The potential project spend by North America's Chemical Processing Industry is forecast to rise nearly 25% this year, as the wave of new petrochemical plants continues to roll out, according to Industrial Info's 2018 Global Industrial Outlook.

A key word in the forecast is "potential," as there usually is a big gap between what is planned or proposed, and the projects that actually begin to start construction in any given year. Projects can be deferred, delayed or outright cancelled.

According to Trey Hamblet, Industrial Info's vice president of research for the petrochemical industry, construction started on $21 billion worth of projects in 2017, out of $51 billion that was still active at the start of last year. Speaking at the recent 2018 Industrial Market Outlook in Houston, Texas, Hamblet said project construction kickoffs could reach a similar amount this year, but the outcome depends on the number of "mega projects" -- those valued at $500 million or more -- that get underway as planned.

The North American Spending Forecast for Chemical Processing in 2018 is part of Industrial Info's 2018 Global Industrial Outlook, which covers industries ranging from Power to Pharmaceutical and Biotech.

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