New Jersey, NJ, July 15, 2019 (GLOBE NEWSWIRE) -- Fior Markets launched a study titled, "Vacuum Gas Oil Market by Product (Heavy Vacuum Gas Oil, Light Vacuum Gas Oil), Sulfur Content, Application, Regions, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026". As per the report, the global vacuum gas oil market is expected to grow from USD 346.82 Billion in 2018 to USD 527.21 Billion by 2026, at a CAGR of 5.37% during the forecast period 2019-2026. Increasing demand for the vacuum gas oil from India and China, as well as rising use of VGO to supply bunker fuels, is driving the global vacuum oil gas market.
Vacuum Gas Oil or VGO belongs to the petroleum hydrocarbon heavy distillate family. Vacuum Gas Oil is also known as cat feed. VGO is one of the two outputs of the vacuum distillation tower. VGO is the lighter material of the two. The principal use of vacuum gas oil is in the form of feed in cracking units such as the fluid catalytic cracker or the hydrocracker. These cracking units upgrade vacuum gas oil into products having greater value, i.e. gasoline and diesel. If not upgraded, vacuum gas oil is blended into residual fuel oil. Nevertheless, this is quite rare as the value of vacuum gas oil is much greater as a feed for the purpose of upgrading. Increasing demand for the oil from India and China is driving the global vacuum oil gas market.
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Global Vacuum Gas Oil Market Key Findings:
- The factors such as strong recovery in diesel as well as rising use of VGO to supply bunker fuels are driving the global vacuum gas oil market. The incompatibility of vacuum gas oil with other fuels is anticipated to be the restrain for the market growth over the forecast period.
- However, increasing investment on research and development activities as well as the increasing demand from the Asia Pacific region is expected to create new opportunities for the market growth in the upcoming years.
- The product segment is divided into heavy vacuum gas oil and light vacuum gas oil. Light vacuum gas oil is being increasingly utilized for cracking in order to obtain gasoline and diesel. As a result, the light vacuum gas oil segment is anticipated to grow at an accelerated CAGR of 7.59% over the forecast period. The heavy vacuum gas oil is a complex and viscous hydrocarbon stream that is produced as the bottom side product from the vacuum distillation units. Heavy vacuum gas oil is conventionally treated with thermochemical process, which is costly and environmentally polluting.
- The sulfur content segment contains low sulfur VGO and high sulfur VGO. The low sulfur VGO segment led the global vacuum gas oil market with USD 224.91 billion revenue in 2018. Due to its low sulfur content, the low sulfur VGO makes an attractive blending feedstock for manufacturers targeting to get on-specification bunker fuel as per the norms of IMO. Low sulfur VGO consist of sulfur around 0.5-0.6% due to this it is been extensively by manufacturers dealing in the blending feedstock business.
- The application segment is fragmented into gasoline production and diesel oil/kerosene production. The gasoline production segment is projected to grow at the highest CAGR of 7.42% over the forecast period, as low sulfur VGO makes an excellent feedstock for obtaining the gasoline and other high-octane components. The vacuum gas oil helps to improve the output of valuable diesel and gasoline in the refineries and hence this has increased the gasoline production segment growth. Furthermore, the gasoline production segment is anticipated to growth with the highest market share of 54.51% during the forecast period.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region emerged as the largest market for the vacuum gas oil with a 39.78% share of market revenue in 2018.
- Due to its huge automobile volume, the North America region is generating a burgeoning demand for the high octane gasoline. Also, presence of the well-developed refining and cracking facilities led the North America region to lead the global vacuum gas oil market with USD 137.96 billion revenue in 2018.
- The Asia Pacific region is expected to grow at an accelerated CAGR of 7.98% over the forecast period. This increased growth rate can be attributed to the rapid industrialization and growing per capita energy demand in the region.
- For instance in 2017, Zhejiang Petrochemical Corporation, a Chinese firm, announced their decision to embrace process technologies for a new integrated refining and petrochemical complex. The refining portion of this complex will be one of the world’s largest refineries, with a total capacity of 40MMTPA. The deep conversion units will comprise of residue hydro treating, residue fluid catalytic cracking unit and vacuum gas oil hydrocracker.
- For instance in the year 2016, Lukoil, Russia's No. 2 oil producer, opened the country's largest vacuum gasoil (VGO) hydrocracking facility at its Volgograd refinery. It will help Lukoil improve the overall fuel quality and increase output of ultra-low sulphur diesel.
- Major players in the global vacuum gas oil market are Axeon, Kuwait Petroleum Corporation, Shell, Zhejiang Petrochemical Corporation, U.S. Oil and Refining, KazMunaiGaz, TAIF-NK, NESTE, Vertex, Soils Oil, Lukoil and among others.
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All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
This study forecasts revenue growth and volume at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global Vacuum Gas Oil market on the basis of below mentioned segments:
Global Vacuum Gas Oil Market by Product:
- Heavy Vacuum Gas Oil
- Light vacuum Gas Oil
Global Vacuum Gas Oil Market by Sulfur Content:
- Low Sulfur VGO
- High Sulfur VGO
Global Vacuum Gas Oil Market by Application:
- Gasoline Production
- Diesel Oil/Kerosene Production
Global Vacuum Gas Oil Market by Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- Japan
- China
- India
- South America
- Brazil
- Middle East and Africa
- UAE
- South Africa
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