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Petroleum Refining in the US - Industry Market Research Report

United States petroleum refining market: $826.8 billion industry by 2018


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2014-04-18 11:53:02 - Petroleum Refining in the US - Industry Market Research Report - a new market research report on companiesandmarkets.com

The United States Petroleum Refining market has slowed down over the past five years. Initially, rising crude oil prices powered revenue growth as refiners passed costs down the distribution line. Firming global growth and ongoing tensions in the Middle East have pushed up the price of oil from its recessionary lows. Robust demand from emerging economies, which require more energy to build up infrastructure, has supported crude oil exports. Furthermore, low domestic crude oil prices compared to international crude oil bolstered the competitiveness of US petroleum exports.

Consequently, in 2011, the United States became a net exporter of refined petroleum products for the first time in many decades; this continued in 2012. However, in 2013, crude oil prices are expected to

 

 

fall 6.6% due to slowing international demand and steady production. According to the Energy Information Administration, petroleum product prices are also estimated to decline 5.6% during the year. As a result, industry revenue is expected to fall 7.2% to $731.3 billion in 2013, leading to an annualized decline of 1.6% from 2008 to 2013.

Weakened demand during the recession made it difficult for operators to pass down crude oil costs to customers, which hurt industry profitability. Furthermore, domestic crude oil prices have risen and converged to international prices, causing exports to slow as prices for domestic petroleum rose. On the other hand, while industry revenue has contracted over the past five years, this decline is mostly due to extremely poor revenue performance in 2009 due to the recession. Revenue is expected to decline in 2013, but has otherwise been recovering strongly since 2010.

This industry is anticipated to expand steadily during the next five years as fuel prices rise alongside consumption growth. Stronger global growth will boost demand for petroleum products, making it easier for operators to pass down costs. Capacity upgrades will lead the way as industry players invest in infrastructure that can handle more crude oil. However, environmental regulations stipulating the inclusion of renewable fuels will pose a challenge to operators. Growth in petroleum consumption is anticipated to slow as consumers increasingly adopt fuelefficient technology. Nonetheless, revenue is forecast to rise at an annualized rate of 2.5% to $826.8 billion in the five years to 2018.

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