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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 the product, the global natural gas liquid market can be segmented into ethane, propane, butane, pentane, and others. Natural gas liquid like butane and ethane serves 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 market can be segmented into petroleum feedstock, space heating, blendstock, and others. The need for a substitute fuel and its economical advantage has made natural gas liquids to be used in every field.
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An increase in energy demand all over the world is the key market driver for the 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 the global natural gas liquid market.
The 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. The availability of substitute fuels for e.g. Biogas also acts as market restraint for the global natural gas liquid market.
Some of the notable companies in global natural gas liquid market are Exxon Mobil Corporation, ConocoPhillips, Chesapeake Energy Corporation, Eni S.p.A., Rosneft, Petrobras, SM Energy, Linn Energy LLC, BP Plc, Statoil ASA, Swift Energy Company, Range Resources Corporation, Devon Energy Corporation, Royal Dutch Shell Plc, Anadarko Petroleum Corporation, and Southwestern Energy Co.
· Petrochemical Feedstock
· Space Heating
· Blend Stock
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (GCC, South Africa and Rest of the Middle East & Africa)
The global natural gas liquid market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region has seen a growth in the natural gas liquid market due to an increase in demand for energy mainly from developing countries like China and India. China has been the dominant force in this region and all over the globe, as it has boosted the use of LNG to tackle air pollution. Strict emission regulations have shown growth of the NGL market in the USA and Europe. US and Russia are the countries battling to own the supplies in the Europe region. In North America, the growth of the natural gas liquid market is primarily driven by industrial and power applications. Although there is only one operating LNG liquefaction plant in Peru. South America has abundant natural gas resources.
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