In 2023, the Coke and Refined Petroleum Products Manufacturing output in the US was valued at 629.71 billion USD. Analyzing historical data, the sector saw a significant decline from 2013 to 2016, followed by a recovery phase starting in 2017. The largest year-on-year growth occurred in 2021 at 76.92%, driven by a post-pandemic rebound. From 2022 to 2023, there was a notable increase of 14.58%. Over the last two years, the sector experienced fluctuations with a minor decline in 2022 followed by growth in 2023. The five-year CAGR prior to 2023 was -0.33%, indicating a slightly negative trend over this period.
Future trends to watch for include:
• Increasing investments in renewable energies and how they impact traditional petroleum manufacturing.
• Geopolitical factors affecting the supply and demand for petroleum products.
• Technological advancements in refining processes that could improve efficiency and reduce costs.
• Regulatory changes aimed at reducing carbon emissions and their impact on the sector’s growth.
The forecast shows the output is expected to grow annually at a CAGR of 3.22%, reaching 771.84 billion USD by 2028, highlighting a positive outlook for the industry.
