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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Vacuum Gas Oil Market 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.
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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