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Iraq Vacuum Bottom Residue (Kerosene, VGO and Bitumen) Market Size, Share, Analysis, Growth, Insights, Trends, Forecast: By Segment: Kerosene, Vacuum Gas Oil, Bitumen; Market Dynamics: SWOT Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028

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

The Iraq vacuum bottom residue (kerosene, VGO and bitumen) market size is expected to grow at a CAGR of 2.00% during the forecast period of 2023-2028 owing to the increasing use in various applications.

 

Key Trends in the Market

In the vacuum distillation process, the bottoms removed from the vacuum distillation tower are known as vacuum residue or vac resid which are the heaviest of the distillation cuts and often mixed with other materials. Vacuum resid's high viscosity works to its benefit when incorporated into asphalt, making this a highly valuable use.

 

Vacuum distillation is used to produce kerosene, which is used as a cutter stock. VGO is made utilising a vacuum distillation column and a variety of techniques, including hydrogenation and cracking, and is used as a feedstock to produce gasoil, gasoline, and other by products. The waste product of a vacuum distillation tower can also be converted into bitumen.

 

  • Made from petroleum, kerosene serves as an insecticide, a grease-solvent, a fuel, and a component for jet engines. Additionally, it can be used in kerosene lamps, furnaces, and home heaters. It is still commonly used in many locations for lighting, cooking, and heating. Many of the kerosene-based blends used in military jet fuels are also used in ordinary commercial jet fuel, which is effectively high-quality plain kerosene. This is driving the Iraq vacuum bottom residue (kerosene, VGO and bitumen) market growth.
  • The need for bitumen in a variety of applications, including roads, waterproofing, adhesives, and insulation, is projected to increase in Iraq as the country experiences rapid industrialisation. Due to its high viscosity, stickiness, and water-resistance qualities, bitumen is a crucial raw material in the construction and industrial sectors for making water tanks, dams, and bridges.
  • The demand for bunker fuel in the marine industry is growing, which is driving up demand for vacuum gas oil. The Iraq vacuum bottom residue (kerosene, VGO and bitumen) market is expected to benefit from growth in the sea trade and marine exploration in the upcoming years. An increase in research and development spending on fluid catalytic cracking and hydrocracking is enabling this method to produce high-quality results. Vacuum gas oil can therefore aid in increasing market demand for diesel.

 

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

The market is categorised on the basis of segments into kerosene, vacuum gas oil, and bitumen. Kerosene is further divided on the basis of type into naphthenic and paraffinic, while on the basis of application it is divided into transport and fuel, among others. Vacuum gas oil is sub-divided based on type into LVGO, MVGO, and HVGO. On the basis of application, vacuum gas oil is divided into gasoline production and diesel production, among others.

 

Bitumen is sub-divided on the basis of grade into 20/30, 40/50, 50/70, 60/70, and 80/100. Bitumen is further segmented based on type into high sulphur and low sulphur. Based on application, bitumen is categorised into road building and roofing, among others. 

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Iraq vacuum bottom residue (kerosene, VGO and bitumen) market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

 

  • Wataniya Group
  • Majd al-Iraq
  • Al Salam Al Massi Co (ASAMCO)
  • Phoenix Refinery
  • Aran Asphalt Factory
  • Others

 

Market Share by Segment

Kerosene is a flammable hydrocarbon liquid widely used as fuel and is also known as paraffin or paraffin oil. Kerosene lamps are frequently used as a more environmentally friendly substitute for solid fuels like biomass and coal for cooking when electricity is not available. Kerosene is widely used as jet fuel for aircraft jet engines and as a fuel for lighting, cooking, and fire toys like poi. The growing use of kerosene is propelling the Iraq vacuum bottom residue (kerosene, VGO and bitumen) market.

 

Bitumen is frequently employed as a waterproofing material on the roofs of residential and commercial structures because of its extremely sticky and viscous character. Bituminous waterproofing is applied to prevent water leaks and seepage through the roof. 

 

In addition, bitumen is frequently utilised as a chemical component in a variety of products, including solvents and black paints. Bitumen functions as a chemical additive that increases the effectiveness of paints and coatings and the viscosity of waterproofing substances. Chemically modified bitumen is used in road building and waterproofing as well as a candy-coated chemical component in emulsions.

 

Vacuum gas oil (VGO) is primarily employed as an intermediate feedstock to increase the production of gasoline and diesel at refineries. VGO is created utilising a vacuum distillation column and a variety of techniques, including hydrogenation and cracking. One of the major factors behind the growth of the vacuum gas oil industry in Iraq is the rapidly expanding petroleum sector as well as the automotive industry. The forecast for the Iraq vacuum bottom residue (kerosene, VGO and bitumen) market is anticipated to improve as a result of rising demand for fossil fuels across a variety of industries and increased efforts to produce a significant amount of oil and gas. 

 

Competitive Landscape

Wataniya Group, founded in 2012 has offices in Iraq and the United Arab Emirates, and comprises of several businesses. It focuses on oil trading, distribution, and transportation and many areas of the cement and oil-gas industries. In the oil field sector, the company has agreements with significant worldwide firms, particularly in the areas of naphtha treating units, bitumen refining units, and other cutting-edge oil industries.

 

Majd al-Iraq, located in Iraq's Kurdistan Region is a bitumen and barrel production facility, with a strong presence in the Iraq vacuum bottom residue (kerosene, VGO and bitumen) market. On a daily basis, Majd Al Iraq manufactures 1000 metric tonnes of bitumen for the global market. Majd Al Iraq strives to reduce the demand gap in the current global bitumen market, by selling high-quality bitumen of various grades and specifications.

 

Phoenix Refinery was established in Denmark in 1907 and has more than a century of experience in bitumen and polymer-based products. The business provides a wide variety of products to the international market. Phoenix has actively participated in numerous international initiatives with partners from throughout the world.

 

Other market players include Al Salam Al Massi Co (ASAMCO) and Aran Asphalt Factory, among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Segment
Breakup by Segment
  • Kerosene
  • Vacuum Gas Oil
  • Bitumen
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Wataniya Group
  • Majd al-Iraq
  • Al Salam Al Massi Co (ASAMCO)
  • Phoenix Refinery
  • Aran Asphalt Factory
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Industry Opportunities and Challenges
8    Iraq Vacuum Bottom Residue (Kerosene, VGO and Bitumen) Market Analysis

    8.1    Iraq Vacuum Bottom Residue (Kerosene, VGO and Bitumen) Historical Market (2018-2022) 
    8.2    Iraq Vacuum Bottom Residue (Kerosene, VGO and Bitumen) Market Forecast (2023-2028)
    8.3    Iraq Vacuum Bottom Residue (Kerosene, VGO and Bitumen) Market by Segment
        8.3.1    Kerosene
            8.3.1.1    Market Share
            8.3.1.2    Historical Trend (2018-2022)
            8.3.1.3    Forecast Trend (2023-2028)
            8.3.1.4    Market Share by Type
                8.3.1.4.1    Naphthenic
                8.3.1.4.2    Paraffinic
            8.3.1.5    Market Share by Application
                8.3.1.5.1    Transport
                8.3.1.5.2    Fuel
                8.3.1.5.3    Others
        8.3.2    Vacuum Gas Oil
            8.3.2.1    Market Share
            8.3.2.2    Historical Trend (2018-2022)
            8.3.2.3    Forecast Trend (2023-2028)
            8.3.2.4    Market Share by Type
                8.3.2.4.1    LVGO
                8.3.2.4.2    MVGO
                8.3.2.4.3    HVGO
            8.3.2.5    Market Share by Application
                8.3.2.5.1    Gasoline Production
                8.3.2.5.2    Diesel Production
                8.3.2.5.3    Others
        8.3.3    Bitumen 
            8.3.3.1    Market Share
            8.3.3.2    Historical Trend (2018-2022)
            8.3.3.3    Forecast Trend (2023-2028)
            8.3.3.4    Market Share by Grade
                8.3.3.4.1    20/30
                8.3.3.4.2    40/50
                8.3.3.4.3    50/70
                8.3.3.4.4    60/70
                8.3.3.4.5    80/100
            8.3.3.5    Market Share by Type
                8.3.3.5.1    High Sulphur
                8.3.3.5.2    Low Sulphur
            8.3.3.6    Market Share by Application
                8.3.3.6.1    Road Building
                8.3.3.6.2    Roofing
                8.3.3.6.3    Others
9    Market Dynamics
    9.1    SWOT Analysis
        9.1.1    Strengths
        9.1.2    Weaknesses
        9.1.3    Opportunities
        9.1.4    Threats
    9.2    Key Indicators for Demand
    9.3    Key Indicators for Price
10    Trade Data Analysis
    10.1    Iraq Import and Export Analysis 
11    Price Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profile
        12.2.1    Wataniya Group
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Majd al-Iraq
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Al Salam Al Massi Co (ASAMCO)
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    Phoenix Refinery
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Aran Asphalt Factory 
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Others
13    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Iraq Vacuum Bottom Residue (Kerosene, VGO and Bitumen) Market: Key Industry Highlights, 2018 and 2028
2.    Iraq Vacuum Bottom Residue (Kerosene, VGO and Bitumen) Historical Market: Breakup by Segment (USD Million), 2018-2022
3.    Iraq Vacuum Bottom Residue (Kerosene, VGO and Bitumen) Market Forecast: Breakup by Segment (USD Million), 2023-2028
4.    Kerosene Import and Export Statistics, 2018-2028
5.    VGO Import and Export Statistics, 2018-2028
6.    Bitumen Import and Export Statistics, 2018-2028
7.    Iraq Vacuum Bottom Residue (Kerosene, VGO and Bitumen) Market Structure

Key Questions Answered in the Report

During the forecast period of 2023 and 2028, the market is expected to grow at a CAGR of 2%.

The major drivers of the market include rapid industrialisation, rise in demand from the marine market, and rising investments in research and development in hydrocracking and fluid catalytic cracking process.

Growing use of kerosene to power jet engines of aircraft and the expanding automotive industry are the key industry trends propelling the growth of the market.

The major players in the Iraq vacuum bottom residue (kerosene, VGO and bitumen) market are Wataniya Group, Majd al-Iraq, Al Salam Al Massi Co (ASAMCO), Phoenix Refinery, and Aran Asphalt Factory, among others.

Kerosene is less refined and is more similar to diesel fuel. Higher temperatures won't cause it to evaporate due to which combustion is more difficult than it is with gasoline. As a result, kerosene is not used as an automobile fuel.

The substance acquired during vacuum distillation is known as vacuum residue. Vacuum distillation is the process of separating chemicals with different boiling points while lowering pressure below atmospheric pressure. Under low pressure, crude oil is distilled to produce vacuum residue, which is a solid.

Vacuum distillation residue (VR) is the by-product of crude oil distillation that contains high molecular weight PAH, asphaltene components, and waxes.

The primary applications of bitumen are road building and roofing, among others.

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