According to the Graphical Research new growth forecast report titled “North America Natural Gas Liquid Market Size By Product, Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025”, to Register Stout Growth by 2025. North America Natural Gas Liquid Market is set to witness a significant growth on account of growing demand for sustainable energy solution as a result of rising conventional fuel prices. Moreover, rising application for ethane, propane and butane across petrochemical industries will further boost the product demand.
Rising demand for refined products along with rapid expansion of commercial and residential establishments will drive the NGL demand substantially. Increasing concerns toward energy conservation has led to the development of several targets, and directives by respective authorities which in turn will drive the industry outlook. Furthermore, population surge, increasing standard of living, and industrialization across the emerging economies will further complement the business landscape.
The ethane NGL market is anticipated to witness significant growth due to increasing application of product across petrochemical industry. Rising investments towards the expansion of various refineries will further surge the product demand. Moreover, the growing use of ethane natural gas liquid as a feedstock to generate ethylene, which is a major element in manufacturing plastics, resins and various other commercial products will further propel the product usage significantly.
The space heating segment will witness growth on account of the rising population, rapid development of remote locations and increasing awareness toward green building solutions. In addition, paradigm shift toward the sustainable energy sources along with the growing demand efficient energy systems will propel the industry growth.
The Canada market is anticipated to grow on account of rising demand of pentane plus across manufacturing and industrial units. Cost efficiency along with regulatory focus to reduce import dependency will substantially increase the NGL consumption over the forecast period. For instance, as per Canadian Energy Research Institute in 2018, the total production of pentanes plus (C5+) will increase by 35% from 343 Mbpd in 2018 to 445 Mbpd in 2028.
The companies operating across the market includes Eni, Exxon Mobil, Petrobras, Canadian Natural Resources, Gazprom, Inc., Chevron Corporation, Royal Dutch Shell PLC, ConocoPhillips, Lukoil, Equinor, Devon Energy, Total and others.
North America Natural Gas Liquid Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2020 to 2026, for the following segments:
Market Share, By Product
- Pentane Plus
Market Size, By Application
- Petrochemical Feedstock
- Space Heating
- Blend stock