According to the recent research report titled ‘Natural Gas Liquid Market Size By Product (Ethane, Propane, Butane, Pentane Plus), By Application (Petrochemical Feedstock, Space Heating, Blend stock) Industry Analysis Report, Regional Outlook (U.S., Canada, Norway, Russia, UK, France, Netherlands, China, Japan, Australia, South Korea, India, Indonesia, Thailand, Saudi Arabia, UAE, Qatar, Oman, Iran, Algeria, Tunisia, Mexico, Brazil, Argentina), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with MarketStudyReport, global natural gas liquid market is expected to cross the 14 mbl/day threshold by 2025.

The growth of the global natural gas liquid market is based on various factors such as the rapid expansion of space heating systems, growing capital expenditure on petrochemicals, exponential demand for gasoline in automobiles, and rise in use of synthetic rubber, polyethylene, and polypropylene for manufacturing plastics and tires.

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The other factors driving the market growth are fewer electricity costs, reduced emissions from industries, reduced dependency on foreign energy imports, and lesser space required for heating expenses.

The global natural gas liquid marketplace is segregated based on product category, application type, and regional analysis. The product category is classified based on ethane, butane, propane, and pentane plus. The propane segment is poised to record 7% CAGR through the forecast timeline, primarily due to widespread product usage in space heating and transportation sectors as well as feedstock in chemical industries.

Based on application type, the market is divided into space heating, petrochemical feedstock, and blendstock. Further, the blendstock segment is expected to show significant growth during the study period, owing to  an increase in usage across petrochemical refineries and the product’s ability to act as a blending agent for multiple hydro-carbon products.

The regional analysis of the global natural gas liquid industry extends to Europe, Asia Pacific, North America, South America, and the Middle East & Africa. Among these,  the Europe market is predicted to grow substantially by 2025, due to focus on carbon reduction, supportive government policies, increasing utilization of energy efficiency solutions, and fluctuating consumption patterns.

The report cites that Japan natural gas liquid industry is slated to exceed 0.2 mbl/day by the year 2025, owing to high demand for value-added petrochemicals and escalating investments towards the chemical sector.

Leading industry players operating in the global natural gas liquid business vertical are British Petroleum plc, Petróleo Brasileiro S.A., Total Petrochemicals & Refining USA Inc., Royal Dutch Shell, Exxon Mobil Corporation, Qatar Petroleum, PJSC Gazprom, PJSC Lukoil Oil Company, Canadian Natural Resources Ltd., Range Resources Corp., Riveria Resources Inc., Eni S.p.A., PJSC Rosneft Oil Company, ConocoPhillips Co., Equinor ASA, Devon Energy Corp., and Chevron Corp.