Gas Processing Market (By Type: Dry Gas, Natural Gas Liquid (NGL), Others; By Application: Acid Gas Removal, Dehydration, Others; By Industry Vertical: Metallurgy, Healthcare, Chemical, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global gas processing market size was exhibited at USD 202.19 billion in 2022 and is projected to hit around USD 381.32 billion by 2032, growing at a CAGR of 6.55% during the forecast period 2023 to 2032.

Key Pointers:

• By Type, the dry gas segment generated more than 58 % of the revenue share in 2022.
• By Application, the acid gas removal segment is expected to generate for a maximum revenue share between 2023 and 2032.
• North America region captured to the biggest revenue share in 2022.

COVID-19 Impact analysis

The sudden spread of the COVID-19 pandemic, which triggered a global health emergency, had a devastating influence on every industry. Due to a loss of operating time due to labor shortages and lower demand from end-use industries as a result of state-wide lockdowns to contain the virus's spread, gas investments in the fiscal year 2020 have been reduced.

The disease's spread has had a significant impact on crude oil demand, causing oil prices to plummet to new lows. The gas processing market suffered as a result of this.

Gas Processing Market Report Scope

Gas processing is a set of industrial operations that remove impurities, pollutants, and higher molecular mass hydrocarbons from raw natural gas to generate pipeline-quality dry natural gas. At the wellhead, gas processing begins. The kind, depth, and location of the subsurface deposit, as well as the geology of the area, influence the composition of raw natural gas collected from producing wells. Natural gas and oil are frequently found in the same reservoir.

The market is being driven by increased natural gas demand. Natural gas is in high demand due to its quantity and versatility, as well as its clean-burning features. Natural gas consumption has increased as a result of surge in usage of natural gas in the transportation sector. In addition, the need for natural gas for power generation in developing countries is fuels the market expansion. During the forthcoming years, increased natural gas consumption is expected to propel the growth of the gas processing market. Many new technologies are being developed to improve the technical and financial viability of gas processing operations. These new technologies are intended to minimize energy consumption, thereby saving gas processing companies a large amount of money. New technologies are driving the growth of the global gas processing market by lowering the cost of gas-processing operations. The market's growth is likely to be hampered by operational issues associated with gas processing, the adoption of other energy sources, and price fluctuations in oil and gas. These variables are likely to have a substantial influence on upstream oil and gas firms as well as investors, resulting in a reduction in natural gas supply if upstream investments fall. As a result, such limitations will limit the worldwide gas processing market's growth.

Market Trends

• As of April 1, 2020, Polskio Gornictwa Naftowe I Gazownictwo (PGNIG) the sole owner of the tiny ING roloading station in Klaipeda, Lithuania, allowed the company to access Baltic Sea markets and streamline LNG supply logistics to customers in north-eastern Poland.
• After acquiring U.S. assets, BP forays into offshore wind. The deal marks BP's first venture into offshore wind, and it's part of a new plan that sees the British oil major speed up its transition away from fossil fuels in order to meet its net-zero emissions goals.
• The acquisition of InterOil Corporation by ExxonMobil has been finalised. The Supreme Court of Yukon, Canada, authorised this transaction. ExxonMobil purchased all of InterOil's outstanding common shares as part of the deal. ExxonMobil will be able to create wealth for both its shareholders and the people of Papua New Guinea as a result of this arrangement.
• BASF SE has developed a new method for recovering high-value natural gas products. This method combines the treatment of natural gas for pipeline transport with the recovery of precious helium, liquid hydrocarbons, and purified CO2 all at the same time.

Some of the prominent players in the Gas Processing Market include:

• Gazprom
• Exxon Mobil
• China National Petroleum
• Royal Dutch Shell
• BP
• Chevron
• Total
• Statoil
• ConocoPhillips
• Eni

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Gas Processing market.

By Type 

• Dry Gas
• Natural Gas Liquid (NGL)
• Others

By Application

• Acid Gas Removal
• Dehydration
• Others

By Industry Vertical

• Metallurgy
• Healthcare
• Chemical
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)