New York, US, Aug. 04, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Vacuum Gas Oil Market Information By Product, Sulfur Content, Application, and Region - Forecast till 2032”, During the forecast period (between 2023 and 2032), the vacuum gas oil market can expect to go from USD 1.16 billion in 2023 to USD 1.81 billion by 2032, with a CAGR of 5.70%.
Vacuum Gas Oil Market Synopsis
The heavy distillate family of gaseous hydrocarbons includes vacuum gas oil or VGO. Because it is used as a feedstock to produce gasoil, gasoline, and other byproducts, vacuum gas oil is also known as cat feed. The lighter substance between the vacuum resides and the other outputs from the vacuum distillation tower are VGO. Vacuum gas oil is mostly used in feed-in cracking devices like the fluid catalytic cracker or the hydrocracker. These cracking systems transform vacuum gas oil into more valuable fuels like gas and diesel. Vacuum gas oil merges with residual fuel oil if it is not improved.
Market Competitive Landscape:
The top manufacturers in the market for vacuum gas oil include
- LUKOIL
- TAIF-NK
- KazMunayGas
- Axeon Specialty Products
- Neste
- Vertex Refining
- Honeywell UOP
- Gazprom Neft
- Kuwait Gaseum Corporation
- Zhejiang Petrochemical Corporation
- S. Oil & Refining Co.
- Among others.
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This is uncommon, though, because vacuum gas oil has a far higher value as a feed for upgrading. Hydrocarbons, which make up vacuum gas oil, are heavier than diesel. The incompatibility of vacuum gas oil with other fuels means that a ship importing vacuum gas oil may experience compatibility problems if it imports bunker fuel with other components at a different harbor.
Vacuum Gas Oil Market COVID 19 Analysis
The vacuum gas oil market was significantly impacted by the coronavirus's adverse global consequences in 2020.
The COVID-19 virus epidemic in December 2019 prompted the World Health Organization (WHO) to issue a public health emergency declaration. Globally, the disease has killed a great number of people and spread to more than 100 countries. The worldwide manufacturing, tourist, finance, and export-import sectors have all suffered significant losses.
The world economy is currently experiencing increased downward pressure after previously showing signs of progress. The virus outbreak has increased already existing risks to the already sluggish growth of the global economy. According to numerous international organizations, the current status of the world economy is the most challenging since the financial crisis.
Due to altered consumer consumption and demand patterns brought on by the pandemic, import and export restrictions have had a significant negative impact on vacuum oil since the outbreak.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 1.81 Billion |
| CAGR during 2023-2032 | 5.70% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Sulfur Content, Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Key Market Opportunities | Increased technological advancements in refinery operations |
| Key Market Dynamics | demand for transportation fuels and other petroleum-based goods rising population and industrialization |
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Vacuum Gas Oil Market USP Covered:
Market Drivers:
The primary purpose of using vacuum gas oil in the manufacturing of diesel is to boost market demand for oil. The introduction of fluid catalytic cracking and hydrocracking as well as increased research funding all contribute to the process's improved output. Vacuum gas oil can therefore aid in reviving market demand for diesel.
The future of the industry is anticipated to improve as a result of rising demand for fossil fuels across a variety of industries and increased efforts to produce a significant amount of oil and gas. The market for oil is anticipated to grow as a result of the use of vacuum gas oil in the production of diesel.
The physical locations of refineries have an effect on the VGO market as well. Asia-Pacific and North America are two regions with significant energy consumption, and these regions often have refineries with larger capacities and higher VGO production rates. The proximity to significant consumption centers and logistical benefits may have an impact on VGO's accessibility and competitiveness in different markets. driving the market for vacuum gas oil's revenue.
Market Restraints:
The incompatibility of vacuum gas oil with other fuels is one drawback; a ship importing vacuum gas oil in one harbor may experience compatibility problems if importing bunker fuel with different components in the following harbor. The market may be negatively impacted by this.
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Vacuum Gas Oil Market Segmentation
By Product
Both light vacuum gas oils (LVGO) and heavy vacuum gas oils (HVGO) are included in the global market segmentation, in terms of product. The light vacuum gas oil (LVGO) segment dominated with 65.45% of market sales. On a worldwide scale, the demand for lighter refined goods—such as petrol and naphtha—is typically greater than the demand for heavier items.
By Sulphur Content
With respect to the sulfur content, the vacuum gas oil market is segmented into low-sulfur vacuum gas oil and high-sulfur vacuum gas oil. The low-sulfur vacuum petrol oil category generated the most money.
By Application
Production of diesel oil and petrol are the top applications of vacuum gas oil. Production of diesel oil was the sector that generated the most revenue.
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Vacuum Gas Oil Market Regional Insights
Since 2022, North America has had the largest market share (45.80%). The U.S. market is in the lead while the Canadian market will attain the fastest growth rate over the coming years. Significant R&D spending combined with burgeoning demand for petrol and diesel in the automobile industry is expected to meet the needs of the North American area.
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