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Iraq Vacuum Bottom Residue (Kerosene, VGO and Bitumen) Market Outlook

According to a new report by Expert Market Research titled “Iraq Vacuum Bottom Residue (Kerosene, VGO and Bitumen) Market Size, Share, Analysis, Report, Demand, Forecast 2024-2032″, the Iraq vacuum bottom residue (kerosene, VGO and bitumen) market is projected to grow at a CAGR of 8.6% between 2024 and 2032. Aided by Iraq’s predominant role in the oil industry and its burgeoning infrastructure requirements post-conflict reconstruction, the market is expected to grow significantly by 2032.

Vacuum Bottom Residue is an essential derivative from the refining process, comprising heavier petroleum segments like Kerosene, VGO, and Bitumen. Given Iraq’s entrenched legacy in the petroleum sector, the products emanating from Vacuum Bottom Residue hold substantial relevance in the nation’s industrial landscape.

As per the Iraq vacuum bottom residue (kerosene, VGO and bitumen) market analysis, kerosene in Iraq, often used for heating and aviation fuel, has witnessed a consistent demand. With Iraq’s ongoing endeavours to bolster its aviation sector and enhance domestic energy infrastructure, the requisition for kerosene is set to remain robust.

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Vacuum Gas Oil (VGO), pivotal in generating gasoline and diesel fuels, has been in escalating demand, reflecting Iraq’s increasing vehicular demands and the necessity for efficient fuels. The strategic refining processes involving VGO, such as Fluid Catalytic Cracking, further amplify the Iraq vacuum bottom residue (kerosene, VGO and bitumen) market demand.

Bitumen’s demand in Iraq has observed an upswing, aligned with the nation’s push towards infrastructure reconstruction. The rebuilding of roads, bridges, and other essential structures post the recent conflicts has made Bitumen, a key component in road construction, crucial for Iraq’s developmental blueprint.

Technological advancements in refining methodologies, coupled with foreign investments in the country’s oil sector, are amplifying the production efficiencies of Vacuum Bottom Residue products and further contributing to the Iraq vacuum bottom residue (kerosene, VGO and bitumen) market growth. Additionally, Iraq’s national strategy to reconstruct and elevate its infrastructure, which necessitates high-quality petroleum derivatives, is imparting considerable momentum to the market.

International investors, especially from the MENA region, are showing keen interest in Iraq’s Vacuum Bottom Residue market. This interest is not just an indication of the market’s profitability, but also a testament to Iraq’s growing influence in the regional petroleum landscape, which contributes value to the overall Iraq vacuum bottom residue (kerosene, VGO and bitumen) market size.

Read Full Report with Table of Contents – https://www.expertmarketresearch.com/reports/iraq-vacuum-bottom-residue-market

Market Segmentation

The market can be divided based on segment.

Market Breakup by Segment

• Kerosene
  • By Type
    • Naphthenic
    • Paraffinic
  • By Application
    • Cooking
    • Lighting
    • Heating and Others
• Vacuum Gas Oil
  • By Type
    • LVGO
    • HVGO
  • By Application
    • Gasoline Production
    • Diesel Production
    • Others
• Bitumen
  • By Grade
    • 40/50
    • 60/70
  • By Type
    • High Sulphur
    • Low Sulphur
  • By Application
    • Road Building
    • Roofing
    • Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Iraq vacuum bottom residue (kerosene, VGO and bitumen) market. Some of the major players explored in the report by Expert Market Research are as follows:

• Wataniya Group
• Majd al-Iraq
• Phoenix International A/S
• Halabja Group
• Lanaz Refinery
• Others

Frequently Asked Questions (FAQs) – Iraq Vacuum Bottom Residue (Kerosene, VGO, and Bitumen) Market

Question: What is the anticipated growth rate of the Iraq vacuum bottom residue (kerosene, VGO, and bitumen) market?

Answer: The market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 2% during the forecast period spanning from 2024 to 2032.

Question: What are the primary drivers of the Iraq vacuum bottom residue (kerosene, VGO, and bitumen) market?

Answer: Key drivers include the rapid pace of industrialization, an upsurge in demand from the marine market, and increased investments in research and development within the hydrocracking and fluid catalytic cracking processes.

Question: What are the key industry trends of the Iraq vacuum bottom residue (kerosene, VGO, and bitumen) market?

Answer: Prominent industry trends include the growing utilization of kerosene to power aircraft jet engines and the expanding automotive industry, driving market growth.

Question: Why is kerosene not used in cars?

Answer: Kerosene, being less refined and similar to diesel fuel, does not evaporate easily at higher temperatures. This characteristic makes combustion more challenging compared to gasoline, rendering kerosene unsuitable as an automobile fuel.

Question: What is vacuum residue?

Answer: Vacuum residue is the substance obtained during vacuum distillation, a process separating chemicals with different boiling points under reduced pressure. Crude oil is distilled under low pressure to produce solid vacuum residue.

Question: What is vacuum distillation residue?

Answer: Vacuum distillation residue (VR) is a by-product of crude oil distillation containing high molecular weight PAH, asphaltene components, and waxes.

Question: What are the applications of bitumen?

Answer: Primary applications of bitumen include road construction and roofing, among others.

Question: Who are the key market players, according to the report?

Answer: Major market players include Wataniya Group, Majd al-Iraq, Al Salam Al Massi Co (ASAMCO), Phoenix Refinery, and Aran Asphalt Factory, among others.

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