United States Oil and Gas Downstream Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
United States oil and gas downstream market is expected to register a CAGR of 0.92% during the forecast period. On account of factors, such as abundant feedstock availability from the Shale gas deposits, robust pipeline, storage facilities, extensive rail infrastructure, and oil companies are moving ahead with billions of dollars in investments to upgrade the existing refining capacity. However, factors, such as the sanction on Venezuela, are expected to decrease the availability of cheap crude and, thereby, decrease the interest of the operators of complex refineries in the country for further investment. This is expected to restrain the market during the forecast period. Overall, the refinery market in United States appears to be saturated in the short term as the country has not many new refinery projects to be commissioned until 2025, and the market growth in terms of investment will be witnessed in the expansion and upgradation of existing facilities.
Key HighlightsThe market for United States oil and gas downstream remains fragmented, with a number of key players, including Marathon Petroleum Corp., Chevron Corporation, Valero Energy Corporation, Exxon Mobil Corporation, Phillips 66, and Royal Dutch Shell plc.
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