Portland, OR, Nov. 23, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global refinery vacuum distillation units market was pegged at $2.2 billion by 2020, and is expected to reach $2.7 billion by 2030, growing at a CAGR of 2.0% from 2021 to 2030.
High dependence on crude oil for fossil fuels and plastic products, expansions of existing facilities, and beginning of new crude oil refinery projects globally drive the growth of the global refinery vacuum distillation units market. However, high equipment cost hinders the market growth. On the contrary, rise in demand for petrochemicals is expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic negatively affected the refinery vacuum distillation units due to reduction in consumption of refined petroleum products and impact on the economic development.
- In addition, the high volatility of crude oil prices delayed several refinery projects across the globe during the pandemic.
The report segments the global refinery vacuum distillation units market on the basis of type and region.
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Based on type, the dry segment is expected to register the highest CAGR of 2.2% during the forecast period. In addition, the segment held the lion’s share in 2020, accounting for more than three-fourths of the market. The report includes an analysis of wet segment.
The global refinery vacuum distillation units market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in terms of revenue in 2020, accounting for nearly one-third of the market. In addition, the region is anticipated to portray the highest CAGR of 2.7% during the forecast period.
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The global refinery vacuum distillation units market includes an in-depth analysis of the prime market 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.
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