PORTLAND, Oregon and PUNE, India, January 23, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Natural Gas Liquids Market by Product Type - Global Opportunity Analysis and Industry Forecast, 2014-2022", the global natural gas liquids market accounted for 7,306 kilo barrels/day in 2015 and is expected to reach 11,468 kilo barrels/day by 2022, growing at a CAGR of 6.67% during the forecast period. In 2015, Ethane occupied more than two-fifths of the total share, in terms of volume.
Summary of the Report can be accessed on the website at :https://www.alliedmarketresearch.com/natural-gas-liquids-market
Increase in demand for petrochemical plants, refineries, and residential and industrial sectors are the major factors fueling the growth of the natural gas and liquid market. Propane is primarily used in petrochemical plants as a feedstock to produce ethylene and propylene, which is further used in making plastics. In addition, normal butane when mixed with propane produces ethylene and butadiene, which finds application in the production of synthetic rubber. Owing to rise in environmental concerns, the demand for isobutane has increased with extensive application in refineries to improve the quality of motor gasoline. Furthermore, the demand for isobutanes is expected to rise with applications in refrigerants and in common cooking lighters whereas pentanes are common ingredients in pesticides.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research,"Economical gas to liquid technological innovations such as nanowire and Havelide systems provide innovative solutions to capture natural gases which gets wasted through flaring."
Natural gas liquids (NGLs) products are being transported through regular transport means such via tankers and ships but there is a need to develop a proper transportation channel for these products whereas, development of proper infrastructure can pave the way for potential market opportunities.
Natural Gas Liquids Market Key Findings:
- In 2015, Propane occupied more than one-fifth of the total share by volume.
- The natural gas liquid market for ethane is expected to grow at a CAGR of 6.18% during the forecast period.
- The European natural gas liquid market for propane is likely to achieve a CAGR of 6.60% from 2016 to 2022.
- In 2015, North America dominated the market with more than two-fifths of the total share by geography.
- The U.S. market for natural gas liquids is anticipated to expand at a CAGR of 6.16% during the forecast period.
Asia-Pacific occupied approximately one-fifth of the total share by volume in 2015. The rise in energy demand has escalated the growth of natural liquids market especially in emerging economies like India and China. In addition, Asia-Pacific is expected to be the fastest growing market for natural gas liquids, which is anticipated to grow at a CAGR of 7.82% during the projection tenure.
Eminent market players in this sector include Royal Dutch Shell Plc., Chesapeake Energy Corporation, ConocoPhillips Company, SM Energy, Exxon Mobil Corporation, BP Plc, Range Resources Corporation, Statoil ASA, Swift Energy Company, and Linn Energy LLC.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/energy-and-power/non-renewable-conventional-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research