U.S.: Petrochemical Market 2024

Petrochemical Market Size in the U.S.

In 2023, the U.S. petrochemical market decreased by less than X% to $X, falling for the fifth year in a row after two years of growth. Over the period under review, consumption continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2017 when the market value increased by X% against the previous year. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2023, consumption stood at a somewhat lower figure.

Petrochemical Production in the U.S.

In value terms, petrochemical production rose to $X in 2023. Over the period under review, production, however, showed a pronounced reduction. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Petrochemical production peaked at $X in 2013; however, from 2014 to 2023, production remained at a lower figure.

Petrochemical Exports

Exports from the U.S.

For the third year in a row, the United States recorded growth in shipments abroad of petrochemicals, which increased by X% to X tons in 2023. Overall, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The exports peaked in 2023 and are likely to see gradual growth in years to come.

In value terms, petrochemical exports dropped modestly to $X in 2023. In general, exports continue to indicate a prominent increase. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2022, and then declined modestly in the following year.

Exports by Country

China (X tons) was the main destination for petrochemical exports from the United States, accounting for a X% share of total exports. Moreover, petrochemical exports to China exceeded the volume sent to the second major destination, India (X tons), threefold. The third position in this ranking was taken by Canada (X tons), with a X% share.

From 2013 to 2023, the average annual rate of growth in terms of volume to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Canada (X% per year).

In value terms, China ($X) remains the key foreign market for petrochemicals exports from the United States, comprising X% of total exports. The second position in the ranking was taken by Canada ($X), with an X% share of total exports. It was followed by Indonesia, with a X% share.

From 2013 to 2023, the average annual rate of growth in terms of value to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Indonesia (X% per year).

Export Prices by Country

In 2023, the average petrochemical export price amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, export price indicated a tangible increase from 2013 to 2023: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. The export price peaked at $X per ton in 2022, and then reduced sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Norway (X%), while the prices for the other major destinations experienced more modest paces of growth.

Petrochemical Imports

Imports into the U.S.

In 2023, approx. X tons of petrochemicals were imported into the United States; falling by X% on the previous year. Overall, imports continue to indicate a slight downturn. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2023, imports remained at a lower figure.

In value terms, petrochemical imports reduced sharply to $X in 2023. In general, imports recorded a abrupt slump. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Canada (X tons) constituted the largest supplier of petrochemical to the United States, accounting for a X% share of total imports. Moreover, petrochemical imports from Canada exceeded the figures recorded by the second-largest supplier, Brazil (X tons), more than tenfold. The third position in this ranking was held by South Korea (X tons), with a X% share.

From 2013 to 2023, the average annual growth rate of volume from Canada was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (X% per year) and South Korea (X% per year).

In value terms, Canada ($X) constituted the largest supplier of petrochemicals to the United States, comprising X% of total imports. The second position in the ranking was taken by South Korea ($X), with a X% share of total imports. It was followed by Brazil, with a X% share.

From 2013 to 2023, the average annual growth rate of value from Canada totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Brazil (X% per year).

Import Prices by Country

The average petrochemical import price stood at $X per ton in 2023, falling by X% against the previous year. Over the period under review, the import price showed a deep reduction. The growth pace was the most rapid in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform