Allied Market Research
Loading...
0

Refinery vacuum distillation units Market Expected to Reach $2.7 Billion by 2030

 

Report Code : A14251

quote The growth of the refinery vacuum distillation units market is expected to be driven by a high reliance on crude oil for fossil fuels and plastic goods. Furthermore, capacity expansion and new crude oil refinery projects globally is driving the growth of the refinery vacuum distillation units market. However, high equipment cost may hinder the growth of refinery vacuum distillation units market during the forecast period. quote

Eswara Prasad
Manager, Energy and Power

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new published report by Allied Market Research titled, Refinery Vacuum Distillation Units Market by Type: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global refinery vacuum distillation units market size was valued at $ 2.2 billion in 2020, and is projected to reach $2.7 billion by 2030, growing at a CAGR of 2.0% from 2021 to 2030.

Vacuum distillation is a part of the refining process that helps to produce petroleum products out of the heavier oils left over from atmospheric distillation. About 80% of the refineries operating in the U.S. have a vacuum distillation unit, a secondary processing unit consisting of vacuum distillation columns. As the name vacuum distillation implies, the distillation column is under a vacuum, or significantly less than atmospheric pressure of 760 millimeters of mercury (mmHg). At low pressures, the boiling point of the ADU bottoms is low enough that lighter products can vaporize without cracking, or degrading, the oil.

The global refinery vacuum distillation units market growth is driven by increase in petroleum products in the coming future. Furthermore, oil is a major component employed in the process of power generation. With the rising consumption rate of electricity across the world, the demand in the global refinery vacuum distillation units market has correspondingly increased. Moreover, one of the key drivers of refinery vacuum distillation units market is growing demand for the petrochemicals used to make plastics. However, the growth of the refinery vacuum distillation units market is restrained by factors such as lack of funds, delay in commissioning projects, acquiring lands, and increasing adoption of electric vehicles in developed and developing nations across the world.

The global refinery vacuum distillation units market is segmented into type and region. On the basis of type, the global refinery vacuum distillation units market is segregated into dry and wet. The dry segment accounted for the largest share in 2020, and is projected to grow at the highest CAGR of 2.2%. This is attributed to the fact that dry refinery vacuum distillation units do not introduce steam into the tower, and are more applicable to gas oil and fuels production.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the largest share of the market in 2020, and is projected to be register the highest CAGR of 2.7% during the forecast period.

The global refinery vacuum distillation units industry is consolidated in nature with a few players such as Rufouz Hitek Engineers Pvt. Ltd., GEA Group Aktiengesellschaft, Edgen Murray, Maleta Cyclic Distillation LLC, Maverick Engineering, Inc., Alfa Laval, Busch Group,  KURAF MUHENDISLIK, Axens, and Praj Industries, which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.

Key Findings Of The Study

  • On the basis of type, the dry segment emerged as the global leader by acquiring more than 73% of the market share in 2020, and is anticipated to continue this trend during the forecast period.
  • Region wise, Asia-Pacific is the major consumer of refinery vacuum distillation units. It accounted for around 35% of the global market share in 2020.

Impact of COVID-19 on the global refinery vacuum distillation units market

  • The impact of COVID-19 and the oil prices war are proving to be a two-pronged crisis for oil, gas, and chemicals companies. Oil prices are dropping due to failed agreements on production cuts and the need for chemicals and refined products is slowing from industrial slow-downs and travel restrictions in the wake of this global pandemic.
  • The COVID-19 pandemic has negatively affected the market due to a reduction in consumption of refined petroleum products and declining economic development across the major nations of the world. The COVID-19 pandemic coupled with the high volatility of crude oil prices has delayed many refinery projects across the globe.
  • Due to the COVID-19 pandemic, transport limitations were implemented, resulting in reduced industrial production and disrupted supply chains, which affected global economic growth by a substantial proportion, severely impacting market growth.
  • Furthermore, due to social distancing norms during COVID-19, the manufacturing companies are working with limited workforce, thus negatively impacting the production processes.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Refinery Vacuum Distillation Units Market by Type (Dry and Wet): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 4,045 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Refinery vacuum distillation units Market"
Purchase Enquiry