As summer arrives, U.S. businesses are poised to play a pivotal role in shaping this summer’s experiences, from backyard barbecues to outdoor adventures. The global outdoor grill market is expected to grow from $5.24 billion in 2024 to $6.97 billion by 2030, with North America as the largest contributor. Grocery stores and food producers support summer barbecues, with the food and agriculture sectors generating over $8.6 trillion in economic activity. The boating and marine manufacturing industries are experiencing a surge in economic benefits, with the annual national economic impact of recreational boating increasing from $170 billion in 2018 to $230 billion in 2023. U.S. businesses are at the heart of this vibrancy, powering the backyard barbecues, boating adventures, and general summer fun that define this holiday season [077d7620].
The oil and gas industry is experiencing growth opportunities in various sectors. The refinery and petrochemical filtration market is projected to reach $7.99 billion by 2032, with a compound annual growth rate (CAGR) of 6.44%. This growth is driven by the increased use of plastic-based parts in the petrochemical sector and the development of new energy generation technologies. Filtration systems play a crucial role in separating liquids from hydrocarbon streams and are driven by stringent emission control regulations. Advancements in technology have led to the development of more efficient coalescer filter designs. North America is a major market in this sector [882abbc7].
In addition, the oil and gas pumps market is projected to grow from $8.7 billion in 2023 to $10.9 billion by 2028, at a CAGR of 4.7%. The rise in infrastructural development, global economic growth, and exploration of new oil fields are driving the market growth. The market is segmented based on application into upstream, midstream, and downstream, with the midstream sector expected to hold the largest market share. North America is expected to be the largest region in the market, driven by the increasing exploitation of unconventional resources in the US and Canada. Atlas Copco AB, Flowserve Corporation, Sulzer Ltd, KSB SE & Co. KGaA, and Nikkiso Co., Ltd. are the market leaders in the global oil and gas pumps market [819f5f70].
Despite the challenging market conditions, the petrochemicals industry presents a long-term growth opportunity for the oil and gas sector. The demand for petrochemicals is expected to increase through 2050, driven by rising GDP and population in developing economies. However, the industry has faced its own challenges, including over-investment, falling utilization rates, and squeezed profit margins. Gas-based crackers in the Middle East and the US are better positioned to weather the storm, thanks to lower costs and higher utilization rates. This downturn is expected to accelerate industry consolidation, with higher-cost standalone units at risk of closure. Strategic buyers, particularly big integrated players, have an opportunity to strengthen their portfolios for the transition. Middle Eastern national oil companies (NOCs) are also looking to expand their presence in growth markets, particularly in Asia. Saudi Aramco and other companies have already established downstream assets in Asia to secure crude oil offtake. Now, they see opportunities for organic growth, acquisitions, and partnerships in the petrochemical sector [94f33bf3].
The oil and gas valve market is another sector projected to experience significant growth. It is expected to reach a valuation of US$ 18,720.19 million by 2034, growing at a CAGR of 3.40% from 2024. The increasing need for energy sources like diesel, gasoline, and natural gas worldwide is driving the market growth. The demand for valves in the exploration, production, and transportation of oil and gas is rising due to the emphasis on increasing oil and gas production. Governments in several countries are investing in the upstream oil and gas sector, creating growth opportunities for valve manufacturers. However, lack of standardization and government policies regarding valves limit market growth. To overcome these challenges, industry players are adopting new technologies and equipment to improve safety and mitigate risks. Butterfly valves are in demand, and the 0.25 to 8-inch segment is anticipated to hold a significant market share. The oil and gas valve market in India, South Korea, Japan, Italy, and Spain is expected to grow at varying CAGR rates. Market players include Emerson Electric Co., CIRCOR International Inc., Schlumberger Limited, PARKER HANNIFIN CORP, Weir Group Plc., and BAKER HUGHES [41531bbb].
Sales of stock tanks for backyard pools have surged this summer. Stock tanks are becoming a popular alternative to traditional swimming pools, driven by families looking for affordable and versatile options for outdoor recreation. Stock tanks are large, galvanized metal containers typically used for watering livestock. They are durable, easy to set up, and can be customized with accessories like filters and heaters. The trend is driven by people looking for affordable and accessible alternatives to traditional swimming pools. Stock tanks can be used for swimming, soaking, or as a cool-down spot. The trend has been particularly popular in Austin, Texas, where the hot climate and limited access to public pools have contributed to the demand. Some people are also using stock tanks as a way to beat the high cost and long wait times associated with building a traditional pool. The surge in stock tank sales has led to shortages in some areas, with retailers struggling to keep up with demand. The trend is expected to continue as more people seek affordable and convenient options for staying cool during the summer months [27a92f94].