Research by The American Chemistry Council (ACC) has found that potential investments in affordable natural gas and natural gas liquids from shale formations have topped $100bn for the first time.
As of February, a total of 148 projects have been announced, including new factories, expansions and process changes. The projects are are expected to result in $81bn in new chemical industry output annually as well as 637,000 permanent new jobs by 2023.
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ACC president and CEO Cal Dooley said that shale gas is a powerful driver of manufacturing growth.
"Thanks to the shale gas production boom, the US is the most attractive place in the world to invest in chemical and plastics manufacturing," Dooley added.
"Given the enormous benefits of shale-related manufacturing, we are encouraged by President Obama’s pledge to help make sure these projects happen."
Policies playing a major role in realising the opportunities of shale gas include access to domestic natural gas resources, responsible, state-based regulation of production, and rapid development of infrastructure to transport supplies.
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By GlobalDataThe latest announcement provides an update to the ACC report released in May 2013. It is titled, ‘Shale Gas, Competitiveness, and New US Chemical Industry Investment – An Analysis of Announced Projects.’
