Liquid Hydrocarbons Market Size, Share, Growth, And Industry Analysis By Type (Pyrolysis Gasoline (Pygas), Alkanes, Alkenes, Alkynes, and Others) By Application (Chemical Industry, Fuels, Additives, and Others) Regional Forecast To 2031

Updated On: 08 April 2024

Liquid Hydrocarbons Market Report Overview

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The global liquid hydrocarbons market size was USD 6.828 billion in 2022 and the market is expected to reach USD 8.73 billion in 2030, exhibiting a Compound annual growth rate (CAGR) of 3.1% during the forecast period.

The sudden rise in CAGR was brought on by the market's expansion and the demand levelling down after the pandemic is over.

Hydrocarbons are a type of chemical compounds that include hydrogen and carbon. This specific type of hydrocarbons is also known as a liquid, which is different from gaseous hydrocarbons. The hydrocarbon market is a huge industry, and it is expected to grow even more in the future. Because of this, the hydrocarbon market is always having new developments

Hydrocarbons are used in a wide variety of products, such as plastics, fuels, lubricants, petrochemicals, and as solvents. The market is growing due to increasing demand for liquid hydrocarbons in various end-use sectors such as transportation, chemicals and petrochemical industry, and power generation.

COVID-19 Impact: The High Demand and Supply of Liquid Hydrocarbon Propelled the Market Growth.

The most significant factor affecting the market for liquid hydrocarbons is COVID-19. The infection can result in respiratory issues and death, which has a substantial influence on the market. Due to the fact that oil is one of the most significant liquid hydrocarbons, it is also a significant factor in the oil market. The virus also has a large effect on the world economy because it has resulted in a significant loss of revenue, which is bad for the world economy. The world economy is significantly impacted by the liquid hydrocarbons market.

Three categories can be used to group the effects of COVID-19 on the liquid hydrocarbons market. The first category includes the impact on liquid hydrocarbon demand, the second category includes the impact on liquid hydrocarbon supply, and the third category includes the impact on liquid hydrocarbon price. The supply of liquid hydrocarbons will rise as the virus spreads, which will have a detrimental impact on the demand for them. As a result, there will be less of a need for liquid hydrocarbons. The increase in liquid hydrocarbon production will have a positive impact on the supply of these substances. As a result, the supply of liquid hydrocarbons will increase. Finally, because there will be a decrease in demand and an increase in supply of liquid hydrocarbons, the price of liquid hydrocarbons will go up.

Latest Trends

"The Market's Expansion will be Fueled by the Use of Nano Hydrocarbons"

Since the first decade of the 20th century, the market for liquid hydrocarbons has been expanding steadily. This has been ascribed to the creation of these goods and the rise in consumer interest in them. The advent of the new class of liquid hydrocarbon known as the nano hydrocarbon is one of the most recent and significant changes on the market. In the upcoming years, the market for this product is anticipated to expand. This will also result in a new market sector, which is anticipated to expand in line with consumer demand for goods based on nano hydrocarbons.

Liquid Hydrocarbons Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into pyrolysis gasoline (Pygas), alkanes, alkenes, alkynes, and others. Among these pyrolysis gasoline (Pygas) is projected to experience rapid growth through 2030.

• By Application Analysis

Based on application, the market can be divided into chemical industry, fuels, additives, and others. The chemical industry is expected to hold the largest liquid hydrocarbons market share in the upcoming years.

Driving Factors

"Need for Cheaper Alternative to Oil will Drive the Market Expansion"

The demand for alternate energy sources and the need for a less expensive oil substitute are the key factors driving the liquid hydrocarbon market. Both the need for less expensive oil alternatives and the demand for other energy sources are rising. Businesses are also looking for an oil substitute that is safer and less hazardous. The market is also being driven by natural gas's lower price and rising demand for it.

"The Liquid Hydrogen usage in the Transport Industry will Propel the Market Growth"

Due to their versatility, liquid hydrocarbons are essential in transportation. They can be used as a coolant, a fuel, and a lubricant. They can also be employed as a vehicle for other compounds. For instance, they can transport water for use in industry. Because they are inexpensive to produce and simple to transport, liquid hydrocarbons are also crucial.

Restraining Factors

"The Transportation Duration and Risks may Hamper the Market"

Liquid hydrocarbons' capacity to move objects is one of their most significant properties. It is a well-known fact that liquid hydrocarbons are used in transportation for a variety of purposes. But there are several drawbacks to using liquid hydrocarbons. Their flammability is one of these disadvantages. Liquid hydrocarbons may be flammable, which increases the likelihood that they will catch fire in the event of an accident. The volatility is another drawback. Volatility describes the likelihood of an explosion in liquid hydrocarbons. Particularly for those that are already in a container, this is true. The fact that liquid hydrocarbons are heavier than gas is another drawback.

Liquid Hydrocarbons Market Regional Insights

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"U.S. to Dominate Market Owing to High Production of Liquid Hydrocarbon"

Between 2022 and 2030, the liquid hydrocarbon market will be dominated by U.S. Factors driving the liquid hydrocarbon market growth in this region due to their large oil reserves.

Additionally, the liquid hydrocarbon market is anticipated to experience the fastest growth in the Asia Pacific (India, China, Japan, and the South Asia) region. The expansion of regional markets is being fueled due to the need for cheaper alternative to oil in the industries.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Reliance Industries Limited (India)
• Indian Oil and Natural Gas Corporation (India)
• Castrol India Ltd (India)
• Chennai Petroleum Corporation Limited (CPCL) (India)
• Oil India Limited (India)
• Essar Oil Limited (India)
• Indian Oil Corporation (India)
• Hindustan Petroleum Corporation Limited (India)
• Bharat Petroleum Corporation Limited (BPCL) (India)
• Gail (India) Limited (India)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.