$82.0bn
$X.Xbn
9,789
34
$X.Xbn
Petrochemicals are essential to producing various items, keeping the need for products relatively stable. Revenue is typically in line with commodity prices and is very sensitive to swings in the price of critical inputs, primarily crude oil and natural gas. Revenue fell drastically amid the pandemic as oil and gas prices plummeted while the country went into lockdown. Even so, the need for petrochemicals was slightly buffed as residential construction thrived following low interest rates. After lockdowns ended, oil and gas prices skyrocketed, which aided growth as revenue nearly doubled. While price hikes caused petrochemicals to become more expensive, manufacturers were able to pass these costs down to customers, bolstering profitability. For the remainder of the period, revenue continued to swing alongside oil and gas prices as they slowly stabilized. Overall, revenue is set to swell at a CAGR of 6.8% to $82.0 billion through 2024, including a 1.1% uptick in 2024 alone.
Industry revenue has grown at a CAGR of 6.8 % over the past five years, to reach an estimated $82.0bn in 2024.
Market size is projected to decline over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Lyondellbasell Industries N.V. | 11,711.6 | 1,009.3 | 8.6 | |
Enterprise Products Partners L.P. | 10,935.4 | 1,290.9 | 11.8 | |
Ineos Ltd | 8,066.1 | 941.5 | 11.7 |
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Industry revenue is measured across several distinct product and services lines, including Cyclic aromatic hydrocarbons, Aliphatic hydrocarbons and Other . Cyclic aromatic hydrocarbons is the largest segment of the Petrochemical Manufacturing in the US.
Ethylene production continues to flourish as the need for plastics soars
This industry manufactures petrochemicals, which are chemicals derived from refined petroleum or liquid hydrocarbons. Key products include ethylene, propylene, butylene, benzene, toluene, styrene, xylene, ethyl benzene and cumene. These products are used in the production of consumer products, automotive components and various durable and nondurable goods. Organic compounds, such as ethyl alcohol, and inorganic chemicals, such as carbon black, are excluded from the industry.
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NAICS 32511 - Petrochemical Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Petrochemical prices are tied to the prices of essential commodities like oil and gas, rising and falling along with them. Increases in oil and gas prices have led to higher ...
Learn about an industry's products and services, markets and trends in international trade.
Ethylene prevails as a product through its downstream applications, producing plastics, packaging materials, beverage containers and personal care products. Being a key compo...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The Gulf Coast is a dominant petrochemical production region because of its location near the Gulf and proximity to major natural gas and oil hubs. This reflects the need for...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
There is high consolidation with major oil and gas exploration and production companies dominating both the industry and the broader chemical business as well. Because of lar...
Learn about the performance of the top companies in the industry.
Companies like LyondellBasell Industries and Shell take advantage of the proximity to the Gulf to integrate the petroleum and petrochemical refining process. These large comp...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Manufacturers face stringent regulatory frameworks like the Clean Air Act, influencing equipment usage. New regulations, like the Hazardous Organics National Emission Standar...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Oil and gas represent the critical input costs for this industry, which generally determines profitability. Profit shrunk amid the pandemic as prices fell but has bounced bac...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Petrochemical Manufacturing in the US industry in United States is $82.0bn in 2024.
There are 34 businesses in the Petrochemical Manufacturing in the US industry in United States, which has grown at a CAGR of 1.9 % between 2019 and 2024.
The market size of the Petrochemical Manufacturing in the US industry in United States has been growing at a CAGR of 6.8 % between 2019 and 2024.
Over the next five years, the Petrochemical Manufacturing in the US industry in United States is expected to decline.
The biggest companies operating in the Petrochemical Manufacturing market in United States are Lyondellbasell Industries N.V., Enterprise Products Partners L.P. and Ineos Ltd
Aliphatic hydrocarbons and Cyclic aromatic hydrocarbons are part of the Petrochemical Manufacturing in the US industry.
The company holding the most market share in United States is Lyondellbasell Industries N.V..
The level of competition is moderate and increasing in the Petrochemical Manufacturing in the US industry in United States.