United States Petrochemicals Report

Published 23 June 2015

  • 110 pages
  • Instant access to your report online and PDF format through your account library
  • Includes 3 free updated quarterly reports
$1,295.00
United States Petrochemicals Report

US plastics output grew strongly in the first few months of 2015 amid a buoyant market and competitive production. The market is likely to remain supportive of growth in the months and years ahead as industrial growth remains strong, although the construction sector will slow and impact on a range of plastics used in construction materials, particularly PVC.

In the first four months of 2015, US production of major plastic resins grew 3.0% while sales and captive plastic use grew 5.4% year-on-year (y-o-y). In May the three month moving average Chemical Activity Barometer (CAB), the American Chemistry Council's (ACC) economic indicator, grew 0.7% month-on-month and was up 3.3% y-o-y. This indicated strengthening business activity that should carry through into 2016.

Production growth in the automotive industry is set to moderate due to capacity constraints. However, growth is set to continue steadily over the medium term thereby ensuring considerable upside for petrochemicals producers, particularly in engineering polypropylene (PP) products, polyurethane upholstery and synthetic rubbers which are used in the manufacture of vehicles.

We maintain our view the recovery in the construction sector will trend lower as the residential construction industry normalises. The potential for any major ramp-up in infrastructure investment remains unlikely in the current political climate, but any improvement here would present upside to our five-year growth outlook. This will have implications for construction-related chemicals such as PVC, which will benefit from continued house-building growth but cannot bank on massive increases in consumption over the medium term.

The US petrochemicals industry continues to expand on the back of growth in ethane availability as a result of shale gas exploitation. With exports and domestic demand growing, industrial growth is firming up and giving a positive scenario over the medium term. However, a glut in global capacity as a result of new...

BMI Industry View
7
SWOT
8
Political
10
Economic
11
Operational Risk
12
Industry Forecast
13
Table: US Petrochemicals Industry, 2012-2019 ('000tpa, unless otherwise stated)
16
Macroeconomic Forecasts
17
Economic Activity
17
Industry Risk/Reward Ratings
22
Americas Petrochemicals Risk/Reward Index
22
Worsening market risk in Latin America
22
Table: Americas Petrochemicals Risk/Rewards Ratings
26
Market Overview
27
Table: Geographical Concentration Of Chemicals Production
28
Industry Trends And Developments
30
Cracker Developments
30
Table: US Petrochemical Expansions Based On Shale Gas
30
Polymers And Intermediates
32
Fertiliser
33
Refining
34
Regulatory Development
36
Hydraulic Fracturing (Fracking)
37
Competitive Landscape
41
Table: Olefins Production Capacity ('000tpa)
43
Aromatics
46
Table: Aromatics And Derivatives Capacity ('000tpa)
47
Mixed Xylenes
48
Table: Xylenes Capacity ('000tpa)
48
Table: US Polyethylene Manufacturing And Applications
50
Table: PE Chain Capacity ('000tpa)
50
Table: US PP Capacity ('000tpa)
55
Table: PVC Chain Capacity ('000tpa)
56
Table: PS Chain Capacity ('000tpa)
57
Polyethylene Terephthalate (PET)
58
Table: US Petrochemicals Sector - PET Chain Capacity ('000tpa)
59
Company Profile
61
BP
61
Chevron Phillips Chemical Company
64
Dow Chemical
67
ExxonMobil
70
Huntsman
73
Ineos
75
LyondellBasell
77
Shell Chemicals
79
Westlake Chemical
81
Regional Overview
83
Americas Overview
83
Table: Planned PE Projects In North America, 2014-2019
87
Global Industry Overview
89
Project Cancellation: the Impact of US Expansion and Low Oil Prices
89
Outlook for 2015: Falling prices
91
Medium-term outlook
92
China versus the US: feedstock wars
93
Global - Crude Oil, Refined Fuels And Natural Gas Prices, 10-year Forecasts
97
Table: Energy Price Forecasts, 2013-2018
97
Table: Energy Price Forecasts, 2019-2024 ( Global 2019-2024)
98
Demographic Forecast
100
Table: Population Headline Indicators (United States 1990-2025)
101
Table: Key Population Ratios (United States 1990-2025)
101
Table: Urban/Rural Population & Life Expectancy (United States 1990-2025)
102
Table: Population By Age Group (United States 1990-2025)
102
Table: Population By Age Group % (United States 1990-2025)
103
Glossary
105
Table: Glossary Of Petrochemicals Terms
105
Methodology
106
Industry Forecast Methodology
106
Risk/Reward Index Methodology
108
Table: Petrochemicals Risk/Reward Index Indicators
109
Table: Weighting Of Indicators
110

The United States Petrochemicals Report has been researched at source, and features BMI Research's market assessment and independent forecasts for key petrochemicals sub-sectors. The report also analyses the impact of regulatory changes, recent developments and the background macroeconomic outlook and features competitive landscapes comparing companies by products and services, sales, market share, investments, projects, partners and expansion strategies.

BMI's United States Petrochemicals Report provides industry professionals and strategists, sector analysts, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the American petrochemicals industry.

Key Benefits

  • Benchmark BMI's independent petrochemicals industry forecasts to test other views - a key input for successful budgetary and planning in the American petrochemicals market.
  • Target business opportunities and risks in the American petrochemicals sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in United States.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI’s key industry forecasts, views and trend analysis, covering the petrochemicals markets, regulatory changes, major investments, projects and company developments.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the petrochemicals sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series (2009-2013) and forecasts to end-2019 for key industry and economic indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

  • Energy: Oil production (‘000 b/d), oil consumption (‘000 b/d), net oil exports (‘000 b/d), gas production (bcm), gas consumption (bcm), net gas exports (bcm), oil refinery capacity (‘000 b/d).
  • Petrochemicals: Ethylene capacity (‘000 tpa), ethylene production (‘000 tpa), ethylene consumption (‘000 tpa), polyethylene capacity (‘000 tpa), polypropylene capacity (‘000 tpa), polyvinyl chloride capacity (‘000 tpa), polyolefins consumption (‘000 tpa).
  • Oil Products Prices: Price forecasts for all major oil-based products (USD/bbl) at major global energy trading hubs.
  • Economic: Nominal GDP (USDbn), real GDP growth (%), GDP per capita (USD), population (mn), unemployment (%), exchange rate (against USD).

BMI’s Petrochemicals Risk Reward Index

BMI’s Risk Reward Indices provide investors (both corporate and financial) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Market Overview

Structure, size and value of the industry sector; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.

Industry Trends & Developments

Evaluation of company and sector-wide developments, including key projects (as well as expansion plans), latest company financial details and proposed international ventures.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Global & Regional Market Overview

Analysis of the key trends driving the global industry, including worldwide output/capacity and demand analysis across ethylene, polyethylene, polyvinyl chloride, polystyrene, polyethylene terephthalate and polypropylene. The regional analysis looks at the implications of local and global trends on specific company activity.

Sub-sectors covered by the Petrochemicals Reports include:

Oil & Gas, Oil Refining, Olefins (ethylene, propylene), Polyolefins (polyethylene, polypropylene), Polyvinyl Chloride, Polystyrene

Please note – not all country Reports cover all sub-sectors – see website for details.

Sources

The Petrochemicals Market Reports are based on a network of primary sources, such as multilateral organisations (ACC, APLA, Cefi c, ICCA, ICMA), national chambers of commerce and industry, national statistical offi ces, government ministries and central banks, and multinational companies.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.

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