Refinery Vacuum Distillation Units Market

Refinery Vacuum Distillation Units Market Analysis 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 performed under reduced pressure, which allows the purification of compounds not readily distilled at ambient pressures or simply to save time or energy. The refining of crude oil begins with distilling the incoming crude oil in a vacuum distillation column operating at pressures slightly above atmospheric pressure. Vacuum distillation can also be referred to as "low-temperature distillation." In oil refineries, the residue from the atmospheric tower contains gas oils that are not recovered. The crude unit heater outlet temperature is limited due to the concerns over thermal cracking. Thus, the residue from the bottoms of the atmospheric distillation unit can be piped to another distillation column operated under vacuum (0.4 PSI), called a vacuum distillation unit (VDU), to recover additional heavy distillates.

The COVID-19 pandemic has negatively affected the Refinery Vacuum Distillation Units market due to a reduction in consumption of refined petroleum products and declining economic development due to various lockdown measures implemented globally. The COVID-19 pandemic coupled with the high volatility of crude oil prices has delayed many refinery projects across the globe.

The growth of the global refinery vacuum distillation units market 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 surge in demand for petrochemicals 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 increase in adoption of electric vehicles in developed and developing nations across the world. These are some of the refinery vacuum distillation units market trends observed globally.

The global refinery vacuum distillation units market is segmented into type and region. On the basis of type, the market is segregated into dry and wet. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. 

Major players operating in the global refinery vacuum distillation units industry are 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.

Global refinery vacuum distillation units market, by type

The dry segment accounted for the largest share in 2020, and projected to grow at the highest CAGR of 2.2%. The dry refinery vacuum distillation unit segment dominated the market, as these units do not introduce steam into the tower, and are more applicable in gas oil and fuels production.

Refinery vacuum distillation units market, by region

The Asia-Pacific accounted for the largest share in 2020, and projected to grow at the highest CAGR of 2.7%, owing to the upcoming major refinery projects in China and India. 

Key Benefits For Stakeholders

• The report provides in-depth analysis of the global refinery vacuum distillation units market along with the current trends and future estimations. 
• This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
• The Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global refinery vacuum distillation units market for strategy building.
• A comprehensive market analysis covers the factors that drive and restrain the global refinery vacuum distillation units market growth.
• The qualitative data about market dynamics, trends, and developments is provided in the report.

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.
• Owing 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.

 Refinery Vacuum Distillation Units Market Report Highlights