Overview and Scope
Vacuum gas oil is referred to as a semi-liquid form of oil gas produced by a vacuum refinement unit in a distillery. It is a key feedstock for fluid catalytic crackers used to make transportation fuels and many by-products. Vacuum gas oil is processed through different processes, like hydrogenation and cracking.
Sizing and Forecast
The vacuum gas oil market size has grown strongly in recent years. It will grow from $416.85 billion in 2023 to $442.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to refinery expansion, petroleum industry growth, shift in crude oil grades, environmental regulations, global energy demand..
The vacuum gas oil market size is expected to see strong growth in the next few years. It will grow to $554.61 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to trade dynamics, market demand for refined products, global economic growth, environmental regulations, energy transition initiatives.. Major trends in the forecast period include refining margins optimization, demand for cleaner fuels, upgrading technologies, shift in crude oil blending, residue conversion..
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Segmentation & Regional Insights
The vacuum gas oil market covered in this report is segmented –
1) By Type: Heavy Vacuum Gas Oil, Light Vacuum Gas Oil
2) By Sulphur Content: Low Sulfur Vacuum Gas Oil, High Sulfur Vacuum Gas Oil
3) By Application: Gasoline Production, Diesel Oil Or Kerosene Production, Other Applications
North America was the largest region in the vacuum gas oil market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global vacuum gas oil market during the forecast period. The regions covered in the vacuum gas oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in demand for fossil fuels is expected to propel the growth of the vacuum gas oil market going forward. Fossil fuels refer to hydrocarbon-containing materials that are formed naturally in the earth’s crust from the remains of dead plants and animals such as coal, petroleum, natural gas, oil shale, bitumen, tar sands, and heavy oils. Co-processing bio-oil and vacuum gas oil adds renewable carbon to fossil fuels and lower the production cost of biofuels. For instance, in June 2022, according to Eurostat, a Luxembourg-based statistical office of the European Union, in 2021, solid fossil fuels increased by 13.7% compared to 2020, when the recorded lowest value was around 426.66 million tons. Therefore, the increase in demand for fossil fuels is driving the growth of the vacuum gas oil market.
Key Industry Players
Major companies operating in the vacuum gas oil market report are TAIF Management Company JSC, Kuwait Petroleum Corporation, Exxon Mobil Corporation, KazMunayGas, Par Pacific Holdings Inc., Shell Plc, Neste Oyj, Vertex Energy Inc., The PJSC Lukoil Oil Company, Honeywell International Inc., Zhejiang Petroleum and Chemical Co. Ltd., PJSC Gazprom, Cenovus Energy Inc., Marathon Oil Company, IRPC Public Company Limited, Chevron Corporation, China National Petroleum Corporation, Eni SpA, Indian Oil Corp. Ltd., Axeon Specialty Products, U.S. Oil & Refining Co., Tatneft, PJSC Rosneft Oil Company, PTT Public Company Limited, S-Oil Corporation, SK Innovation Co. Ltd., Thai Oil Public Company Limited, Valero Energy Corporation, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Reliance Industries Limited, Abu Dhabi National Oil Company, Bahrain Petroleum Company (Bapco)
The vacuum gas oil market report table of contents includes:
1. Executive Summary
2. Vacuum Gas Oil Market Characteristics
3. Vacuum Gas Oil Market Trends And Strategies
4. Vacuum Gas Oil Market – Macro Economic Scenario
5. Global Vacuum Gas Oil Market Size and Growth
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31. Global Vacuum Gas Oil Market Competitive Benchmarking
32. Global Vacuum Gas Oil Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Vacuum Gas Oil Market
34. Vacuum Gas Oil Market Future Outlook and Potential Analysis
35. Appendix
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