In terms of revenue, the Global Vacuum Gas Oil Market is expected to reach USD 492.1 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.70% from 2022 to 2028.
Factors such as increasing demand for fossil fuels across various industries, the expanding use of these oil in diesel production, and increasing investments in R&D activities including hydrocracking & fluid catalytic processes to obtain good efficiency from such procedures are predicted to enhance the growth of the Vacuum Gas Oil Market during the forecast period.
Key Highlights from Report:
The Low Sulphur Vacuum Gas Oil (VGO)segment accounted to mention a significant growth in the Vacuum Gas Oil Market in 2021. This surge is accounted for owing to its low sulfur concentration. Low Sulphur VGO is an attractive blending feedstock for producers seeking to meet IMO bunker fuel specifications, which in turn, is accelerating the segmental growth of the Vacuum Gas Oil Market.
· The Light Vacuum Gas Oil (VGO) segment is anticipated to dominate the growth of the Vacuum Gas Oil Market during the forecast period. The rising usage of light Vacuum Gas Oil in splitting to produce gasoline & diesel is accelerating the segmental growth of the Vacuum Gas Oil Market in recent years.
· Asia Pacific is expected to grow at the fastest compound Annual Growth Rate (CAGR) during the forecast period. The high automotive production and increased demand for high octane fuel in this region is expected to bolster the growth of the Vacuum Gas Oil Market during the projected time period.
The growing demand for fossil fuels across multiple industries is augmenting the growth of the Vacuum Gas Oil market in the coming years. In addition, the growing efforts to develop a bulk supply of oil & gas are also expecting positive growth in the Vacuum Gas Oil Market. Furthermore, the Vacuum Gas Oil is mainly used in diesel production, which will likely augment the demand for the Vacuum Gas Oil Market. In this regard, various research & development activities have been carried out in the hydrocracking &fluid catalytic cracking process to provide excellent output. Thus, increasing usage of these oils in the diesel production industry is likely to propel the growth of the Vacuum Gas Oil Market in upcoming years.
Asia Pacific is accounted to have the largest growth of the Vacuum Gas Oil Market in 2021 and will continue the same trend during the forecast period. The increasing automobile sales, the thriving demand for gasoline & diesel for automotive, the presence of well-developed refining & cracking facilities, and the growing need for high octane gasoline in this region are accelerating the growth of the Vacuum Gas Oil Market in this region. In addition, increasing investment in research& development activities in this region is expected to fuel the regional growth of the Vacuum Gas Oil Market over the projected time frame.
The Global Vacuum Gas Oil Market is Segmented as follows:
- Heavy Vacuum Gas Oil
- Light Vacuum Gas Oil
- Sulfur Content
- Low Sulfur VGO
- High Sulfur VGO
- Gasoline Production
- Diesel Oil/Kerosene Production
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Vacuum Gas Oil Market is:
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 Global Vacuum Gas Oil Market Scope can be tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|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|