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Petrochemicals: An Industrial Renaissance?

In: Monetizing Natural Gas in the New “New Deal” Economy

Author

Listed:
  • Michelle Michot Foss

    (Rice University)

  • Gürcan Gülen

    (Independent Consultant)

  • Danny Quijano

    (Berkeley Research Group)

  • Barbara Shook

Abstract

Natural gas supply growth, in particular from light tight oil and shale gas plays in the United States, and resulting low prices for natural gas (methane and natural gas liquids [NGLs]), spurred a significant recovery in petrochemicals, especially along the U.S. Gulf Coast. The petrochemical industry will have invested nearly $150 billion by the early 2020s across a variety of projects. Ethane, which accounts for roughly 40 percent of all NGL volumes, prompted large investments in steam crackers, both new and expansions, as well as in facilities along the ethylene value chain, and the United States has become a large exporter of liquefied petroleum gas or LPG owing to increased propane and butane production. Access to global markets for chemical products has been critical to the creation of value across the hydrocarbon value chain, and this industrial renaissance is expected to create incremental gas demand of 4 billion cubic feet per day (Bcf/d), driven mostly by the use of methane as feedstock in methanol and fertilizer plants.

Suggested Citation

  • Michelle Michot Foss & Gürcan Gülen & Danny Quijano & Barbara Shook, 2021. "Petrochemicals: An Industrial Renaissance?," Springer Books, in: Michelle Michot Foss & Anna Mikulska & Gürcan Gülen (ed.), Monetizing Natural Gas in the New “New Deal” Economy, chapter 0, pages 189-234, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-59983-6_3
    DOI: 10.1007/978-3-030-59983-6_3
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