Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- Fortune Business Insights, in its report, titled “Vacuum Gas Oil Market Size, Share and Global Trend By Product (Light Vacuum Gas Oil (LVGO), Heavy Vacuum Gas Oil (HVGO)), By Sulfur Content (Low Sulfur Vacuum Gas Oil, High Sulfur Vacuum Gas Oil), By Application (Gasoline Production, Diesel Oil Production) and Geography Forecast till 2030”, shares critical analysis of the market through a comprehensive evaluation of the different factors, drivers, and dynamics that are likely to shape the market during the forecast period. The research contained in the report is meant to enable businesses to plan their strategies in ways that will entrench their position in the market and give them a competitive edge.
Vacuum gas oil (VGO) is a crucial intermediate feedstock to enhance the output of diesel and gasoline from refineries. It is one of the two outputs of the vacuum distillation tower and is primarily used in hydrocracking facilities.
Steady demand for fossil fuels is likely to be a key factor driving the global vacuum gas oil market growth during the forecast period. According to the International Energy Agency (IEA), economic development and rapid rise in world population will ensure that the global society remains dependent on fossil fuels to meet their energy demands. The agency states that by 2040, 50% of the world’s energy demands will be met by fossil fuels. For example, currently, coal holds 38% share in the energy production scenario, with India and China being the largest consumers. This trend, the IEA says, will continue well into 2040 when emissions are expected to peak. In this backdrop, the vacuum gas oil market stands to gain as the product plays a central role in catalyzing the production of diesel and gasoline in refineries.
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Drivers and Restraints:
Expanding Marine Industry to Pave Way for Lucrative Sales Opportunities
According to the Global Marine Trends 2030 report jointly published by Lloyd’s Register, QinetiQ, and University of Strathclyde, maritime trade, whose volume is presently at 9 billion tons per annum, will touch around 21 billion by 2030. China will register an explosive rise in its commercial naval fleet, while India and Brazil will experience an exponential increase in seaborne trade in the next couple of decades. Since VGO is required as bunker fuel for seafaring vessels, its market will reach new heights as maritime activities are set to gather momentum during the forecast period. This is also expected to be one of the domination vacuum gas oil market trends.
Impact of COVID-19:
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The report focuses primarily on factors such as:
- Growth drivers, restraints, and current trends that will either drive or hamper the market during the forecast period
- Mapping of the latest advancement in technology that will help market gain traction
- List of significant players operating in the market and their major marketing strategies that will help them gain a competitive edge in the market
- Valuable insights to the market that will help players invest accordingly and attract high revenue to the market in the long run
- Distribution wise segmentation of the market such as type, application, and other segments.
- Regional distribution of the market for better understanding of future opportunities for the market vendors
Regional Insights:
North America to Project Positive Growth Outlook; Asia-Pacific to Soar
Among regions, North America is anticipated to lead the vacuum gas oil market share in the coming decade. This will be a result of increasing shale oil production in the US and Canada, rising demand for diesel and gasoline, huge investments into R&D, and a stable demand for passenger and commercial vehicles. The market in Asia-Pacific will be mainly driven by the escalating speedy growth in maritime trade activities of India and China which will ramp up the demand for VGO as an important bunkering fuel. In the Middle East and Africa, rising fossil fuel exploration and production will primarily propel the market in the region.
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Competitive Landscape:
Focus on Increasing Operational Capacity to Intensify Competition
Key players are increasingly focusing on increasing their operational capacity and expand their sales horizons in a bid to strengthen their position in the market. Many companies are entering into strategic partnerships with their international competitors to gain more ground in other regional markets.
Key Industry Developments:
- January 2019: Honeywell Technology and Controls was selected by Zhejiang Petrochemical to setup the second phase of the integrated petrochemical and refining facility in Zhejiang Province in China. The facility will include three of Honeywell’s hydrocracking units to process vacuum gas oil.
- July 2019: Gazprom Neft installed an automated fuel loading terminal to increase efficiency in the transport of light oil products such as VGO. This will enable to company to deliver to nearby areas quickly
The Report Lists the Main Companies in the Vacuum Gas Oil Market:
- Honeywell UOP
- Kuwait Petroleum Corporation
- U.S. Oil & Refining Co.
- Axeon Specialty Products
- Zhejiang Petrochemical Corporation
- LUKOIL
- Gazprom Neft
- Neste
- KazMunayGas
- Vertex Refining
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Vacuum Gas Oil Market Segmentation:
By Product:
- Light Vacuum Gas Oil (LVGO)
- Heavy Vacuum Gas Oil (HVGO)
By Sulfur Content:
- Low Sulfur Vacuum Gas Oil
- High Sulfur Vacuum Gas Oil
By Application:
- Gasoline Production
- Diesel Oil Production
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