Middle East and North Africa Vacuum Bottom Residue (Kerosene, VGO, and Bitumen) Market Outlook
According to a new report by Expert Market Research titled “MENA Vacuum Bottom Residue Market Size, Share, Analysis, Report, Demand, Forecast 2024-2032″, the Middle East and North Africa vacuum bottom residue (kerosene, VGO, and bitumen) market is projected to grow at a CAGR of 4.4% between 2024 and 2032. Aided by the burgeoning construction industry and the rising demand for petroleum products in the region, the market is expected to grow significantly by 2032.
Vacuum Bottom Residue (VBR) is a dense, viscous residue left after the distillation of crude oil. It is primarily used in the production of bitumen and as a feedstock for further refining. Kerosene, a light petroleum distillate, is widely used as a fuel in aviation and heating. Vacuum Gas Oil (VGO) is a heavier fraction of crude oil, utilised as a feedstock for secondary refining processes to produce gasoline and diesel. Bitumen, derived from the distillation of crude oil, is a key material in road construction and roofing.
The Middle East and North Africa vacuum bottom residue (kerosene, VGO, and bitumen) market growth is driven by several factors. The expanding construction sector, particularly in countries like Saudi Arabia, the United Arab Emirates, and Qatar, is increasing the demand for bitumen for road construction and roofing applications. The strategic geographical position of the MENA region, serving as a crucial hub for the oil and gas industry, also plays a significant role in market growth.
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Additionally, technological advancements in refining processes have improved the efficiency of producing VBR, Kerosene, VGO, and Bitumen, contributing to the market’s expansion. The rising demand for cleaner fuels and the gradual shift towards more sustainable and environmentally friendly practices in the oil and gas sector are influencing the Middle East and North Africa vacuum bottom residue (kerosene, VGO, and bitumen) market outlook, with refineries focusing on producing higher-quality, low-sulphur products.
The market in the MENA region exhibits a diverse landscape. The Gulf Cooperation Council (GCC) countries, with their vast oil reserves and established petroleum industry, are key players in the market. Saudi Arabia, in particular, is a major producer and exporter of these petroleum products, bolstering the regional market. North African countries, though smaller in production capacity compared to their Middle Eastern counterparts, are gradually expanding their infrastructure and capabilities in the oil and gas sector.
The Middle East and North Africa vacuum bottom residue (kerosene, VGO, and bitumen) market demand is expected to witness a surge in the coming years, driven by the increasing demand in the construction and transportation sectors, coupled with technological advancements in refining processes. The strategic initiatives undertaken by countries in the MENA region to diversify their economies and reduce reliance on crude oil exports are likely to further boost the market.
Read Full Report with Table of Contents – https://www.expertmarketresearch.com/reports/mena-vacuum-bottom-residue-market
Market Segmentation
The market can be divided based on segment, and country.
Market Breakup by Segment
- Kerosene
- By Type
- Naphthenic
- Paraffinic
- By Application
- Cooking
- Lighting
- Heating and Others
- By Type
- Vacuum Gas Oil
- By Type
- LVGO
- HVGO
- By Application
- Gasoline Production
- Diesel Production
- Others
- By Type
- Bitumen
- By Grade
- 40/50
- 60/70
- By Type
- High Sulphur
- Low Sulphur
- By Application
- Road Building
- Roofing
- Others
- By Grade
Market Breakup by Country
- Saudi Arabia
- UAE
- Oman
- Kuwait
- Jordan
- Qatar
- Iraq
- Bahrain
- Egypt
- Iran
- Morocco
- 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 Middle East and North Africa 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 Company
- ISAB S.r.l.
- Al Salam Al Massi Co (ASAMCO)
- Phoenix International A/S
- Aran Asphalt Factory
- Others
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