The growing petroleum industry across the globe drives the oil and gas processing seals market. Increasing consumption of petroleum-based products in cosmetics, lubricants, and automobile industries has compelled the petroleum products manufacturers to increase their production.
Asia-Pacific is the fastest-growing consumer and manufacturer of petroleum products. As per the data given by the Indian Brand Equity Foundation (IBEF), the crude oil imports in India rose to USD 101 billion in 2019 from USD 70 billion in 2016. India is the third-largest consumer of oil in the world, with consumption of around 5 million barrels per day in 2019. As per Statista, in 2019, around 14 million barrels of oil are consumed daily in China, further driving the market growth.
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Oil and Gas Processing Seals Market: COVID-19 Impact Analysis
The oil and gas processing seals market is experiencing slower growth due to the COVID-19 outbreak. The pandemic has decelerated the demand and price of petrol and other petroleum products. Before COVID-19, in December, the West Texas Intermediate (WTI) oil future was trading at USD 61.06, which reduced to USD 23.36 in March-end 2020. The disruption of the supply chain has impacted the end-user industry of oil and gas processing seals. The lockdowns imposed by the government have reduced the consumption of petroleum and other oil products. Manufacturing companies of oil and gas have also reduced production, owing to the slower demand.
Oil & Gas Processing Seals Market: Segmentation
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now