According to Market Research Future (MRFR), the global gas to liquid market is projected to grow at USD 20,387.33 million with 7.55% CAGR from 2019 to 2025 (forecast period). The study explains and examines the influence of the outbreak of COVID-19 on the global gas to liquid (GTL) market, including future opportunities and threats, drivers, and risks.
Liquid gas refers to a refinery process that converts natural gas into high-quality liquid fuels such as diesel, gasoline, and naphtha.
Market Dynamics
Growing demand for liquid fuels due to higher terms of convenience of transport and storage, coupled with rising adoption of clean energy sources by individuals around the globe, are some of the main factors estimated to bolster the growth of the target market over the forecast period. In addition, technological progress, along with guidance introduced by various governments, like the Petroleum and Natural Gas Regulatory Board Act, 2006, the Oil Industry (Development) Act, 1974, and the Oilfields (Regulation and Development) Act, 1948, is likely to promote the conservation of petroleum products in various sectors / end-users of the economy. Furthermore, the government’s strict regulations on carbon footprint control to encourage cleaner fuel sources are set to play an essential role in the development of the target market. Moreover, rapid population growth, urbanization, and growing transport activities are some of the other factors that fuel the global market’s development.
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Market Segmentation
The global market for gas to liquid (GTL) has been segmented based on product and application.
Based on the application, the global gas to liquid (GTL) market has been segmented into GTL diesel and GTL naphtha. The market is dominated by GTL diesel because of its higher output compared to traditional crude oil refinery diesel. In addition, GTL diesel fuels provided by the Fischer-Tropsch process usually have a very high cetane number and zero sulfur content and can minimize particulate and NOx emissions. GTL Naphtha is the second-largest sector and is a high-quality alternative feedstock for chemical processing that makes the building blocks for plastics.
Based on the application, the global gas to liquid (GTL) market has been segmented into fuel oil, lubricating oil, process oil, and others. Fuel oil held the largest share of the market. Fuel oil is advanced heavy fuel oil used in boilers and other heat and energy generation equipment in manufacturing operations and processes. It helps to increase the reliability and performance of the entire boiler system, from the storage tank to the chimney. Lubricating oil has been the second-largest market offering zero sulfur and nitrogen, excellent oxidation stability, and low viscosity, even at low temperatures. GTL process oils are used in various chemical and technological industries, either as a raw material part or as a processing aid. GTL process oils have a water-white color and a uniform chemical structure, a high flash point, low volatility, and excellent light and thermal stability.
Regional Analysis
Region-wise, the global gas to liquid (GTL) market has been segmented into Europe, North America, Asia Pacific, and the Middle East & Africa.
The Middle East & Africa is projected to be a dominant region for the GTL market. In addition, Qatar is estimated to have the largest market share in the Middle East & African region. As per the US EIA 2015, Qatar is a global leader in GTL technologies and has low GTL operating facilities in the country. The Oryx GTL plant is a joint venture between Qatar Petroleum (51%) and Sasol-Chevron (49%). The plant can produce 30,000 barrels of GTL per day. The second plant, Pearl GTL, is a joint venture between Qatar Petroleum (51%) and Shell (49%). This plant produces 140,000 barrels a day.
Key Players
The industry giants in the global gas to liquid (GTL) market are Royal Dutch Shell (Netherlands), Linc Energy (Australia), Chevron Corporation (US), Sasol Limited (South Africa), OLTIN YO’L GTL (Uzbekistan), Petro SA (South Africa), ORYX GTL (Qatar), Velocys PLC (US), Compact GTL (UK), Primus Green Energy (US), Gas Techno (US), and NRG Energy (US).
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