US capital project and maintenance outlook ‘surge’ expected in 2018
An in-depth report on data from trade associations from Petrochemical Update has revealed that US downstream capital expenditure is expected to rise by more than 6% in 2018, with the region’s maintenance spend forecast to increase by 38.5%.
Access to lower priced and abundant food stocks and energy is expected to help US chemical manufacturers push the number of planned chemical production projects to 320, with a combined value of more than $185 billion according to the American Chemistry Council (ACC).
The maintenance sector looks equally strong, with scheduled plant outages, turnarounds and shutdowns, primarily in the petroleum refining industry increased by 5% in 2017 (source Industrial Info Resources IRR).
2018 will see planned maintenance spend increase by almost 40%, with a 4% increase in chemical processing sector (IRR).
Key data from the article includes:
- Chemical industry capital spending reaches $38 billion in 2017, accounting for half of total construction spending in the US manufacturing sector
- Capital spending increased by 6% in 2017
- Capital growth expected to reach $48 billion by 2022 – $10 billion more than 2017
- US is ‘the destination for chemical investment’
- Planned maintenance spend to increase by 38.5% to $1.26 billion
- Scheduled maintenance increased by 5% in 2017
- Petroleum refining industry sees the biggest maintenance investment increase
- Domestic oil & gas production is ‘on the rebound’
- The US will become energy self-sufficient in 2023
This is great news for the industry, and for Tube Tech International as we open our dedicated US base in Houston, Texas to meeting the industry’s growing maintenance demands.
Read the full article ‘US 2018 downstream capital projects, maintenance outlook surges’ at http://analysis.petchem-update.com/engineering-and-construction/us-2018-downstream-capital-projects-maintenance-outlook-surges