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 21.5 billion. In the petrochemical sector, Natural Gas Liquids (NGLs) serve as essential feedstocks for the production of a multitude of products, including plastics, chemicals, and synthetic materials. Ethane, a key component of NGLs, plays a pivotal role in ethylene production, which functions as a fundamental building block for various petrochemical goods. The escalating demand for these feedstocks has significantly fueled the expansion of the NGL market. Notably, the construction and development of ethane cracker plants, which convert ethane into ethylene, have emerged as a prominent trend in the petrochemical industry. These facilities have been established to capitalize on the abundant supply of economical ethane sourced from NGLs. As the petrochemical industry continues to thrive, subsequent processes, such as the manufacturing of numerous plastics and chemicals, are experiencing corresponding growth.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
207 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.7% |
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Market growth 2025-2029 |
USD 21.5 billion |
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Market structure |
market_structure.ucfirst |
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YoY growth 2024-2025(%) |
6.2 |
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Key countries |
US, Russia, China, Iran, Canada, Saudi Arabia, Qatar, UAE, Norway, and Australia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Natural Gas Liquids (NGLs), derived from hydrocarbon mixtures at gas processing plants, contain hydrocarbons such as Ethane, Propane, Butane, Isobutane, and Pentane. These liquids are extracted from natural gas, which is primarily composed of methane. NGLs serve various purposes, including fuel for vehicles, feedstock for petrochemical plants, and blending components for natural gasoline. Crude oil prices, incentives, and drilling of liquids-rich resources influence NGL production. The chemical composition of NGLs, particularly Ethylene, is essential for plastics manufacturing. NGLs also serve as autogas, fuel for combustion engines, and as a source of energy recovery. Heavy industries, urbanization, industrialization, and emerging economies rely on NGLs for their transportation infrastructure and energy needs. Oil sands and wells are significant sources of NGLs. The NGL content and hydrogen, which can be separated for industrial use, vary depending on the hydrocarbon mixture's chemical composition.
The global oil and gas refining and marketing industry encompasses businesses involved in the processing and distribution of crude oil, natural gas, and related products, including Natural Gas Liquids (NGLs) such as Ethane, Propane, Butane, Isobutane, and Pentanes, as well as Ethylene and Propylene. This sector is a crucial component of the oil and gas value chain, contributing significantly to revenue through the production and sale of refined fuels and petrochemicals. Market expansion will be fueled by the escalating demand for cleaner fuels, particularly in emerging economies like China and India, which are experiencing population growth and burgeoning industrialization. Technavio projects the global oil and gas refining and marketing market size to increase, based on the combined revenue generated by manufacturers, providers, and service suppliers in this sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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