Petroleum & Coal Products Manufacturing Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 9/5/2022
SIC Codes: 2911, 2951, 2952, 2992, 2999
NAICS Codes: 3241
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Petroleum & Coal Products Manufacturing Industry Profile

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, Marathon, and Phillips 66, as well as CPC (Taiwan), ENEOS Corporation (Japan), ENI (Italy), Indian Oil (India), SK Energy (Korea), and Suncor Energy (Canada).

Global oil supply increased to 99.5 million barrels per day in 2022, meanwhile production is expected to rise by 1.8 million barrels per day by end-year to reach 101.3 million barrels per day. The global oil supply is set to average 100.1 million barrels per day in 2022 before hitting an annual record of 101.1 million barrels per day in 2023.

The US petroleum and coal products manufacturing industry includes about 2,100 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $550 billion.

COMPETITIVE LANDSCAPE

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 10% of the US market. Major import sources are Canada and Russia. Exports, primarily to Mexico and Canada, account for 15% of US production.

 
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