HP Forecast: HPI Market Data 2014 Executive Summary
This summary provides a "sneak peek" at Hydrocarbon Processing's HPI Market Data 2014. This comprehensive report investigates present and projected future trends in refining, natural gas and petrochemical industries. Topics include spending forecasts and construction projects derived from HP's Construction Boxscore database; global and regional changes in energy production and use; and developments in oil and natural gas processing. HPI Market Data 2014 also covers trends in economics, plant safety and the environment. This annual report is the hydrocarbon processing industry's premier source of market information for professionals working in the downstream.
OPTIMISM PREVAILS FOR 2014
The 2014 outlook for the global hydrocarbon processing industry (HPI) is upbeat. This development is a reversal from previous forecasts. What events and factors orchestrated this switch? Many trends and market conditions are converging to support the uplift of the HPI.
The world gross domestic product is rising, and growth is estimated to average 3.6%/yr in 2013. This increase is directly related to burgeoning demand for energy, especially electrical power and transportation fuels, which are primarily hydrocarbon-based. Over the long term, crude oil, coal and natural gas will still constitute over 80% of global energy demand. Expanding econo
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