According to IMARC Group’s latest research report, titled “Vacuum Gas Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” offers a comprehensive analysis of the industry, which comprises insights on the vacuum gas oil market size. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global vacuum gas oil market size reached US$ 434.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 646.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.51% during 2024-2032.
Vacuum Gas Oil Market Overview:
Vacuum gas oil (VGO) represents a petroleum product obtained from the refining of crude oil. It consists of a carbon range that includes aliphatic and aromatic compounds. VGO undergoes several refining processes, such as catalytic cracking, hydrocracking, and hydrotreating, which break down larger molecules and convert them into delicate, more valuable products. Compared to lighter items derived from crude oil refining, this petroleum product has a higher boiling point. In addition to this, VGO offers various advantages, including versatility as a feedstock, optimization of yield, improved product quality, energy security, and flexibility in refinery operations. As a result, this petroleum product finds extensive utilization as a feed in cracking systems, such as hydrocrackers and fluid catalytic crackers, and in upgrading VGO into valuable derivatives, including gasoline and diesel.
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Vacuum Gas Oil Market Trends:
The escalating demand for gasoline and diesel as fuels for internal combustion engines in motorcycles, trucks, boats, and other vehicles and the expanding automotive industry are primarily driving the vacuum gas oil market. Besides this, the extensive utilization of the hydrotreating process, which utilizes hydrogen gas to eliminate impurities, including sulfur and nitrogen, from this petroleum product, refines and enhances its quality, making it a more desirable feedstock for transportation fuel production, is further augmenting the market growth.
Moreover, the elevating requirement for fossil fuels in various sectors and continuous technological advancements aimed at introducing integrated refining and petrochemical techniques to produce higher-quality fuels from VGO are also catalyzing the global market. Apart from this, the inflating consumer spending power, the increasing fluid catalytic cracking and hydrocracking processes to boost output, the rising need for this petroleum product in cracking systems, and the launch of several policies by the government bodies to promote the use of low-sulfur variants are expected to bolster the vacuum gas oil market in the coming years
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Key Market Segmentation:
Competitive Landscape with Key Players:
- Cana LL
- Kuwait Petroleum Corporation
- PJSC Lukoil Oil Company
- TAIF-NK JSC
- Vertex Energy Inc.
Type Insights:
- Heavy Vacuum Gas Oil
- Light Vacuum Gas Oil
Sulfur Content Insights:
- Low Sulfur VGO
- High Sulfur VGO
Application Insights:
- Gasoline Production
- Diesel Oil/Kerosene Production
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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