Report Code: A14251 | Pages: 275 | Oct 2021 | 2128 Views | ||
Author(s) : Pratik M , Eswara P | Tables: 67 | Charts: 53 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Refinery Vacuum Distillation Units Market
Request Now !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.
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.
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
Impact of COVID-19 on the global refinery vacuum distillation units market
Refinery Vacuum Distillation Units Market Report Highlights
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Key Market Players | Rufouz Hitek Engineers Pvt. Ltd., GEA Group Aktiengesellschaft, Edgen Murray, Maleta Cyclic Distillation LLC, Maverick Engineering, Inc., Alfa Laval, Busch Group, KURAF MUHENDISLIK, Axens, Praj Industries |
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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.
A. High dependence on crude oil for fossil fuels and plastic products is the key factor driving the global refinery vacuum distillation units market
A. The market value of global refinery vacuum distillation units market in 2021 is expected to be $ 2.2 billion and projected to rise to $ 2.7 billion in 2030.
A. The report sample for global refinery vacuum distillation units market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
A. The leading players in the market are including 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.
A. The oil and petroleum industry is projected to increase the demand for refinery vacuum distillation units market during the forecast period.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning
A. The global refinery vacuum distillation units market is segmented on the basis of type, and region
A. Capacity expansion and new crude oil refinery projects globally is driver of refinery vacuum distillation units market.
A. The oil refineries application in the global refinery vacuum distillation units market is projected to increase the demand of refinery vacuum distillation units during the forecast period.
A. 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.
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