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United States Oil & Gas Downstream Market - Growth, Trends, and Forecast (2019 - 2024)

United States Oil & Gas Downstream Market - Growth, Trends, and Forecast (2019 - 2024)

  • September 2019
  • 105 pages
  • ID: 5821502
  • Format: PDF
  • By Mordor Intelligence LLP

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Market Overview
The United States downstream industry accounted for 18.8% of the global refining capacity and witnessed a CARG of 0.92% between 2013 and 2018. The major factors driving the market include increased crude oil & gas production from the shale reserve and shifting focus towards the petrochemical industry, translating into investment in the US downstream sector. However, the market is restrained by low refinery margin mainly due to high refinery output.

- The US oil & gas downstream sector is expected to witness modest growth in the coming years with the increasing production of condensate splitters and upgradation of existing facilities, primarily around the Gulf of Mexico. Additionally, fuels destined for export is expected to drive the major part of gains in downstream production, especially LPG and distillates.
- The Gulf Coast region is the largest refining center in the United States and is home to approximately half of the country’s refining capacity. The US Gulf Coast is a very attractive region for the petrochemical sector with plentiful feedstock availability from shale reserve, robust pipeline, storage facilities, extensive rail network and access to coastal ports. As the refiners are shifting their focus towards the petrochemical sector, the US Gulf Coast offers significant opportunities for investment due to the factors.

Key Market Trends
Investment in Petrochemical Sector

- The shale gas economy has created a competitive advantage for petrochemical manufacturers in the United States, which has led to greater investment and industry growth. The US shale production has almost doubled since the shale revolution started in 2009, and is expected to increase further. Thus, in turn, increased production is expected to proliferate the growth of the US oil and gas downstream market during the forecast period.
- As of May 2018, 325 projects with a capital investment of USD 194 billion have been announced since 2010. Around 49% of the investment has been completed, or under construction, 45% are in the planning phase, and the rest are either unknown or have been delayed.
- In 2018, Total SA planned to build a new petrochemical plant of capacity 1 million ton per year of an ethane cracker at Port Arthur, Texas. The petrochemical plant involves an investment of USD 1.7 billion, and it is anticipated to commence production by 2020.

Competitive Landscape
The market for US oil & 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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