Petrochemical Manufacturing in the US - Industry Market Research Report

Petrochemical Manufacturing in the US - Industry Market Research Report

Petrochemical Manufacturing in the US

The industry produces goods that make up the fundamental building blocks of a wide range of consumer and industrial products, including detergents and pharmaceuticals. Since petrochemicals are essential to the production of many products, demand for petrochemicals is relatively stable. Industry revenue has been volatile due to the industry's sensitivity to changes in prices of its key inputs, primarily crude oil and natural gas. With commodity prices falling dramatically in 2020, oil and gas prices collapsed due to the pandemic. As the economy recovered from the pandemic in 2021, and as a byproduct of the ongoing Russia-Ukraine conflict, oil and gas prices have skyrocketed while demand for petrochemicals has bounced back. As a result, revenue has increased at a CAGR of 0.6% to $72.7 billion over the five years to 2023, despite a setback of 8.6% in 2023 alone.

This industry manufactures petrochemicals, which are chemicals derived from refined petroleum or liquid hydrocarbons. Key products include ethylene, propylene, butylene, benzene, toluene, styrene, xylene, ethyl benzene and cumene. These products are used in the production of consumer products, automotive components and various durable and nondurable goods. Organic compounds, such as ethyl alcohol, and inorganic chemicals, such as carbon black, are excluded from the industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.