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refinery vacuum distillation units market
Refinery Vacuum Distillation Units Market Estimated to Experience a Hike in Growth By 2030
High dependence on crude oil for fossil fuels and plastic products is the key factor driving the global refinery vacuum distillation units market.” - Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, April 26, 2024 /EINPresswire / -- 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 costs may hinder the growth of the refinery vacuum distillation units market during the forecast period. 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.
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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 an 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 the refinery vacuum distillation units market is the 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. Based on 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.
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Competitive Analysis:
The Refinery Vacuum Distillation Units industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Refinery Vacuum Distillation Units Market include,
GEA Group Aktiengesellschaft
Busch Group
Rufouz Hitek Engineers Pvt. Ltd.
Edgen Murray
Maverick Engineering, Inc.
Maleta Cyclic Distillation LLC
KURAF MUHENDISLIK
Praj Industries
Alfa Laval
Axens
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 register the highest CAGR of 2.7% during the forecast period.
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Key Findings Of The Study:
- Based on 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.
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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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Allied Market Research
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