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Refinery vacuum distillation units Market to Garner $2.7 Billion by 2030, at a CAGR of 2.0%
Refinery Vacuum Distillation Units Market
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The global refinery vacuum distillation units market is segmented into type and region. On the basis of 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.
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 be register the highest CAGR of 2.7% during the forecast period.
The global refinery vacuum distillation units industry is consolidated in nature with a few 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, which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.
Key Findings Of The Study
On the basis of 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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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.
Due 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.
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