December 2020

Trends and Resources

Industry Perspectives: New project announcements suffer in 2020 due to pandemic

According to Hydrocarbon Processing’s Construction Boxscore Database, more than 290 new projects have been announced in 2020.

Nichols, Lee, Hydrocarbon Processing Staff

According to Hydrocarbon Processing’s Construction Boxscore Database, more than 290 new projects have been announced in 2020. However, new project announcements are down nearly 36% year-over-year. The primary reason for this decline is a sharp drop in new project announcements during the height of global lockdown initiatives (March–June). Within this timeframe, the Boxscore Database recorded only 69 new projects. During the same timeframe in 2019, the Boxscore Database recorded 170 new projects. The difference of 101 projects represents a decline in new project announcements during that 4-mos period of 59%. More than 40% of new projects were in the Asia-Pacific region, followed by the Middl

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