|Last Quarterly Update:||3/13/2017|
|SIC Codes:||2911, 2951, 2952, 2992, 2999|
|Industry Overview||Trends & Challenges||Industry Forecast|
|Quarterly Industry Update||Call Prep Questions||Website & Media Links|
|Business Challenges||Financial Information||Glossary & Acronyms|
Companies in this industry refine crude oil and coal into fuel, asphalt products, lubricating oils, and other products. Major companies include US-based Chevron, Exxon Mobil, Valero, Owens Corning, and CertainTeed, as well as Royal Dutch Shell (the Netherlands), BP (the UK), Sinopec (China), and CRH (Ireland).
Worldwide, the petroleum refining industry processes about 80 million barrels of crude oil each day, according to BP's 2016 Statistical Review of World Energy. Global asphalt production is expected to grow about 4% annually through 2017 to exceed 120 million metric tons, according to Freedonia.
The US petroleum and coal products manufacturing industry includes about 1,000 companies with combined annual revenue of about $800 billion. Separate industry profiles cover Coal Mining and Oil & Gas Exploration & Production.
Demand is driven by consumption of gasoline and diesel fuel and by construction activity. The profitability of individual companies depends on efficient operations. Larger refinery and asphalt companies enjoy economies of scale, but small companies can compete by producing specialty products that are in high demand. The US industry is highly concentrated: the 50 largest companies account for about 95% of revenue.
Imports of petroleum and coal products account for about 10% of the US market. Major import sources are Canada and Russia. Exports, primarily to Mexico and Canada, account for about 15% of US production.
PRODUCTS, OPERATIONS & TECHNOLOGY
Major products include gasoline, diesel fuel, and jet fuel; as well as ...
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