Gas to liquids processes market to reach US$15.5 billion
Published by Francesca Brindle,
Editorial Assistant
Hydrocarbon Engineering,
The global GTLs processes for chemicals and energy market is expected to reach US$9.2 billion growing at a CAGR of 6.7% to reach US$15.5 billion by 2022. GTL is a refinery process that converts natural gas into liquid fuels such as gasoline. Methane-rich gases are renewed into liquid synthetic fuels either via direct conversion via syngas as an intermediary. Rapid energy consumption and price of oil and gases are the foremost drivers for GTL market, whereas the fixed reactors and large sized equipment are inhibiting the growth. The increasing consumption of natural gas, especially in emerging countries such as India, Japan and China act as the opportunity for GTL market.
The most common technique used at GTL facilities is Fischer-Tropsch (F-T) synthesis. F-T synthesis has gained recent attention because of the rising extend between the cost of natural gas and the cost of petroleum products. Lubricating products and production of waxes are another primary product of the F-T process and developers have reworked on their designs, to increase the enduring profitability of GTL plants. The increasing demand for waxes that are produced by F-T process is experiencing stable growth over the past decade. F-T waxes are used in industries producing paints and coatings, candles, plastic, resins, tires, synthetic rubber and other products.
Global GTL processes for chemicals and energy market is mainly segregated by production, by size, by products and by geography. Based on production, the market is segmented into methanol to gasoline (MTG) process, gasoline plus process, F-T process. Based on size, the market is categorised into small scale and large scale. Based on products, the market is segmented into diesel, ethane, LPG, base oil and paraffin. Market by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. Due to the rise in natural gas consumption, Asia Pacific is expected to be the leading market for GTL.
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/29122016/gas-to-liquids-processes-market-to-reach-us155-billion/
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