Petrochemical demand will increase with gross domestic product, while motor fuel demand will only show modest growth and may even decline in certain regions, given environmental/legislative pressure and the introduction of battery-powered electric vehicles.
Artificial intelligence (AI) has caused a significant buzz not only within the hydrocarbon processing industry but also in everyday activities.
Due to growing global environmental awareness in recent decades, the petrochemical industries have been seeking more cost-effective construction solutions.
Even before the challenges of the COVID-19 pandemic emerged, engineering, procurement and construction (EPC) firms were already under considerable stress.
For those who have been in the refining industry for many years, it is obvious that significant changes are occurring.
The fluid catalytic cracking unit (FCCU) is the primary conversion equipment for modern refineries to obtain clean transportation fuels, along with high-grade petrochemical feedstock.
Data provided by Construction Boxscore.
After a tumultuous year, many active capital projects have been deferred, delayed or even abandoned. After excluding projects that have been put on hold, Hydrocarbon Processing’s Construction Boxscore Database is tracking nearly 1,300 projects around the world in the refining, petrochemicals and gas processing/LNG sectors. At approximately 40%, the Asia-Pacific region is the leader in active projects, followed by the Middle East and the U.S. Asia has also been the leader in new project announcements over the past year. Globally, new project announcements have increased for the past four months.
New project announcements, December 2019–February 2021
Active project market share by activity level
For additional downstream construction project data, visit Construction Boxscore.