Key players involved in the GTL market are Chevron Corporation (US), Royal Dutch Shell (Netherlands), Sasol Limited (South Africa), Velocys PLC (US), Petro SA (South Africa), ORYX GTL (Qatar), Linc Energy (Australia), OLTIN YO’L GTL (Uzbekistan), Compact GTL (UK), Gas Techno (US), Primus Green Energy (US), and NRG Energy (US), among others.
Pune, Feb. 11, 2021 (GLOBE NEWSWIRE) — Increasing Gas Extraction Drive the Market Growth
Gas to Liquid (GTL) process provides an alternative way of utilizing natural gas resources for consumption. The process helps to obtain various high-value products, including gasoline, diesel, naphtha, and waxes. With major technological advances, the GTL process has evolved over the years. Industry payers, such as Shell, Sasol, and ExxonMobil, have improved the technology for large scale implementation.
Sasol Limited has developed a number of proprietary GTL processes based on the Fischer–Tropsch (FT) process used for large scale deployment. Many notable industry players offer advanced GTL technologies for the production of synthesis gas based on steam methane reforming, gas heating reforming and compact, auto thermal, and combined reforming and fixed bed cobalt-based catalytic synthesis.
Challenge in monetizing gas discoveries in regions with no supporting pipeline infrastructure is a major factor driving the GTL process’s demand. The gas to liquid market is expected to witness significant growth during the forecast period.
Market Research Future (MRFR), in its recent gas to liquid market analysis , asserts that the GTL market valuation is poised to reach USD 20,387.33 million by 2025, expanding at approx 7.55% CAGR during the assessment period (2019-2025).
Get Free Sample PDF Brochure
COVID-19 impacted the gas to liquid industry negatively, causing huge revenue losses by hitting prices and demand. The shutdown of the manufacturing plants resulted in a slowdown in the production of fuel oil, lubricating oil, process oil, and others, which, in turn, declined the GTL process uses. Besides, the lockdown-driven halt caused in the transport infrastructure across the globe has also affected the gas to liquid market growth, impacting the fuel management market.
The oil industry was already rethinking its plans to shift from fossil fuels towards more sustainable fuels before the virus struck. The unprecedented COVID 19 crises brought along significant uncertainty, which would continue to harm oil and gas products demand. As a result, O&Gs might need to take measures to cut production.
Major O&G players are committed to the progressive dividend policy and expect to grow their US dollar dividend per share by approx. 4% as of the first quarter of 2021. COVID-19 has meant companies such as Shell are accelerating that transition towards biofuels, for example. This further led to industry players taking tough but decisive actions that helped them demonstrate highly resilient operational delivery.
Many O&G companies are focusing on reducing operational costs, minimizing risks, and maximizing gains to survive in the competitive market. Companies are coming out of 2020 with a stronger balance sheet, ready to accelerate strategy and make the future of energy. The market demand is projected to pick up further following the uplift of the lockdown in many countries.
Browse In-depth Market Research Report (150 pages) on Gas to Liquid (GTL) Market
Gas to liquid or GTL process converts natural gas to liquid fuels such as jet fuel, gasoline, diesel, and waxes. GTL can convert many natural gases into fuels and other marketable products. For instance, GTL converts methane to a mixture called syngas (hydrogen, carbon dioxide, and carbon monoxide).
The GTL process also provides a means to monetize small gas reserves that would otherwise remain stranded due to their low volumes. Especially in regions with no supporting pipeline infrastructure in the vicinity, challenges in monetizing these gas discoveries increase further. Constructing new pipelines to transport such low volumes of gases is totally uneconomical.
Moreover, the absence of any industrial facility, such as a power plant nearby, also makes it unviable to consider the new gas discovery production, thereby leaving it stranded. Stranded natural gases converted into fuels, and other marketable products are relatively easier to transport and offer higher monetary value over natural gas.
Growing concerns over the monetization of gas reserves drive the adoption of gas to liquid process. Moreover, the growing energy consumption worldwide prompts the exploration of new energy resources. The escalating energy demand globally has motivated the demand for gas to liquid process to a great extent.
The upsurge in fossil fuel depletion has led to increasing the gas to liquid market size. Besides, rising fuel oil uses in boilers and other equipment for producing heat and energy accelerate the gas to liquid market share. Additionally, stringent carbon emission targets are expected to add to the development of the gas to liquid market. Furthermore, industrial growth is estimated to boost the gas to liquid market revenues over the forecast period.
On the other hand, the high capital expenditure required to construct large-scale GTL plants is a major factor in restraining market growth. The capital expenditure required for constructing large-scale GTL plants is generally higher than conventional refineries.
The high capital requirement has been a major deterrent for the development of larger GTL plants worldwide. A GTL project can be competitive enough only when crude oil prices are reasonably high. However, small-scale refineries are relatively less susceptible to oil price volatility due to their compact and modular designs.
Share your Queries
The gas to liquid market forecast is segmented into product, application, and region. The product segment is sub-segmented into GTL diesel, GTL naphtha, and others. The application segment is sub-segmented into fuel oil, lubricating oil, process oil, and others.
Based on applications, the fuel oil segment accounts for the largest market share. Fuel oil is extensively used in boilers and other equipment for generating heat and energy in manufacturing operations and processes to improve the reliability and the performance of the entire boiler system.
Lubricating oil is the second-largest application segment. It offers zero sulfur & nitrogen, excellent oxidation stability, and low viscosity, even at low temperatures. Similarly, process oils are used in a wide variety of chemical and technical industries, either as a raw material component or aid to processing. Process oils offer a uniform chemical structure, a high flash point, low volatility, and outstanding light and thermal stability.
By region, the GTL market is bifurcated into the Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World, the Americas (US, Canada, Mexico, Rest-of-North America) and South America, and Europe (the UK, Germany, France, Italy, and Rest-of-Europe).
Among these, the Middle-East & Africa region is estimated to be the largest market for the gas-to-liquid process. Qatar is expected to be a prominent GTL market in the region. The country has the most significant market share in the Middle-East & African region. According to the US EIA 2015, Qatar is a global leader in GTL technologies and has low GTL operational facilities. In the joint venture – Oryx GTL plant, Qatar Petroleum has 51%, and Sasol-Chevron has 49% share. This plant can produce 30,000 barrels per day of GTL products. The second plant, the Pearl GTL plant, is a joint venture of Qatar Petroleum (51 percent) and Shell (49 percent). This plant produces 140,000 barrels per day.
Discover More Research Reports on Power Generation, Transmission and Distribution Industry , By Market Research Future
The gas to liquid market is experiencing several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and new technology launch. Leading industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Jan 05, 2021, Greenway Technologies, Inc., an advanced gas-to-liquids (GTL) technology development company, announced receiving a Notice of Allowance from the US Patent and Trademark Office (USPTO) for another of its United States utility patent applications relating to its GTL fuel conversion technology.
The allowed patent complements GWTI’s existing patent portfolio, including Fractional Thermal Oxidation GTL technology that generates incrementally cleaner liquid fuels and high-value chemicals & alcohols. The company plans further additions to its patent portfolio as it begins commercial deployment of its unique technology to address industrial and governmental carbon emission reduction requirements.
List of the Key Companies Profiled in the Gas to Liquid (GTL) Market Research Report are:
- Chevron Corporation (US)
- Royal Dutch Shell (Netherlands)
- Sasol Limited (South Africa)
- Velocys PLC (US)
- Petro SA (South Africa)
- ORYX GTL (Qatar)
- Linc Energy (Australia)
- OLTIN YO’L GTL (Uzbekistan)
- Compact GTL (UK)
- Gas Techno (US)
- Primus Green Energy (US), and
- NRG Energy (US), among others.
Browse Related Reports:
Global Microbial Fuel Cell Market Research Report: Information by Type (Mediator and Non-Mediator), Application (Power Generation, Wastewater Treatment, Biosensor), End-User (Agriculture, F&B, Healthcare, Government & Municipal) & Region – Forecast till 2023
Bioliquid Heat & Power Generation Market Research Report: Information by Type (Bioethanol and Biodiesel), by Application (Power Generation and Heat Generation), and Region – Global Forecast till 2023
Substation Monitoring Market Research Report: Information by Component (Hardware & Software), Communication Technology (Wired & Wireless), Sector (Transmission & Distribution), Industry (Utility, Mining, Steel, Oil & Gas, and Transportation), and Region – Global Forecast till 2023
Gas Genset Market Research Report: Information by Fuel (Natural Gas, Biogas, Others), Power Rating (Up to 100 KVA, 100-350 KVA, 350-1000 KVA, Above 1000 KVA), Application (Standby, Peak Shaving, Continuous), End-User and Region – Global Forecast till 2023
Global Gas Turbine Services Market Report: Information by Type (Heavy Duty, Industrial, & Aeroderivative), Service (Maintenance & Repair, Overhaul, & Spare Parts Supply), End-Use (Power Generation, Oil & Gas, & Others), Region – Forecast till 2023
Global MCB and MCCB Market Report : Information by Type (MCB and MCCB), Rated Current (Up to 20A, 21-75A, 76-250A, 251-800A & above 800A), End-Use (Power Generation, Residential & Commercial, Transportation, Manufacturing) Region – Forecast till 2023
Distributed Energy Resource Management Market Research Report: Information by Technology (Solar PV, Energy Storage, Wind, CHP), Software (Analytics, Management & Control, VPP), End-User (Government & Municipalities, Industrial, Commercial) & Region – Global Forecast till 2026
Power Transmission Component Market Research Report: Information by Component (Transformer, Circuit Breaker, Isolator, and Others), Voltage (132 kV, 220 kV, 440kV, 660kV, >764 kV), Current Level (HVAC, HVDC), and Region – Global Forecast till 2023
Nuclear waste management Market Research Report: Information by Waste Type (Low-level, High-level, & Intermediate-level), Reactor Type (Gas Cooled, PHWR, BWR, PWR), Application (Industry & Utility) & Region – Global Forecast till 2023
Hydrogen Energy Storage Market Research Report: Information by Technology (Liquid Hydrogen, Metal Hydrides, Carbon Absorption, Underground Salt Caverns), End-User (Power Generation, Transportation, Chemicals, Metal Working, Others) & Region – Global Forecast till 2023
Global Solar-Powered Vehicle Market Research Report: Information by Solar Panel (Monocrystalline and Polycrystalline Solar Panel), by Battery Type (Lithium-Ion Battery, Lead-Acid, Lead-Carbon and others), by Propulsion (Battery and Hybrid Electric Vehicle), by Vehicle Type (Passenger Car and Commercial Vehicle) and by Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2025
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact:Market Research FuturePhone:+1 628 258 0071(US) +44 2035 002 764(UK)Email: [email protected]: https://www.marketresearchfuture.com