Natural Gas Liquids (NGLs) Market size to grow by USD 19.62 billion from 2023 to 2028; Growth Driven by Increasing renewable energy demand - Technavio
NEW YORK, Dec. 6, 2023
NEW YORK, Dec. 6, 2023 /PRNewswire/ -- The natural gas liquids (NGLs) market is expected to grow by USD 19.62 billion from 2023 to 2028, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 6.47% during the forecast period. Increasing renewable energy demand is notably driving the natural gas liquids (NGLs) market. However, factors such as growing environmental concerns may impede market growth. The market is segmented by application (industrial, residential, and commercial), product (propane, butane, pentane, and ethane), and geography (North America, Middle East and Africa, Europe, APAC, and South America).
Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The Free sample report is available in PDF format
Key Segment Analysis
- The industrial segment is estimated to witness significant growth during the forecast period. Natural gas liquids are a major feedstock for petrochemical production, e.g. ethylene and propane. They are used as raw materials for the manufacture of a wide range of chemical and plastic substances, such as ethylene, propylene, or butadiene. Natural gas liquids are used in the manufacture of synthetic rubbers such as polybutadiene for tyre production. In the production of plastics made from foam, they are also blown as blow agents. In addition to this, in small-capacity refrigeration equipment and air conditioning units, especially for mobile and portable applications, propane and isobutene are used as refrigerants. Hence, these factors are expected to drive segment growth during the forecast period.
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Geographical Market Analysis
- North America is estimated to contribute 45% to the growth of the global market during the forecast period. NGLs are critical feedstock for the petrochemical sector, which, in turn, produces a wide variety of chemicals and plastics. Demand for NGL has been stimulated by the growth of the petrochemicals sector, which is led by a range of industry sectors including automotive, construction, and packaging. In addition, since North America is shifting to cleaner energy sources, NGLs are playing an essential role in the transition. They have a lower carbon intensity than coal and can substitute for power generation and industry processes in order to mitigate the impact of greenhouse gas emissions.
The natural gas liquids (NGLs) market is fragmented, and companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including BP Plc, Canadian Natural Resources Ltd., Chesapeake Energy Corp, Chevron Corp., Citizen Energy, ConocoPhillips Co., Equinor ASA, Exxon Mobil Corp., Nigeria LNG Ltd., Ovintiv Inc., Petroleos de Venezuela SA, PJSC LUKOIL, PT Pertamina Persero, Repsol SA, Saudi Arabian Oil Co., Shell plc, SilverBow Resources Inc., SM ENERGY, TotalEnergies SE, and Valero Energy Corp.
View the Free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.
The petroleum liquid feedstock market size is estimated to grow at a CAGR of 4.5% between 2024 and 2028. The market size is forecast to increase by USD 77.22 billion.
The gasoline as a fuel market size is estimated to grow at a CAGR of 1.06% between 2022 and 2027. The market size is forecast to increase by USD 96.19 billion.
Natural Gas Liquids (NGLs) Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 6.47%
Market growth 2024-2028
USD 19.62 billion
YoY growth 2022-2023 (%)
North America, Middle East and Africa, Europe, APAC, and South America
Performing market contribution
North America at 45%
US, Iran, Saudi Arabia, China, and Russia
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Historic Market Sizes
Five Forces Analysis
Market Segmentation by WRITERS
Market Segmentation by Geography
Drivers, Challenges, & Trends
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