The value added of refined petroleum products and coke in the US exhibited significant fluctuations from 2013 to 2023. The sector witnessed dramatic declines between 2015 and 2016 (-40.06%) and again in 2020 (-59.77%), influenced likely by market disruptions and external economic pressures. Recovery started in 2021 with a notable 116.53% year-on-year increase. By 2023, the value stood at 168.71 billion USD, driven by a consistent upward trend since 2021. Analyzing the last two years, there was a 14.17% rise in 2022 and a 19.36% increase in 2023. The 5-year CAGR heading into 2028 is forecasted at 3.34%, suggesting moderate growth.
Future trends to watch for:
- Potential impacts from regulatory changes and environmental policies.
- Technological advancements in refining processes improving efficiency.
- Shifts in global oil prices influencing production costs and market dynamics.
