Press release
Gas To Liquid (GTL) Global Market Projected to Experience a Growth Rate of 6.4% CAGR, Reaching over $10.39 Billion By 2028 | Chevron Corporation, Sasol Limited, Petro SA, Velocys plc, Oltin Yol GTL LLC
Gas To Liquid (GTL) Global Market
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According to The Business Research Company's, The gas to liquid (gtl) market size has grown strongly in recent years. It will grow from $7.6 billion in 2023 to $8.09 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to abundant natural gas resources, strategic location of gas reserves, reduced greenhouse gas emissions, global focus on sustainable energy, market demand for high-quality fuels.
The gas to liquid (gtl) market size is expected to see strong growth in the next few years. It will grow to $10.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to rising demand for diesel and jet fuels, government regulations on emissions, focus on circular economy, shift towards cleaner energy sources, energy access in remote areas, global natural gas surplus. Major trends in the forecast period include market expansion in emerging economies, advancements in gtl technology, diversification of gtl product portfolio, integration of gtl with renewable energy, commercialization of small-scale gtl, partnerships and collaborations.
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Market Drivers and Trends:
The increasing demand for oil and gas is expected to propel the gas-to-liquid (GTL) market going forward. Oil and gas refer to hydrocarbons extracted from beneath the Earth's surface, used primarily as energy sources and raw materials for various industries. Gas-to-Liquid (GTL) technology converts natural gas into liquid fuels, providing a cleaner and more versatile energy source in the oil and gas industry. For instance, in December 2022, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global oil demand is set to increase by 2.3 million barrels per day (+140 kb/d) in 2022, with projections indicating a growth of million barrels per day when it will reach 101.6 million barrels per day. Therefore, the increasing demand for oil and gas is driving the gas-to-liquid (GTL) market.
Technological advancement is the key trend gaining popularity in the gas-to-liquid (GTL) market. Major companies operating in the market are focused on developing advanced innovations such as Shell Advance Fuel Save 10W30, which works on Shell's patented PurePlus Technology to sustain their position in the market. For instance, in April 2022, Shell plc, a UK-based multinational company operating in energy products, introduced Shell Advance Fuel Save 10W30, a motorcycle oil that offers easy gear shifting and smooth clutch control. With the help of the latest Shell's patented PurePlus Technology, it helps to reduce engine vibration and noise to provide a smooth riding experience for motorcycles. Additionally, it provides customers with an extra mileage of 5 km per liter of fuel to minimize their running costs and offers cleaning of sleds and deposits in pistons and engines for superior wear protection while retaining horsepower.
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Major Key Players of the Market:
Royal Dutch Shell plc, Chevron Corporation, Sasol Limited, Petro SA, Velocys plc, Oryx Gas-to-Liquids Limited, Oltin Yol GTL LLC, Linc Energy Limited, CompactGTL Limited, Primus Green Energy Inc., Gas Technologies LLC, NRG Energy Inc., Petroleo Brasileiro S.A., ExxonMobil Corporation, Linde plc, QatarEnergy, Saudi Arabian Oil Company, Devon Energy Corporation, ConocoPhillips Company, Ventech Engineers International LLC, Axens SA, Infra Green Technologies Limited, Black & Veatch Corp., Equinor ASA, Greyrock Energy Inc., Haldor Topsoe A/S, KBR Inc., Kenon Holdings Ltd., The Nigerian National Petroleum Corporation Limited, OxEon Energy LLC, ENI S.p.A., BP plc, TotalEnergies SE, TechnipFMC plc, Air Liquide S.A., Siemens AG, General Electric Company, Honeywell International Inc., Johnson Matthey plc, Amec Foster Wheeler AG, Uhde GmbH, GTL Limited
Gas To Liquid (GTL) Market 2024 Key Insights:
• The gas to liquid (gtl) market size is expected to see strong growth in the next few years. It will grow to $10.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Surge In Natural Gas Production Fuels Growth In Gas-To-Liquid (GTL) Market
• Technological Advancements Drive Innovation In Gas-To-Liquid (GTL) Market
• Middle East was the largest region in the gas to liquid market in 2023
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