U.S.: Petrochemical Market 2025

Petrochemical Market Size in the U.S.

In 2022, the U.S. petrochemical market increased by X% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2017 when the market value increased by X% against the previous year. Petrochemical consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Petrochemical Production in the U.S.

In value terms, petrochemical production stood at $X in 2022. In general, production, however, recorded a noticeable contraction. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Petrochemical Exports

Exports from the U.S.

In 2022, exports of petrochemicals from the United States skyrocketed to X tons, jumping by X% compared with the previous year. Over the period under review, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, petrochemical exports soared to $X in 2022. Overall, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

China (X tons) was the main destination for petrochemical exports from the United States, with a X% share of total exports. Moreover, petrochemical exports to China exceeded the volume sent to the second major destination, Canada (X tons), twofold. India (X tons) ranked third in terms of total exports with a X% share.

From 2013 to 2022, 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: Canada (X% per year) and India (X% per year).

In value terms, the largest markets for petrochemical exported from the United States were China ($X), Belgium ($X) and Canada ($X), together comprising X% of total exports. India, Mexico, the UK, Norway, Colombia, South Korea, Sweden, Morocco, the Dominican Republic and Indonesia lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Sweden, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average petrochemical export price amounted to $X per ton, growing by X% against the previous year. Overall, export price indicated a buoyant expansion from 2013 to 2022: its price increased at an average annual rate of X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, petrochemical export price increased by X% against 2020 indices. The growth pace was the most rapid in 2017 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2013 to 2022, 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 2022, imports of petrochemicals into the United States fell to X tons, declining by X% against the previous year. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, petrochemical imports totaled $X in 2022. In general, imports continue to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Canada (X tons) constituted the largest petrochemical supplier 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 2022, 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 ($X) constituted the largest supplier of petrochemicals to the United States, comprising X% of total imports. The second position in the ranking was held by Brazil ($X), with an X% share of total imports. It was followed by South Korea, with a X% share.

From 2013 to 2022, the average annual growth rate of value from Canada stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2022, the average petrochemical import price amounted to $X per ton, picking up by X% against the previous year. In general, the import price, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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