The Natural Gas Liquids Market was worth 6555.93 kilo barrels/day in the year 2014 and is expected to reach approximately 12516.52 kilo barrels/day by 2023, while registering itself at a compound annual growth rate (CAGR) of 7.45% during the forecast period. The natural gas liquids market holds a considerable degree for development. Its contribution to the worldwide market is anticipated to increase fundamentally finished the traverse of the following years. Recent revelations and developments have made huge open doors for various players to enter the petroleum gas fluids market. The major factors in charge of driving the natural gas liquids market are expanding requirement from petrochemical plants; expanding request from refineries, and demand from residential and industrial customers. A portion of alternate factors in charge of driving this market are advancement in the natural gas business and the expanding usage of related gas. Restraining elements to this market are absence of infrastructure to deal with NGLs and extreme rivalry from other energy creating products, for example, biogas, methane gas, and some more.
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Regional Outlook and Trend Analysis
Geographically, Middle East and North America rose as the most alluring markets for natural gas liquid in 2015. While the Middle East held the biggest share in the general market in 2015, North America is ready to surge at the speediest CAGR amid the figure period. In North America, the United States furthermore, Canada developed as the biggest makers of gaseous petrol fluids in 2014. The United States is currently witnessing shale gas boom because of which the generation of natural gas has essentially expanded in the nation. Residential heating and petrochemical enterprises have risen as the major application fragments of natural gas liquid in the United States In Canada, production and sale of natural gas liquids are supported by the existence of built up infrastructure. Asia Pacific is constantly expanding in its creation and preparing capacity of natural gas. A portion of the main markets for natural gas liquids in Asia Pacific incorporate China, India, Indonesia, and Australia.
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The leading players in the market are ExxonMobil, Royal Dutch Shell, SM Energy, Statoil, Range Resources, Chesapeake Energy and ConocoPhillips. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.