Pune, Nov. 18, 2020 (GLOBE NEWSWIRE) — The global natural gas liquids market is likely to witness considerable growth in the coming years due to the growing awareness regarding the use of combustible fuels releasing harmful gases. According to a report by Fortune Business Insights, titled “Natural Gas Liquid Market Size, Share and Global Trend by Product (Ethane, Propane, Butane, Pentane, and Others), By Application (Petrochemical Feedstock, Space Heating, Blend Stock, and Others), and Geography Forecast till 2026,” the market will derive growth from the use of natural gas liquids over diverse applications.
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Natural gas liquids or hydrocarbons are widely used in several applications across a diversified sector. The property of liquefied natural gas to occupy a significantly low volume has led to advantages such as easy transportation and low space occupancy. Transportation of large amounts of natural gas liquids over longer distances has encouraged trade activities. In addition to transportation, the chemical composition of the natural gas liquid allows their use in applications such as petroleum, oil refineries, cooking, and as a transportation fuel for vehicles. The report provides segmentation of the global natural gas liquids market and signifies the applications of several product types, in addition to describing their impact on the growth of the market. Additionally, the report highlights the latest industry developments and states the impact of these developments on the global natural gas liquids market.
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Increasing Investment in Gas Delivery Systems to Favor Market Growth
The diverse applications of natural gas liquids have created a greater adoption among end-users across the world. The escalating demand for natural gas liquids has encouraged companies to forge feasible delivery systems across the world. Enhanced delivery and transportation systems will subsequently create more opportunities for growth for the natural gas liquids market companies as well as influence the growth of the market in a positive manner. In a bid to establish a market stronghold, companies have raised their investment in natural gas liquid manufacturing processes as well as transportation and delivery systems. In April 2019, ONEOK announced the extension of its pipeline coverage with the aim of serving more people. The company announced that it will expand its pipeline coverage by 75 miles, ranging from its natural gas liquid processing plant to third party distributors. ONEOK has decided on an initial US$ 100 Mn investment in developing this pipeline. Fortune Business Insights has predicted that such projects will have a significant impact on the global natural gas liquids market. The report identifies industry developments that have had a direct positive impact on the growth of the market.
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Asia Pacific Will Witness Substantial Growth, owing to Its Recent Efforts to Tackle Air Pollution
The growing efforts put in by companies operating in the Asia Pacific have led to the rising adoption of natural gas liquids in numerous applications. The increasing awareness regarding air pollution and measures needed to be taken to control air pollution has emerged in favor of natural gas liquids. Natural gas liquids have emerged as excellent alternatives to combustible fuels. Fortune Business Insights has predicted that the efforts to minimize air pollution, particularly in the countries of China and India will favor the growth of the natural gas liquids market in the Asia Pacific. Additionally, strict regulatory policies towards the emission of harmful gases will lead to a huge demand for natural gas liquids in this region. The report provides segmentation of the global natural gas liquids market based on regional demographics and highlights the leading regions in the market.
Fortune Business Insights profiles some of the leading companies that have generated substantial natural gas liquids market revenue in recent years. A few of the prominent natural gas liquids market companies 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.
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