WASHINGTON, Aug. 19, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Vacuum Gas Oil Market finds that the increasing demand for fossil fuels across numerous industries is accelerating market escalation. In addition, the expanding use of Vacuum Gas Oil Market in diesel production, mounting investments in Research and Development (R&D) activities as well as growing investments in Research and Development (R&D) in hydrocracking and fluid catalytic processes to obtain good efficiency from such procedures are anticipated to enhance the growth of the Global Vacuum Gas Oil Market during the forecast period.
The Global Vacuum Gas Oil Market revenue is expected to reach a value USD 492.1 Billion in 2028.
The Global Market revenue was valued at USD 371.5 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period; states Vantage Market Research, in a report, titled “Vacuum Gas Oil Market Size, Share & Trends Analysis Report 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) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Vacuum Gas Oil Market was valued USD 371.5 Billion in 2021 and is all set to surpass USD 492.1 Billion by 2028, exhibiting a CAGR of 4.8% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Vacuum Gas Oil industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Market Dynamics:
Driver:
Rising Demand for Fossil Fuels in Several End-use Industries to Drive the Market Growth
The increasing demand for fossil fuels across different sectors is anticipated to drive the Global Vacuum Gas Oil Market expansion during the forecast period. Also, the rise in efforts to produce a bulk supply of oil and gas has a positive outlook on the market. Moreover, the Vacuum Gas Oil Market is mainly used as an intermediate feedstock to raise gasoline and diesel output from the refineries. Using different processes like hydrogenation and cracking, Vacuum Gas Oil Market is prepared by the vacuum distillation column. Therefore, using Vacuum Gas Oil Market in diesel production will likely augment the demand for oil in the market. Also, the mounting investment in research & development in hydrocracking and the fluid catalytic cracking process help add to the excellent output from this process. As a result, Vacuum Gas Oil Market can facilitate improving the demand for diesel in this industry.
Gasoline is utilized to fuel the internal combustion engines for trucks, motorbikes, boats, and other means of transportation, while highly refined gasoline can find used as aviation fuel. Furthermore, the growing consumer disposable income in developed & developing countries, the rising automobile industry, and the increasing demand for luxury vehicles contribute significantly to the market growth. As a result, the rising demand for gasoline and diesel worldwide will propel the Vacuum Gas Oil Market growth. Currently, over 45 percent of the worldwide 16 million barrel/day Vacuum Gas Oil Market goes into gasoline making. Therefore, the global demand for diesel and exports have been moderately stable in the last few years.
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Segment Analysis:
- 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
The report on Vacuum Gas Oil Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Asia Pacific Dominated the Global Vacuum Gas Oil Market
Asia Pacific is dominating the Global Vacuum Gas Oil Market with significant market share and will continue the same trend during the forecast period. This is attributed to key factors such as the high automobile sales and the growth in the need for high octane gasoline in this region. Moreover, the thriving demand for gasoline and diesel for automotive, the presence of well-developed refining and cracking facilities, and the major investment in research & development activities in the region are expected to propel the regional market growth.
List of Prominent Players in Vacuum Gas Oil Market:
- TAIF-NK
- Kuwait Petroleum Corporation
- Exxon Mobil Corporation
- Kaz Munay Gas
- Axeon Specialty Products
- U.S. Oil & Refining Co.
- Royal Dutch Shell
- Zhejiang Petrochemical Corporation
- Neste
- Solis Oil
- Vertex Energy Inc.
- LUKOIL
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Vacuum Gas Oil Market Size, Share & Trends Analysis Report 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) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
January 2020: Swedish refiner Preem AB, an entirely owned subsidiary of Corral Petroleum Holdings AB, has resumed the bulk of operations 228,900 barrels/day at its refinery at Lysekil, following a late December 2020 production interruption initiated by the electrical power failure. In addition, the refinery was restored to near-to-full capacity as of January 15.
January 2019: The Indian Oil Corporation Ltd. closed its Vacuum Gas Oil Market hydrotreating unit at its refinery at Vadodara for fifty days to raise its capacity to 2.2 million mt/year, up 4.8 percent from the current capacity. The company planned to hike the capacity of its continuous catalytic reformer at the same time to 780,000 mt/year, up 30 percent from the current capacity.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Vacuum Gas Oil Market for the base year and forecast period?
This market titled “Vacuum Gas Oil Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| 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 |
Customization of the Report:
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- Top Companies in Vacuum Gas Oil Market | Exclusive Research Report Offering Size & Share, Growth Factors, Opportunities, New Product Launches, Price Analysis.
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