Shale growth boosts chemical industry
The growth of shale gas has contributed to investments in the chemical industry, including at least three projects in Ohio.
The increased supply and affordable cost of natural gas due to shale development has led to the investments, according to a study released by the American Chemistry Council.
In Ohio, Dupont Flow Polymers LLC added plastics- additive capacity at its Cleveland location, Mitsui Chemicals built a poly-propylene plant in Sydney and Dupont expanded its polyimide capacity in Circleville.
“The United States has become a magnet for chemical industry investment, a testament to the favorable environment created by America’s shale gas as well as a vote of confidence in a bright natural-gas outlook for decades to come,” said Cal Dooley, ACC president and CEO. “What’s especially exciting is that half of the announced investments are from firms based outside the U.S., which means our country is poised to capture market share from the rest of the world.”
The report looked at 97 announced chemical and plastics projects totaling $71.7 billion in potential new U.S. investment.
By 2020, the projects could lead to the creation of 46,000 chemical-industry jobs, another 264,000 jobs in supplier industries and 226,000 payroll-induced jobs nationwide.