Refinery Vacuum Distillation Units Market Size, Share, Competitive Landscape and Trend Analysis Report by Type : Global Opportunity Analysis and Industry Forecast, 2021-2030

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 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

Aspects	Details
By Type	Dry Wet
By Region	North America  (U.S, Canada, Mexico) Europe  (Germany, France, Spain, Italy, Netherlands, Russia, UK, Rest of Europe) Asia-Pacific  (China, Japan, South Korea, India, Singapore, Indonesia, Rest of Asia-Pacific) LAMEA  (Brazil, Argentina, Venezuela, Saudi Arabia, Iran, Iraq, UAE, Kuwait, Rest of LAMEA)
Key Market Players	GEA Group Aktiengesellschaft, Busch Group, Axens, Rufouz Hitek Engineers Pvt. Ltd., Edgen Murray, Alfa Laval, Maverick Engineering, Inc., Praj Industries, KURAF MUHENDISLIK, Maleta Cyclic Distillation LLC

Analyst Review

Vacuum distillation is a step in the refining process that aids in the production of petroleum products from the heavier oils that remain after atmospheric distillation. A vacuum distillation unit (VDU), a secondary processing unit consisting of vacuum distillation columns, is found in around 80% of refineries in the U.S. The distillation column is under vacuum or substantially less than atmospheric pressure of 760 millimeters of mercury (mmHg). The growth of the refinery vacuum distillation units market is likely 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 augmenting 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.

The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.

Author Name(s) : Pratik Mandon | Eswara Prasad

Related Tags

• Oil And Gas Equipment
• Oilfield Auxiliary Equipment
• Resource Conservation