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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Vacuum Gas Oil Market Outlook
The global vacuum gas oil (VGO) market is expected to grow at a CAGR of 5.8% in the forecast period of 2024-2032. The global vacuum gas oil market is being driven by the rising demand for gasoline, which is primarily consumed as a fuel for transportation. Among various applications of vacuum oil, the gasoline production segment dominates the industry globally.
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Increasing Demand for Lower Sulphur Vacuum Gas Oil to Bolster the Industry Growth
The lower sulphur VGO dominated the global vacuum gas oil industry in 2020 owing to its low sulphur content, making it an attractive blending feedstock for manufacturers aiming to fulfill the regulations set by government organisations. Low sulphur VGO contains around 0.5-0.6% sulphur, and, thus, is being extensively adopted by manufacturers. Meanwhile, the light vacuum gas oil segment is expected to grow at the highest CAGR over the forecast period owing to its increased utilisation for cracking to obtain gasoline and diesel.
North America to Dominate the Vacuum Gas Oil Industry
North America is the leading regional market in the industry driven by the growing automobile sales, coupled with the presence of well-developed refining and cracking facilities in the region. The Asia Pacific is expected to witness the highest CAGR over the forecast period owing to the growing per capita energy demand and increased oil consumption in in the region, particularly in emerging nations like China and India. The growing urbanisation trend and rapid industrialisation in these nations is driving the demand for oil, which in turn, is aiding the global vacuum gas oil industry.
Vacuum Gas Oil: Market Segmentation
Vacuum gas oil or VGO refers to heavy oil left over from petroleum distillation, which can be further refined in a catalytic cracking unit, upgrading vacuum gas oil into the products with greater value, that is, gasoline and diesel. If not upgraded, it is blended into residual fuel oil. It is an important intermediate feedstock which has the capacity to increase the output of valuable diesel and gasoline from refineries.
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On the basis of type, the industry is divided into:
- Heavy Vacuum Gas Oil
- Light Vacuum Gas Oil
Heavy vacuum gas oil (HVGO) and light vacuum gas oil (LVGO) can be processed by some advanced FCC processes. However, to transform LVGO and HVGO into light and middle distillates (e.g., kerosene and diesel fuel), hydrocracking is more frequently used, which is carried out using hydrogen and particular catalysts.
On the basis of sulphur content, the industry is segmented into:
- Lower Sulphur Content
- High Sulphur Content
- Others
It has applications in:
- Gasoline Production
- Diesel Oil/Kerosene Production
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Increasing Demand for Gasoline and Diesel to Augment the Vacuum Gas Oil Industry Growth
The global vacuum gas oil industry is being driven by the growing demand for gasoline and diesel across the globe. Gasoline is used to fuel internal combustion engines for motorbikes, trucks, boats, and other transport vehicles while highly refined gasoline may find application as aviation fuel. The growth of the automobile industry will lead to increase in demand for gasoline and diesel, thus, further aiding the vacuum gas oil industry. With the rising consumer disposable income, both in developed and developing nations, the demand for luxury vehicles is further increasing, which in turn, is contributing to the industry growth.
With the growing expenditure in research and development activities and rapid advancement in technology, manufacturing process at vacuum gas oil units is becoming simper, which is substantially aiding the industry growth. The growing product demand from the Asia Pacific region is expected to create new opportunities for the industry growth over the forecast period. For instance, Zhejiang Petrochemical Corporation, a Chinese firm, announced its plan to adopt process technologies for a new integrated refining and petrochemical complex in February 2017. This complex is expected to have one of the world’s largest refineries, with a total capacity of 40MMTPA.
Key Industry Players in the Global Vacuum Gas Oil Market
The report gives a detailed analysis of the following key players in the global vacuum gas oil market, covering their competitive landscape, capacity, and latest developments like mergers and acquisitions, investments, capacity expansion, and plant turnarounds:
- PJSC Lukoil
- Kuwait Petroleum Corporation
- Honeywell International Inc
- Vertex Energy Inc
- Husky Energy Inc.
- 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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Sulphur Content |
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| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Vacuum Gas Oil Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 5.8% between 2024 and 2032.
The growing demand for gasoline and diesel across the globe, the growing transportation sector, and rapid urbanisation are the major market drivers.
The key trends guiding the market include rapid industrialisation and technological advancements and innovations.
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant types of vacuum gas oil are heavy and light.
The major segments on the basis of sulphur content considered in the market report are lower sulphur content and high sulphur content, among others.
The various applications of vacuum gas oil are gasoline production and diesel oil/kerosene production, among others.
The major players in the market are PJSC Lukoil, Kuwait Petroleum Corporation, Honeywell International Inc, Vertex Energy Inc, and Husky Energy Inc., among others.
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