Press Release   -

Vacuum Gas Oil Market to Reach Valuation of USD 492.1 Billion by 2028 – Increasing Number of Automobile Sales Drives the Market

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 4.8% 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 Market 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.

Market Dynamics:

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 Market 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:

• Product
  • Heavy Vacuum Gas Oil
  • Light Vacuum Gas Oil
• Sulfur Content
  • Low Sulfur VGO
  • High Sulfur VGO
• Application
  • Gasoline Production
  • Diesel Oil/Kerosene Production
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

A list of the Key Players of the Global Vacuum Gas Oil Market is:

[object Object]

The Global Vacuum Gas Oil Market Scope can be tabulated as below:

About Vantage Market Research:

We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research services. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.