Pune, India -- (SBWIRE) -- 02/20/2018 -- Natural gas is a fossil fuel that forms when animal or plant remains are exposed for thousands of years to extremely high pressure and heat. Natural gas liquids are hydrocarbons that have condensed from the natural gas gaseous state into a liquid state. Natural gas liquids include ethane, propane, butane, ISO-butane and pentane. Furthermore, natural gas liquids (NGL'S) are used for a wide range of commercial and industrial purposes such as petrochemical feedstock, heating, cooking and vehicle fuel. NGL'S can also be produced in oil refineries alongside diesel and other fuels.

The global natural gas liquids market is projected to grow with a CAGR between 6.5% and 7.0% during 2017-2023. Increasing demand for ethane, butane and propane with their application in petrochemical industry is the key factor driving the growth of global natural gas liquid market. Furthermore, rising demand for natural gas liquid products in refineries such as to convert ethane into ethylene by steam cracking, propane used for cracking petroleum into gasoline and ISO-butane to increase the octane number of motor gasoline to improve its quality will drive this market globally. Moreover, increasing population with changing lifestyle and high residential usage of propane and butane products for burning, heating and cooking which in turn will drive the global natural gas liquid market over the forecast period. However, decline in crude oil prices and tough competition from other energy by products such as bio gas and methane gas are the key restraining factors for the growth of this market over the forecast period. Hence, development in the infrastructure for natural gas liquid and recent discoveries as well as innovations will bring more opportunities to the global natural gas liquid market for the next six years.

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The report segments the natural gas liquids market by product type and by region. Market segmentation based on product type includes ethane, propane, butane, ISO-butane, pentane and pentane plus. Moreover, ethane is accounted as the largest product segment in the natural gas liquid market due to its rising applications in several end use industries globally. Furthermore, propane is the second largest product segment
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, Latin America and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2017 – 2023.

From row region, Middle East has the largest production of natural gas liquid and holds the largest share due to presence of huge oil refineries as well as increasing industrialization in countries such as Saudi Arabia, Iran, UAE and Qatar. Furthermore, North America region is the second largest producer of natural gas liquid market due to rapid growth in shale gas and increasing investment by the U.S government for installation of new oil refineries. The North America natural gas liquid market is anticipated to grow at a highest CAGR rate over the forecast period due rapid boom in shale gas and increasing residential usage as well as growing petrochemical industries across U.S And Canada. Moreover, Asia Pacific is also expected to witness a significant growth over the forecast period due to growth in automotive sector which has led to increase in demand for natural gas liquids primarily in developing economies such as China, India, Japan and South Korea. In addition, growth in various industrial sectors such as food, manufacturing and refineries as well as development in infrastructure will also increase the demand for NGL product in the Asia Pacific region.

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The companies covered in the report Include Exxonmobil Corp., Chesapeake Energy Corp., Bp Plc, Range Resources Corp., Royal Dutch Shell Plc, SM Energy, Conocophillips Company, Swift Energy Company, Statoil ASA, Linn Energy Llc, Chevron Corp., Canadian Natural Resources Limited, Anadarko Petroleum Corp., and Alkcon Corp.