Gas to Liquids Market Scope
Increasing demand for energy and the rising population globally is driving the need for the development of alternate energy sources in order to ease the burden on conventional sources of energy. For instance, according to the International Energy Agency, it is seen that the demand for energy worldwide has grown up by approximately 2.3% in 2018. Gas-to-liquids (GTL) is a method of converting natural gas into high-quality liquid fuels. The market has high growth prospects owing to increased demand for oil products worldwide and stringent environmental regulations by different governments to control pollution and promote clean fuel.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
Key Companies Profiled | Shell (Netherland), ORYX GTL (Qatar), Petro SA (South Africa), OLTIN YO'L GTL (Uzbekistan), Chevron Corporation (United States), Gas Technologies LLC. (United States), Compact GTL (United Kingdom), Primus Green Energy (United States), Sasol Limited (South Africa) and Velocys (United States) |
CAGR | 7.36% |
"According to AMA, the Global Gas to Liquids market is expected to see growth rate of 7.36% and may see market size of USD4.3 Billion by 2030."The market players are aiming to strengthen technology offerings by focusing on the merger, acquisitions, and collaboration with other market players. Ongoing collaboration projects are expected to commercialize production on a large scale, along with the expansion of the application area. For instance, Chevron Corporation has entered into the agreement to acquire Anadarco. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Gas to Liquids market throughout the predicted period.
Shell (Netherland), ORYX GTL (Qatar), Petro SA (South Africa), OLTIN YO'L GTL (Uzbekistan), Chevron Corporation (United States), Gas Technologies LLC. (United States), Compact GTL (United Kingdom), Primus Green Energy (United States), Sasol Limited (South Africa) and Velocys (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Black & Veatch Holding (United States), Eastman Chemical (United States), NIPPON STEEL ENGINEERING CO., LTD (Japan), HYUNDAI (South Korea) and Sep-Pro Systems, Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Gas to Liquids market by Type , by Application (Fuel Oil, Lubricating Oil, Process Oil and Others) and Region with country level break-up.
On the basis of geography, the market of Gas to Liquids has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In December 2023, Sasol and the Mozambican government sign a framework agreement to explore the development of a GTL project in Mozambique.
In October 2023, Shell launched the completion of the expansion of its Pearl GTL plant in Qatar. This expansion will increase the plant's production capacity.
Influencing Trend:
Rising demand for energy along with demand for hydrocarbon products
Market Growth Drivers:
The rapid growth of the transportation sector and Growing Need for Energy
Challenges:
High limited sustainability
Restraints:
High Capital Costs
Opportunities:
Rising demand for cleaner fuels and Environmental Sustainability
Key Target Audience
Gas to Liquids Companies, Government Agencies, Commercial Research & Development Institutions, Government Organizations, Research Organizations, and Consulting Firms, Trade Associations and Industry Bodies and Others