HOUSTON -- Spending for the hydrocarbon processing industry
(HPI) is expected to exceed $230 billion next year, up 3.6%
over 2012 levels, according to a new report unveiled
Meanwhile, spending in the US alone is forecast to reach $58
billion, representing a 1.8% increase year on year. The
publisher and editors of Hydrocarbon Processing
released this information at the magazines 39th annual
HPI Forecast and Breakfast, held at the River Oaks
Country Club on Friday morning.
The forecast breaks out capital spending to reach $57.6
billion; maintenance spending to reach $69
billion; and operating spending to exceed $103.9 billion.
When broken out by sector, spending in petrochemicals/chemicals is forecast
to hit $114.4 billion; refining expenditures will approach
$89.8 billion; gas
processing spending will be $22.3 billion; and spending for
synfuels is expected to reach $4 billion.
Even with healthy predictions for expenditures in 2013,
industry players continue to be more cost-conscious and
cautious when making decisions for major projects and capital.
Each year, company leaders rely on the information from the
Market Data book to refine their marketing strategies,
recognize emerging trends and discover new opportunities and
areas of growth.
This year, the predominant HPI trend is the pace of global
economic recovery; this indicator will greatly influence the
types of energy used over the next few years.
Additionally, the energy demand among developing nations, such
as Brazil, Russia, India and China, will account for
the majority of new energy demand in 2013. Still, the global industry is struggling
to find a steady-state situation to account
The world order
for the global HPI has changed as a byproduct from the 2008
slowdown, said Hydrocarbon Processing editor
Developing nations are the new demand centers for fuels,
petrochemicals and power. We see
continued expansion, along with great emphasis
on sustainability and safety
In addition to presentations by Hydrocarbon
Processing staff, US Congressman Pete Olson
(pictured right) was present as the
keynote speaker and shared his views on the energy renaissance
for Texas and America as a whole.
For more information on the HPI Market Data book, please click here.
If you would like a copy of the PowerPoint slides from
Friday's breakfast presentation, email HP