Petrochemical Industry to Fuel Opportunities for Exploration and Production of Natural Gas Liquids Worldwide

Appropriate pricing has emerged as a key strategy for players looking to establish a strong foothold in the (NGL) market, says Transparency Market Research (TMR) in a recently published report. Not a single company held a discernibly high share in the highly fragmented vendor landscape of the global NGL market. Nevertheless, the most prominent companies are aiming for competitiveness by reducing their overall operating costs and turnover time. The degree of competition is, therefore, forecasted by TMR to remain high through the forecast period from 2016 to 2024.

In North America however SM Energy has emerged as one of the leading NGL exploration and production companies. Besides this Swift Energy Company, Linn Energy, LLC, and Chesapeake Energy Corporation exhibits a strong presence in the U.S. British Petroleum plc has also registered a strong presence in the global market with its strong presence across 30 countries worldwide.

Based on type, normal butane, isobutene, pentanes plus, propane, and ethane constitute the key segments in the global NGL market. Of these, ethane dominated the market with a share of 45% in 2014. The market is also expected to gain from the rising application of propane as a green fuel in residential, industrial, commercial, transportation, and chemicals and refinery sectors. By application, the petrochemicals industry is likely to exhibit the highest demand for natural gas liquids. The segment accounted for a dominant share of 55% in the market in 2014, followed by the space heating segment.

Transparency Market Research projects the global natural gas liquids market to reach 14,806.59 kilo barrels/day by the end of 2024 from 7,982.63 kilo barrels/day in 2015. If this holds true, the market will report a strong 7.16% CAGR from 2016 to 2024.

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Ganesh Rajput

As one of the lead news writers on CMFE News, Ganesh’s specialization lies in the science and technology domains. His passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Ganesh’s take on the impact of digital technologies across the science, technology, and business domains gives his writing a fresh and modern outlook.

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