As the world continues to deal with COVID-19, economies are moving into recession, under multiple adverse factors, the GDP of European and American countries in the second quarter suffered a historical contraction. At an annualized rate, the US GDP fell by 32.9% month on month, while the overall GDP of the euro zone fell by 12.1%.
Moreover, the economic prospects of Europe and the United States in the third quarter under the epidemic situation are hardly optimistic. The resumption of work and production not only brought economic data back, but also triggered a rebound in the epidemic situation. At present, the United States is still the 'epicenter' of the global epidemic. The total number of confirmed cases has exceeded 4.8 million, and the epidemic situation in some European countries has also rebounded. Affected by this, more than 20 states in the United States have announced the suspension or withdrawal of part of the economic restart plan. Britain and Italy have also decided to extend the state of emergency. The rebound of the epidemic situation has posed considerable risks to the economic prospects of Europe and the United States.
In the second quarter of this year, US GDP shrank by 9.5% on a month on month basis, or 32.9% at an annual rate, the largest decline since the 1940s. Data show that the sharp decline in personal consumption is the main drag on the U.S. GDP growth in the second quarter.
Compared with the United States, Europe's economic contraction in the second quarter was smaller, but it was also the lowest on record, with Germany and France contracting more than 10%. According to the data released by the Federal Bureau of statistics, Germany's GDP fell by 10.1% in the second quarter after adjusting for prices, seasons and working days, the largest decline since the quarterly economic data were available in 1970.
Thanks to the effective control and policy support of the new epidemic, China's economy rebounded sharply in the second quarter. The growth rate of manufacturing industry, which accounted for about 28% of GDP, rebounded sharply to 4.4% from the negative value in the first quarter. Chinese original equipment manufacturers (OEMs) and suppliers are ramping up production. And there are increased investments in digital footprints in manufacturing. OEMs in other parts of the world are offering incentives to drive sales. published a report for global Heavy Oil market in this environment.
In terms of revenue, this research report indicated that the global Heavy Oil market was valued at USD XXX million in 2020, and it is expected to reach a value of USD XXX million by 2027, at a CAGR of XX % over the forecast period 2021-2027. Correspondingly, the forecast analysis of Heavy Oil industry comprises of China, USA, Japan, India, Korea and South America, with the production and revenue data in each of the sub-segments.
The ????Schlumberger aims at producing XX K Units Heavy Oil in 2020, with XX % production to take place in global market, ????Halliburton accounts for a volume share of XX %.
Regional Segmentation (Value; Revenue, USD Million, 2026-2027) of Heavy Oil Market by Include
Competitive Analysis; Who are the Major Players in Heavy Oil Market?
Major Type of Heavy Oil Covered in report:
Heavy Crude Oil
Viscous Crude Oil
Coal Tar Creosote
Application Segments Covered in Market
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Table of content
Table of Contents
Global Heavy Oil Market Analysis 2021, With Top Companies, Production, Revenue, Consumption, Price and Growth Rate
1 Market Scope
1.1 Product Details and Introduction
1.1.1 Heavy Crude Oil -Product Introduction and Major Manufacturers
1.1.2 Viscous Crude Oil -Product Introduction and Major Manufacturers
1.1.3 Coal Tar Creosote -Product Introduction and Major Manufacturers
1.2 Market Snapshot
1.2.1 Major Companies Overview
1.2.2 Market Concentration
1.2.3 Six-Year Compound Annual Growth Rate (CAGR)
2 Global Heavy Oil Market Assessment, by Segmentation
2.1 Type Breakdown Estimates & Forecast, Sales Volume (2026-2027)
2.2 Type Breakdown Estimates & Forecast, Sales Value (2026-2027)
2.3 Application Breakdown Estimates & Forecast, by Application (2026-2027)
3 Regional Market Analysis
3.1 China Heavy Oil Market
3.1.1 Top Companies leading Heavy Oil Development in China (2017-2021)
3.1.2 Sales Value of Major Company in China Market (2017-2021)
3.1.3 China Heavy Oil Price (USD/Unit), by Type (2019-2020)
3.1.4 Sales in China Market, by Type (2026-2027)
3.2 EU Heavy Oil Market
3.2.1 Top Companies leading Heavy Oil Development in EU (2017-2021)
3.2.2 Sales Value of Major Company in EU Market (2017-2021)
3.2.3 EU Heavy Oil Price (USD/Unit), by Type (2019-2020)
3.2.4 Sales in EU Market, by Type (2026-2027)
3.3 USA Heavy Oil Marke
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