There is an increase in demand for energy around the world and specifically in remote locations. The liquefied natural gas occupies a very low volume which makes it cost efficient to be transported over long distances and at the places where pipelines do not exist.
Natural gas liquids include ethane, propane, butane, isobutene, and natural gasoline. These products are sold separately and have a variety of different uses such as providing raw materials for oil refineries or petrochemical plants, transportation fuel for vehicles, cooking fuel, etc.
On the basis of product, global natural gas liquid market can be segmented into ethane, propane, butane, pentane, and others. Natural gas liquid like butane and ethane, serve as a petrochemical feedstock and feedstock for the manufacturing of plastic products. Ethane occupies the largest share of NGL field production. On the basis of its applications, the global natural gas liquid industry can be segmented into petroleum feedstock, space heating, blendstock, and others. The need for a subsitute fuel and its economical advantage has made natural gas liquids to be used in every field.
Increase in energy demand all over the world is the key market driver for global natural gas liquid market. Also, there is an increase in demand for natural gas liquid products in refineries. Increasing population with improving lifestyle has increased the usage of the natural gas liquid products in residential applications. All these factors act as key market drivers for global market.
Key market restraint for the global natural gas liquid market is the decline in the prices of crude oil. Also, the terminals for natural gas liquids require cryogenic materials, complex technologies, and equipment for construction which increase the overall cost. Availability of substitute fuels for e.g. Biogas also act as market restraint for global market.
Request Customization of this [email protected] https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/natural-gas-liquid-market-100426
Key Players Covered:
Some of the notable companies in global natural gas liquid market are:
- Chesapeake Energy,
- SM Energy Company
- Linn Energy
- Swift Energy Company
- Range Resources
- Devon Energy
- Royal Dutch Shell
- Anadarko Petroleum Corporation
- Southwestern Energy
Segmentation of Global Natural Gas Liquid Market:
- By Product
- By Application
- By Geography