global natural gas liquid market during the forecast period.

Rising utilization of unconventional gas resources is anticipated to drive the global natural gas liquid market during the forecast period. Spending on oil and gas exploration rose by 20% in 2018. About 140 discoveries were made in the year itself. According to the World Energy Council, the U.S. has 1,161 trillion cubic feet of technically recoverable unconventional gas. China has 1,115 trillion cubic feet of unconventional gas. The U.S. was the leading country in terms of production of unconventional gas in 2018. Its annual production of unconventional gas stood at 22 trillion cubic feet in the year. China's production output stood at 10 trillion cubic feet in 2018. Thus, with increase in utilization of unconventional gas resources, the global natural gas liquid market is anticipated to expand significantly during the forecast period.

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North America Offers Lucrative Opportunities to Natural Gas Liquid Market

North America led the global natural gas liquid market in 2018, owing to significant demand for imports and exports and increased production of natural gas liquids in the region. Furthermore, rising demand for natural gas led by increase in urbanization is also likely to propel the market for natural gas liquid in North America during the forecast period.

Major Developments in Natural Gas Liquid Market

In 2019, Gazprom, a Russia-based company, discovered two large natural gas reserves called Dinkov and Nyarmeyskoye in the Kara Sea off the northwestern part of West Siberia's Yamal Peninsula. Both of these discoveries together hold nearly 1.5 billion barrels of oil from recoverable gas resources. ExxonMobil has also discovered new recoverable resources in the Mediterranean Sea. The gas discovery by Glaucus off Cyprus is estimated to hold 700 million barrels of oil in recoverable resources. In February 2019, in South Africa's deep-water horizon, a large gas condensate was discovered in Total SA's Brulpadda wildcat well in the Lower Cretaceous Post-rift Paddavissie Fairway, which is estimated to hold 1 billion barrels of oil.

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Global Natural Gas Liquid Market: Segmentation

Natural Gas Liquid Market, by Type

Ethane
Propane
Normal Butane
Isobutane
Pentanes Plus

Natural Gas Liquid Market, by Region

North America
U.S.
Mexico
Canada
Europe
Norway
Russia
U.K.
Netherlands
Rest of Europe
Asia Pacific
Indonesia
Australia
India
Rest of Asia Pacific
Africa
Algeria
Nigeria
Rest of Africa
Latin America
Argentina
Brazil
Venezuela
Rest of Latin America
Middle East & Africa
Qatar
Iran
Saudi Arabia
UAE
Rest of Middle East

The list of key players operating in the Natural Gas Liquid market includes following names:

ConocoPhillips Company, Exxon Mobil Corporation, Equinor ASA, BP Plc., SM Energy, Silver BoW resources, and Royal Dutch Shell Plc

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Natural Gas Liquid Market: Assessment of Avenues and Revenue Potential in Key Geographies

Some of the key aspects that the study analyzes and sheds light are:

Which regions are witnessing rise in investments in the supply chain networks?
Which countries seems to have benefitted from recent import and export policies?
Which regions have witnessed decline in consumer demand due to economic and political upheavals?
Which are some the key geographies that are likely to emerge as lucrative markets?
Which regions are expected to lose shares due to pricing pressures?
Which regions leading players are expected to expand their footprints in the near future?
What are some the sustainability trends impacting the logistics and supply chain dynamics in the Natural Gas Liquid market?
What are some of the demographic and economic environments that create new demand in developing economies?
How are changing government regulations shaping business strategies and practices?

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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