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Vacuum Gas Oil Market

Vacuum Gas Oil Market

Vacuum Gas Oil Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

143

Base Year:

2022

Date

Aug - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1789

Segments Covered
  • By Product By Product Heavy Vacuum Gas Oil, Light Vacuum Gas Oil
  • By Sulfur Content By Sulfur Content Low Sulfur VGO, High Sulfur VGO
  • By Application By Application Gasoline Production, Diesel Oil/Kerosene Production
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 388.44 Billion
Revenue 2030Revenue 2030: USD 560.91 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 4.70%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Vacuum Gas Oil Market Share

Market Synopsis:

The Global Vacuum Gas Oil Market was valued at USD 388.44 Billion in the year 2022 and is projected to reach a value of USD 560.91 Billion by the year 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.70% over the forecast period.

The Vacuum Gas Oil is generally utilized as an intermediate feedstock in refineries to boost gasoline and diesel output. VGO is produced in a fractionating vacuum column using several methods such as hydrogenation and cracking. The use of Vacuum Gas Oil in the manufacturing of diesel is projected to increase the market demand for the oil. The growth in the market for Vacuum Gas Oil in bunker fuel is driving up demand in the marine market. Increased maritime traffic and marine research are expected to boost the Vacuum Gas Oil Market.

Vacuum Gas Oil Market Size, 2022 To 2030 (USD Billion)

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In addition, the expanding demand for fossil fuels in various sectors and increased efforts to produce a bulk output of oil and gas is expected to boost the industry outlook. The rapidly expanding gasoline sector, as well as the auto sector, are critical drivers of Global Vacuum Gas Oil development. Due to the increased demand in the commercial market, the need for Vacuum Gas Oil in bunker fuel is increasing. Rising demand for fossil fuels across many industries, as well as increased efforts to develop a bulk supply of oil and gas, are likely to benefit the industry outlook.

The Vacuum Gas Oil is generally utilized as an intermediate feedstock in refineries to boost gasoline and diesel output. VGO is produced in a fractionating vacuum column using several methods such as hydrogenation and cracking. Vacuum refining separates light and significant gas oil components, leaving vacuum residue that can be further processed by a cooker unit or sold as fuel oil. Based on these characteristics, the Global Vacuum Gas Oil Market is expanding at a rapid pace. The expanding demand for fossil fuels in various sectors and increased attempts to create a substantial oil and gas output is expected to boost the industry outlook.

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Market Segmentation:

The Vacuum Gas Oil Market is segmented into Sulphur Content, Application, Product Type, and Region. Based on Sulphur Content, the market is classified into Low Sulphur VGO and High Sulphur VGO. Furthermore, based on the Product Type segment, the market is further fragmented into Heavy Vacuum Gas Oil and Light Vacuum Gas Oil. Furthermore, based on the Applications segment, the market is further segmented into Gasoline Production and Diesel Oil/Production.

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Based On Sulphur Content:

The Low Sulphur VGO holds a significant share in the market during the forecast period. Because of its low sulfur concentration, Low Sulfur VGO is an attractive blending feedstock for producers seeking to meet IMO bunker fuel specifications.

Based On Product Type:

Based on product type, the market is segmented as Heavy Vacuum Gas Oil and Light Vacuum Gas Oil. The Light Vacuum Gas Oil segment is anticipated to grow at the highest rate during the forecast period. This increasing growth can be ascribed to an expansion in the use of light Vacuum Gas Oil in splitting to produce gasoline and diesel. The use of hydrocarbon in the transition of LVGO into light and middle distillation, applying compulsion and hydrogen, is more continuous.

Asia Pacific is Expected to Hold a Significant Share in the Market During the Forecast Period

Asia Pacific is expected to grow at the highest Compound Annual Growth Rate (CAGR) and gain a significant share in the market during the forecast period. The Asia Pacific retained a substantial market share during the forecast period owing to the region's high automotive production and increased demand for high octane fuel. Furthermore, there are well-established cracking and refining facilities in the area. Again, with increased consumer purchasing power in both established and emerging countries, the consumption of luxury vehicles is expanding, contributing to industry growth.

The increasing urbanization and rapid industrialization in these countries are pushing up oil demand, which favors the worldwide Vacuum Gas Oil business. In Addition, the rise in the need for automobiles and development in expenditure in the petroleum zone are the other major factors responsible for the growth in this region.

Competitive Landscape:

The key players in the Global Vacuum Gas Oil Market include- TAIF-NK, Kuwait Petroleum Corporation, Exxon Mobil Corporation, KazMunayGas, Axeon Specialty Products, U.S. Oil & Refining Co., Royal Dutch Shell, Zhejiang Petrochemical Corporation, Neste, Solis Oil, Vertex Energy Inc., LUKOIL, and others.

Segmentation of the Global Vacuum Gas Oil Market:

Parameter Details
Segments Covered

By Product

  • Heavy Vacuum Gas Oil
  • Light Vacuum Gas Oil

By Sulfur Content

  • Low Sulfur VGO
  • High Sulfur VGO

By Application

  • Gasoline Production
  • Diesel Oil/Kerosene Production

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • TAIF-NK
  • Kuwait Petroleum Corporation
  • Exxon Mobil Corporation
  • KazMunayGas
  • Axeon Specialty Products
  • U.S. Oil & Refining Co.
  • Royal Dutch Shell
  • Zhejiang Petrochemical Corporation
  • Neste
  • Solis Oil
  • Vertex Energy Inc.
  • LUKOIL
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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FAQ
Frequently Asked Question
  • The global Vacuum Gas Oil valued at USD 388.44 Billion in 2022 and is expected to reach USD 560.91 Billion in 2030 growing at a CAGR of 4.70%.

  • The prominent players in the market are TAIF-NK, Kuwait Petroleum Corporation, Exxon Mobil Corporation, KazMunayGas, Axeon Specialty Products, U.S. Oil & Refining Co., Royal Dutch Shell, Zhejiang Petrochemical Corporation, Neste, Solis Oil, Vertex Energy Inc., LUKOIL.

  • The market is project to grow at a CAGR of 4.70% between 2023 and 2030.

  • The driving factors of the Vacuum Gas Oil include

    • Growing Use of Diesel Indirectly Boosts Market Growth

  • Asia Pacific was the leading regional segment of the Vacuum Gas Oil in 2022.