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The rising demand for fossil fuels across various industries is expected to have a positive effect on the industry outlook, along with increasing efforts to generate a bulk supply of oil and gas. Vacuum gas oil (VGO) is primarily used as an intermediate feedstock to increase gasoline and diesel output from refineries. Using various processes such as hydrogenation and cracking, VGO is created via a vacuum distillation column. As it is used as a feedstock to manufacture gas oil, diesel, and other by-products, vacuum gas oil is often referred to as cat feed. Moreover, the fast-growing gasoline sector, as well as the automotive industry, is also a core driver of the development of the vacuum gas oil business across the globe.
Meanwhile, the Middle East and Africa is estimated to witness a considerable growth rate in the global vacuum gas oil industry due to the growing oil industry in the region. Further, the increased penetration of the leading companies in the region is also aiding the industry growth.
The growing focus of the leading players on expanding their presence across the key developing markets is expected to significantly boost the industry growth over the forecast period. Exxon Mobil Corporation (NYSE: XOM), stylized as ExxonMobil, is an American multinational oil and gas corporation headquartered in Irving, Texas. In September 2019, the company announced that it had made an oil discovery at the Tripletail-1 well in the Turbot area on the Stabroek Block offshore Guyana. The discovery adds more than 6 billion oil-equivalent barrels in the Stabroek Block to the previously announced estimated recoverable resource, further supporting the development of the Turbot area. Such developments are expected to have a positive influence on the market growth over the forecast period.
Market Breakup by Type, Sulphur Content, Application, and Region:
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The major players in the global vacuum gas oil market are PJSC Lukoil, Kuwait Petroleum Corporation, Honeywell International Inc, Vertex Energy Inc, and Husky Energy Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, technological advancements, and capacity expansions of the major players.
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