Natural Gas Liquids Market Report 2025 (Global Edition)

Global Natural Gas Liquids Market Report 2025 Market Size Split by Product (Ethane, Propane, Isobutene, Natural Gasoline), by Application (Residential, Commercial, Industrial)

Natural Gas Liquids Market Report Description

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Impact of Trumph Tariff on Energy and Power Industry

In 2025, global trade entered a turbulent phase as the U.S., under President Donald Trump, introduced aggressive "Liberation Day Tariffs" to address trade imbalances. These tariffs, ranging from 10% to 46%, heavily impacted the energy and power sector, which relies on global supply chains for critical components like rare earth metals, solar panels, wind turbines, and lithium. The U.S.–China trade war escalated, with reciprocal tariffs and China's trade surplus with the U.S. reaching USD 102.6 billion. Retaliatory tariffs from the EU and Canada further disrupted energy supply chains, raising material costs and causing delays in key projects.

The U.S. imposed a 20% tariff on rare earths, impacting EVs and clean tech; 25% on solar panels, increasing installation costs; 15–25% on wind turbine parts, affecting project timelines; and 10–15% on oil and gas equipment, pushing producers to rethink supply networks. Sub-sectors like renewables, EVs, oil & gas, and power generation are all experiencing rising costs, supply bottlenecks, and delayed investments. For instance, solar and wind projects now face 10–30% higher costs, and EV producers are struggling with battery input inflation.

China remains central to the U.S. energy supply chain, with even indirect imports via countries like Vietnam and Malaysia tightly linked to Chinese inputs. As a result, U.S. energy firms are exploring alternative sourcing from Southeast Asia, Latin America, and domestic production to reduce exposure. However, switching suppliers requires significant investment, coordination, and time.

In this volatile environment, market research is critical. It helps energy firms map supplier risks, track price trends, and explore alternative sourcing. It enables supply chain optimization through AI and predictive analytics, while regulatory tracking and scenario planning allow companies to anticipate future disruptions. Energy firms like NextEra and First Solar are responding by diversifying suppliers, investing in local production, and leveraging digital tools to improve procurement and adapt to tariff-driven challenges. Those using data-driven strategies and flexible operations are best positioned to thrive amid rising trade tensions.

Natural Gas Liquids Market Insights Video

Competitive Landscape of the Natural Gas Liquids Market

Major competitors in the fiercely competitive natural gas liquids (NGL) market include BP, ConocoPhillips, Royal Dutch Shell, ExxonMobil, and Chevron. These businesses concentrate on developing shale gas resources and investing in fractionation facilities to increase NGL production. Growing exports are typical, particularly to Europe and Asia, as are strategic alliances. Technological developments, cost-effectiveness, and attempts to meet the expanding demand for NGLs across industries globally are what fuel market rivalry.

In May 2022, The companies Shell Australia Pty Ltd and SGH Energy, its joint venture partner, approved the creation of the Crux natural gas field, located off the coast of Western Australia, as a final investment decision. Crux has committed to supplying more natural gas to the FLNG (floating liquefied natural gas) facility Prelude. (Source:https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2022/shell-to-develop-crux-project-in-western-australia.html) In May 2022, The largest steelmaker in South Korea, POSCO Holdings, Inc., and its subsidiary POSCO International Corporation (POSCO International) entered a Sales and Purchase Agreement (SPA) for LNG with Cheniere Marketing, LLC (Cheniere Marketing). POSCO International is the owner of South Korea's first private LNG terminal. (Source:https://lngir.cheniere.com/news-events/press-releases/detail/248/cheniere-and-posco-international-sign-long-term-lng-sale) In January 2022, the largest oil company in the country, Indian Oil Corporation (IOC), declared it would invest more than Rs 7,000 crore to construct city gas distribution systems, for which it won a license in the most recent bidding round. (Source: https://iocl.com/MediaDetails/59306)

Top Companies Market Share in Natural Gas Liquids Industry: (In no particular order of Rank)

• Devon Energy Corporation
• Range Resources Corporation
• BP P.L.C
• ConocoPhillips Company
• Shell Plc.
• Chevron Corporation
• Exxon Mobil Corporation
• Saudi Arabian Oil Co.
• Lukoil
• Occidental Petroleum Corporation
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Regional Analysis of the Natural Gas Liquids Market

Which Region Dominates the Natural Gas Liquids Market in 2024?

According to Cognitive Market Research, North America currently dominates the Natural Gas Liquids market, and the region is expected to have significant growth during the projected period. The natural gas liquids (NGL) market is growing at a significant rate in North America, mainly because of the region's shale gas boom, particularly in the United States and Canada. Hydraulic fracturing and horizontal drilling advancements have led to a notable increase in NGL output, especially in butane, propane, and ethane. Large-scale production and export are made possible by the region's robust infrastructure for fractionation, processing, and export facilities, especially to Asia and Europe. Growth in the market is also fueled by the expanding petrochemical sector in North America and the increased demand for LPG and cleaner fuels for both residential and commercial use.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Asia Pacific's growing petrochemical industry and rising energy consumption are expected to propel the region's natural gas liquids (NGL) market growth. The need for ethane, propane, and butane in the production of petrochemicals, as well as LPG for household use, has increased due to the fast urbanization and industrialization in countries like China and India. Investing in import facilities and infrastructure also improves the region's capacity to use NGLs efficiently. The region's emphasis on more environmentally friendly energy sources and growing use of NGLs in transportation fuels contribute to its influence over the market's growth.

The current report Scope analyzes Natural Gas Liquids Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Natural Gas Liquids Market Analysis

According to Cognitive Market Research, the global Natural Gas Liquids market size was estimated at USD 17542.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 7016.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Natural Gas Liquids market with a market size of USD 5536.32 million in 2024 and is projected to grow at a CAGR of 3.6% during the forecast period. In the US, there is a significant rise in NGL production as a result of horizontal drilling and hydraulic fracturing advancements.
• The Canada Natural Gas Liquids market had a market share of USD 842.03 million in 2024 and is projected to grow at a CAGR of 4.6% during the forecast period. In Canada, government initiatives promote the development of infrastructure and the export of NGLs.
• The Mexico Natural Gas Liquids market is projected to witness growth at a CAGR of 4.3% during the forecast period, with a market size of USD 638.54 million in 2024.

Europe Natural Gas Liquids Market Analysis

According to Cognitive Market Research, the global Natural Gas Liquids market size was estimated at USD 17542.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 5262.66 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.1% from 2024 to 2031.

• The United Kingdom Natural Gas Liquids market had a market share of USD 884.13 million in 2024 and is projected to grow at a CAGR of 4.9% during the forecast period. The United Kingdom's discovery of substantial shale gas reserves has resulted in a rise in the production of NGLs.
• The France Natural Gas Liquids market is projected to witness growth at a CAGR of 3.3% during the forecast period, with a market size of USD 484.16 million in 2024.
• According to Cognitive Market Research, the German Natural Gas Liquids market size was valued at USD 1042.01 million in 2024 and is projected to grow at a CAGR of 4.3% during the forecast period. As Germany transitions to renewable energy sources, NGLs are used as transitional fuels.
• The Italy Natural Gas Liquids market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 452.59 million in 2024.
• The Russia Natural Gas Liquids market is projected to witness growth at a CAGR of 3.1% during the forecast period, with a market size of USD 815.71 million in 2024.
• The Spain Natural Gas Liquids market is projected to witness growth at a CAGR of 3.2% during the forecast period with a market size of USD 431.54 million in 2024
• The Luxembourg Natural Gas Liquids market is projected to witness growth at a CAGR of 4.2% during the forecast period, with a market size of USD 163.14 million in 2024.
• The Portugal Natural Gas Liquids market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 110.52 million in 2024.
• The Greece Natural Gas Liquids market is projected to witness growth at a CAGR of 4.4% during the forecast period, with a market size of USD 63.15 million in 2024.
• The Rest of Europe's Natural Gas Liquids market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 815.71 million in 2024.

Asia Pacific Natural Gas Liquids Market Analysis

According to Cognitive Market Research, the global Natural Gas Liquids market size was estimated at USD 17542.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 4034.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.

• According to Cognitive Market Research, the China Natural Gas Liquids market size was valued at USD 1815.62 million in 2024 and is projected to grow at a CAGR of 7.1% during the forecast period. In China, there is an increased need for NGLs in industrial and petrochemical processes.
• The Japan Natural Gas Liquids market is projected to witness growth at a CAGR of 6.1% during the forecast period, with a market size of USD 556.79 million in 2024.
• The India Natural Gas Liquids market had a market share of USD 484.16 million in 2024 and is projected to grow at a CAGR of 9.4% during the forecast period. In India, NGLs are utilized as a feedstock in the manufacturing of biofuels, including biodiesel and bioethanol.
• The South Korean Natural Gas Liquids market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 403.47 million in 2024.
• The Australian Natural Gas Liquids market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 209.80 million in 2024.
• The Southeast Asia Natural Gas Liquids market is projected to witness growth at a CAGR of 8.6% during the forecast period, with a market size of USD 278.39 million in 2024.
• The Rest of Asia Pacific Natural Gas Liquids market is projected to witness growth at a CAGR of 7.4% during the forecast period, with a market size of USD 286.46 million in 2024.

South America Natural Gas Liquids Market Analysis

According to Cognitive Market Research, the global Natural Gas Liquids market size was estimated at USD 17542.2 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 877.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Natural Gas Liquids market size was valued at USD 375.40 million in 2024 and is projected to grow at a CAGR of 5.6% during the forecast period. In the Brazilian, a large variety of specialty chemicals, such as additives, refrigerants, and solvents, are made using NGLs.
• Argentina's Natural Gas Liquids market had a market share of USD 147.35 million in 2024 and is projected to grow at a CAGR of 5.9% during the forecast period. Growing NGL product exports from Argentina, including ethylene and propane, will help the industry grow.
• Colombia Natural Gas Liquids market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 78.06 million in 2024.
• Peru Natural Gas Liquids market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 71.92 million in 2024.
• Chile Natural Gas Liquids market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 63.15 million in 2024.
• The Rest of Latin America's Natural Gas Liquids market is projected to witness growth at a CAGR of 4.1% during the forecast period, with a market size of USD 141.21 million in 2024.

Middle East Natural Gas Liquids Market Analysis

According to Cognitive Market Research, the global Natural Gas Liquids market size was estimated at USD 17542.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 350.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031..

• The GCC Countries Natural Gas Liquids market is projected to witness growth at a CAGR of 6.1% during the forecast period, with a market size of USD 150.16 million in 2024. In GCC, significant production of NGLs as a byproduct of processing natural gas and extraction oil.
• The Egypt Natural Gas Liquids market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 36.84 million in 2024.
• The South Africa Natural Gas Liquids market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 55.43 million in 2024. In South Africa, demand for NGL-based power generation will increase as rural areas' access to energy is expanded.
• The Turkey Natural Gas Liquids market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 30.17 million in 2024.
• The Nigeria Natural Gas Liquids market is projected to witness growth at a CAGR of 4.4% during the forecast period, with a market size of USD 36.84 million in 2024.
• The Rest of the MEA Natural Gas Liquids market is projected to witness growth at a CAGR of 4.3% during the forecast period, with a market size of USD 41.40 million in 2024.

Natural Gas Liquids Market Analysis

Natural Gas Liquids Market Product Segment Analysis

According to Cognitive Market Research, ethane is likely to dominate the Natural Gas Liquids Market over the forecast period. In the market for natural gas liquids (NGLs), ethane is a vital product that is mostly utilized as a feedstock for the petrochemical industry's ethylene synthesis. Ethane is needed because ethylene, a precursor to plastics, synthetic fibers, and resins, is becoming more and more in demand. Ethane supply has increased dramatically as a result of increased shale gas extraction in places like North America, which supports ethylene production and boosts market growth overall. Global demand for ethane is further fueled by rising urbanization and industrialization, as well as the growth of the packaging and plastics industries.

The propane is the fastest-growing segment in the Natural Gas Liquids Market. The market for natural gas liquids (NGL), of which there is a growing demand from a variety of industries, depends heavily on propane. It is frequently used as a fuel for industrial processes like drying and cutting metal, as well as for cooking and heating. Propane is a vital feedstock used in the petrochemical sector to produce propylene. The demand for propane is further increased by the expanding usage of LPG (liquefied petroleum gas), particularly in the residential and commercial sectors. Its use as a cleaner fuel for transportation is another factor driving growing global use, especially in North America and Asia Pacific.

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Natural Gas Liquids Market Application Segment Analysis

According to Cognitive Market Research, the industrial segment holds the largest share of the market. Industrial applications are a key factor driving demand in the natural gas liquids (NGL) market. Several industrial processes involve the usage of propane, butane, and ethane. While butane and isobutane are utilized as feedstocks in petrochemical production, particularly in the production of synthetic rubbers and plastics, propane is used as a fuel for heating and powering industrial equipment. For ethylene, which is utilized in many industrial products, to be produced, ethane is essential. NGLs are also used in refinery operations for processing and blending. The expansion of sectors, including manufacturing, chemical processing, and energy generation, drives up the use of NGLs.

In the Natural Gas Liquids Market, the residential category has been expanding at a rapid pace. Demand for natural gas liquids (NGLs), especially propane and butane, is mostly driven by residential uses in the market. In household contexts, propane is frequently used for cooking, heating, and water heating, particularly in places lacking access to natural gas pipes. Butane is frequently used as a fuel for outdoor heating and in portable stoves. In addition, LPG, a butane and propane mixture, is frequently used for residential energy demands in isolated and rural locations. Due to their availability and efficiency, NGLs are being used more and more in residential applications, which is helping the industry expand.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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