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Reach 2,300 companies and 6,900 executives with the Petroleum and Coal Products Industrial Database from MNI.
Global fossil fuel demand surged to record levels in 2024, with Asia driving massive consumption and coal use rising in parts of Africa due to energy access needs. Yet the long-term trajectory for petroleum and coal products is increasingly shaped by the energy transition, regulatory pressures, and technological transformation.
In the United States, the petroleum and coal products sector is at a crossroads. While short-term demand remains strong, the industry is responding to mounting climate policy mandates, new methane regulations, and growing public and private investment in alternative energy. Larger firms such as Chevron and Exxon are actively acquiring new assets and exploring diversification strategies to remain competitive in a changing energy landscape.
Meanwhile, labor shortages, workforce retirements, and a breakdown in traditional apprenticeship systems are creating challenges for safe and efficient operations. To meet these demands, companies are investing in automation, robotics, AI, and cloud-based monitoring systems to modernize facilities and improve productivity.
Despite the turbulence, this is still a cornerstone sector of U.S. manufacturing—employing over 180,000 workers and contributing over $1.4 trillion in reported annual sales. The industry’s ability to adapt to regulatory, technological, and market pressures will define its future direction—and shape the wider industrial economy in the years ahead. In this article, we’ll explore the latest trends in the industry, based on data collected by MNI.
According to MNI, compiler and publisher of the industrial data that powers IndustrySelect, there are currently 2,143 petroleum and coal products manufacturers provide 182,392 jobs. This is up 1.3% over the previous year. (May 2024-May 2025) The total reported annual average sales are 1.4 trillion. These companies have an international distribution of 18%, compared with 29% for manufacturing as a whole. Raw material importation is 11%, equal to that for total U.S. manufacturing.
A larger percentage of these companies are publicly owned than for all of U.S. manufacturing, 25% versus 5%. Women own a smaller percentage, 1%, as opposed to 2% for manufacturing as a whole. Minority ownership for petroleum and coal product companies stands at zero, as opposed to 1% for manufacturing as a whole.
As you might expect from the locations of fossil fuel mining, companies selling petroleum and coal products concentrate in the South at 40%. The Midwest follows with 29% of companies. The Northeast accounts for 17% and the Pacific/Mountain West accounts for 14%.
Depending on your line, concentrating your efforts on a particular subindustry may yield your best results. Three examples of subindustries are:
● Petroleum Products.
● Asphalt Paving and Roofing Materials.
● Miscellaneous Petroleum and Coal Products.
Even as a subindustry, this sector covers a wide array of products. They include:
● Transportation fuels.
● Fuel oils.
● Road oils.
● Feedstocks for plastic manufacture.
The majority of petroleum in this subindustry, 44%, has been formulated into finished gasoline, including added ethanol. Heating oil and diesel have consumed 20% of petroleum output. Jet fuel manufacturers used 8%. The rest went into a variety of other products, including hydrocarbon gas liquids. This subindustry has many niches that require supplies and services.
The price index for this subindustry shows an appreciable rise. In light of asphalt paving's considerable advantages, its popularity makes sense. These products are:
● 100% recyclable.
● Durable.
● Useful for noise reduction.
● Cost-efficient.
● Quickly installed.
● Safe.
● Effective for water drainage.
Various types of asphalt require different temperature ranges and related equipment. If you sell equipment, this could be a promising market.
The asphalt shingles market also offers growth. The asphalt sector hopes that new developments in the field will help them compete with other roofing materials. You could open doors with creative ideas for competing with other roofing materials. Shingle companies may also need support to comply with regulatory changes.
Some of the many miscellaneous petroleum products include:
● Petrolatum lube.
● Absorption oils.
● Ram-jet fuel.
● Rocket fuel.
● Synthetic natural gas feedstocks.
● Specialty oils.
The diversity of offerings coincides with the need for a multiplicity of products and services.
While petroleum and coal products cover a wide range, many trends apply to the industry as a whole.
Under the new Trump administration, the regulatory landscape for petroleum and coal companies is shifting once again. Many of the methane emissions rules introduced in 2024 are now under review or facing potential rollback. This change has eased some compliance pressures in the short term, though uncertainty remains around state-level enforcement and global market expectations. As a result, while some companies are pausing or scaling back carbon-reduction initiatives, others continue investing in emissions control technologies—either to future-proof operations or meet international standards.
Further Reading: What Shifting Environmental Policy Means for Procurement & Supplier Risk in 2025
Increased domestic fossil fuel production is a clear priority for the current administration, which has pledged to expand drilling and accelerate permitting for extraction projects. This could boost the availability of raw materials for downstream producers and reinforce U.S. efforts to challenge OPEC’s influence. Rising production may also reshape global trade dynamics, with new alliances forming and traditional supply routes being reconsidered.
Operational efficiency remains critical as companies seek to balance expansion with labor shortages and aging infrastructure. Many firms are doubling down on automation, robotics, and AI to optimize output and maintain competitiveness. These technologies are becoming essential to scaling up production while offsetting workforce gaps and enhancing safety.
Despite a political tilt away from aggressive renewable energy mandates, diversification into low-carbon technologies continues—driven by market demand, investor expectations, and longer-term strategic planning. This includes incremental growth in carbon capture, hydrogen, and biofuel initiatives, along with ongoing interest in public-private partnerships to support infrastructure development and workforce training.
Workforce development remains a growing concern. Traditional apprenticeship pipelines are eroding, and companies are increasingly relying on digital tools—such as virtual reality training and remote monitoring systems—to upskill workers and ensure safety in high-risk environments.
Given the complexity of petroleum-based manufacturing, investments in supervisory control and data acquisition (SCADA) systems and cloud computing continue to rise. Data handling and analytics are becoming central to managing compliance, efficiency, and risk. These shifts suggest ongoing opportunity in the technology and engineering sectors that support the industry's evolving needs.
As companies merge and change focus, the contacts you need will change with them. Current information is vital to successful prospecting. IndustrySelect can help. Powered by a hardworking research staff, its industrial contact data, including detailed company profiles and executive emails, is constantly updated. You will reach the decision-makers you need to seal a deal. Try a free demo today, loaded with 500 real company profiles!
Editor's Note: This article is updated annually, with new trends and statistics from MNI.
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