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COMMUNITIES: INDUSTRY
Council Credits Natural Gas Boom With Expansion of Chemical Industry
The US natural gas boom is driving renewed competitiveness of the US chemical industry, which is in turn driving greater domestic investment, economic growth, and job creation, according to the American Chemistry Council.
Published in December, the council’s Year-End 2013 Chemical Industry Situation and Outlook predicts continued recovery in end-use markets, a growing global economy, and a shift in competitiveness that will lift demand for the US chemical industry over the next several years.
The natural gas boom has greatly affected the competitiveness of US chemical manufacturing because of its use as a feedstock in chemical making. Many chemical manufacturers around the world rely on naphtha, an oil-based feedstock for chemical making, but ethane, a natural gas liquid derived from shale gas, can also be used. Because of the natural gas boom, ethane feedstock is selling at historically low prices, according to the ACC.
“American chemistry is back in the game,” says Kevin Swift, ACC chief economist. “After a decade of lost competitiveness, American chemistry is reemerging as a growth industry. We’re seeing growing end-use markets, strengthening employment, surging exports, and an influx of tremendous capital investment. Put simply, the US is now the most attractive place in the world to invest in chemical manufacturing.”
More than 135 new chemical production projects valued at more than $90 billion have been announced in the US as of December of 2013. US chemical industry production is expected to grow by almost 25%, pushing industry shipments to $1 trillion by 2018. This, the report also predicts, should result in a major shift for those working in the industry.
“The recent pattern of trade deficits and smaller payrolls is shifting course,” the report says. “By 2018, American chemistry will post record trade surpluses. In addition, the industry is expected to add high-paying jobs through the end of the decade.”
|
US Chemical Industry Predictions |
|||
|
Shipments
|
Capital Spending
|
Employment
|
|
| 2012 |
$769.4 billion
|
$38.53 billion
|
783,600
|
| 2013 |
$787.8 billion
|
$42.4 billion
|
793,800
|
| 2014 |
$812 billion
|
$46.2 billion
|
794,800
|
| 2015 |
$853.8 billion
|
$50.28 billion
|
795,900
|
| 2016 |
$908.2 billion
|
$54.28 billion
|
800,100
|
| 2017 |
$959.7 billion
|
$57.80 billion
|
803,500
|
| 2018 |
$1.012 trillion
|
$61.15 billion
|
805,600
|
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