The ‘Global Gas to Liquid (GTL) Market Size, Share, Trends, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the gas to liquid (GTL) market, assessing the market on the basis of its segments like product, application, and major regions.
Gas to Liquid (GTL) Market Share, Size, Trends, Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6.1%
Growing concerns pertaining to environment degradation and increasing environmental regulations by various governments are contributing to the growth of the gas to liquid (GTL) market. Gas to liquid fuel finds utility in various vehicles such as trucks, cranes, buses, and trains, along with some offshore vehicles. The increase in the sale of the motor vehicles, triggered by the inflating disposable income, is expected to improve the overall demand for gas to liquid fuel in the forecast period.
The heightening generation of air pollution by increasing number of vehicles worldwide is leading to greater efforts to reduce the ecological impact of vehicles. Operators of the public transport and other urban authorities are also looking for quick solutions to reduce air pollution which is increasing the demand for the gas to liquid (GTL) market globally.
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Rising population in emerging economies is fuelling the demand for energy which is escalating the incorporation of GTL in the power generation sector. Supported by its characteristics such as non-toxicity and ability to be readily biodegradable, among others, the market is expected to continue growing in the forecast period. The production of gas to liquid paves a way for the countries with natural gas resources to improve their economic condition which further supports in the growth of the gas to liquid (GTL) market.
Global Gas to Liquid (GTL) Industry Definition and Major Segments
Gas to liquid, also known as GTL, refers to a refining method that converts gaseous hydrocarbons, such as natural gas, into liquid hydrocarbons such as lubricant oil, diesel fuel, and kerosene. The process usually involves conversion of methane-rich gases into high quality liquid synthetic fuel products.
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Based on product, the market is bifurcated into:
- GTL Diesel
- GTL Naphtha
On the basis of application, the market is classified into:
- Fuel Oil
- Lubricating Oil
- Process Oil
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Gas to Liquid (GTL) Market Trends
The key trends in the gas to liquid (GTL) market include the innovative initiatives taken by various market players in order to expand the reach of gas to liquid in numerous verticals. Key players are also focusing on improving the technology used in production methods so that the efficiency of GTL products can be enhanced. Developments are aimed towards fabricating an integrated gas to liquid production system which will help convert renewable gas sources and natural gas sources into low carbon renewable fuels, naphtha, commercial grade methanol, and ultra-low sulphur diesel.
The Middle East and Africa region is expected to observe a rapid growth in the gas to liquid (GTL) market owing to the presence of substantial hydrocarbon reserves in the region. Additionally, low cost of exploration and production of natural gas and crude oil are also expected to fuel the growth of the GTL market in Middle East and Africa. Moreover, the region has several GTL power plants, thereby heightening the availability of GTL in the Middle East and Africa.
Meanwhile, the Asia Pacific is anticipated to observe a significant growth in the market for gas to liquid during the forecast period. This can be attributed to the rising initiatives of various governments which include establishment of new infrastructure and boosting manufacturing capabilities in the region.
Key Market Players
The major players in the global gas to liquid (GTL) market report are Royal Dutch Shell Plc, Chevron Corporation, Sasol Limited, PetroSA, and Velocys Plc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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