Thursday 28 Mar 2024
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KUALA LUMPUR (April 8): The global oil downstream activities market is expected to grow from US$2,54 trillion in 2021 to $2.88 trillion in 2022 at a compound annual growth rate (CAGR) of 13.6%.

Citing the “Oil Downstream Activities Global Market Report 2022” on Thursday (April 7), BusinessWire said the growth is mainly due to the companies rearranging their operations and recovering from the Covid-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.

It said the market is expected to reach US$4.71 trillion in 2026 at a CAGR of 13.1%.

Major players in the oil downstream activities market are Royal Dutch Shell, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, BP Plc, and Chevron.

The oil downstream activities market consists of sales of the post extraction activities for crude oil and natural gas by entities (organizations, sole traders or partnerships) that provide post extraction activities for crude oil and natural gas, including refined petroleum products manufacturing and asphalt, lubricating oil and grease manufacturing.

BusinessWire said North America was the largest region in the oil downstream activities market in 2021.

Asia Pacific was the second largest region in the oil downstream activities market.

The regions covered in the oil downstream activities market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the oil downstream activities market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.

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