Latest News- Natural Gas Liquids (NGLs) Market: Industrial is expected to lead the Application segment during 2025-2029

The Natural Gas Liquids (NGLs) Market is being driven by Increasing renewable energy demand

The Natural Gas Liquids (NGLs) Market is expected to grow at a CAGR of 6.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 21502.4 million. The Natural Gas Liquids (NGL) market holds significant importance in the petrochemical industry due to the role of NGLs as essential feedstocks for producing a diverse range of products, such as plastics, chemicals, and synthetic materials. Ethane, a major component of NGLs, is particularly valuable as a feedstock for ethylene production, which serves as a fundamental building block for numerous petrochemical products. The escalating demand for these feedstocks, driven by the expansion of the petrochemical industry, has fueled the growth of the NGL market. A notable trend in this sector is the construction and expansion of ethane cracker plants, which convert ethane into ethylene, taking advantage of the abundant, low-cost ethane supply derived from NGLs. As the petrochemical industry continues to expand, the downstream processes, including the production of various plastics and chemicals, will correspondingly increase in scale. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Industrial
  • Residential
  • Commercial
• Product
  • Propane
  • Butane
  • Pentane
  • Ethane
• Geography
  • North America
    • Canada
    • US
  • Middle East and Africa
  • Europe
    • Norway
  • APAC
    • China
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing renewable energy demand
• Increasing demand for petrochemical feedstock
• Rising transition to clean energy

However, the market also witnesses some limitations, which are as follows:

• Growing environmental concerns
• Competition with renewable energy
• Infrastructure constraints

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Market Scope in Natural Gas Liquids (NGLs) Market Research Report

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Research Analysis Overview

Natural Gas Liquids (NGLs) are hydrocarbons derived from the processing of gas at a gas processing plant. The main components of NGLs include Ethane, Propane, Butane, Isobutane, and Pentane. These hydrocarbons have different chemical compositions and are used in various industries and as vehicle fuel. The Ethane segment is crucial for petrochemical plants, producing Ethylene for plastics and other chemicals. NGLs can also be found in liquids-rich resources such as crude oil, shale gas, and oil sands. The NGL content and its use as a vehicle fuel depend on crude oil prices and incentives. Drilling of wells in areas with heavy NGL content is economically viable due to the increasing demand from industries, urbanization, and industrialization in emerging economies. The transportation infrastructure and energy recovery from NGLs are essential for their utilization in heavy industries and combustion engines. Pentanes plus, a mixture of heavier NGLs, is used as natural gasoline and as a feedstock for industrial processes. The industrial segment is a significant consumer of NGLs, while urbanization and industrialization drive the demand for NGLs as vehicle fuel.

Market Research Overview

The global oil and gas refining and marketing market encompasses businesses involved in the refining and selling of crude oil, natural gas, and their derived products. This sector represents a significant component of the oil and gas value chain. According to Technavio's market analysis, the expansion of the global oil and gas refining and marketing market can be attributed to several key factors. Primarily, the growing demand for cleaner fuels, driven by population growth and industrialization in emerging economies like China and India, is expected to fuel market growth. Furthermore, the increasing production, processing, transportation, storage, and distribution of Natural Gas Liquids (NGLs) such as Ethane, Propane, Butane, Isobutane, and Pentanes, will significantly contribute to market growth. Companies in this market generate revenue from the manufacturing, provision, and servicing of oil, gas, and refined products.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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