Global Vacuum Gas Oil Market to Grow at a CAGR of 5.8% During 2024-2032, Aided by the Growing Need of Fossil Fuels Across Different Sectors

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.

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Market Breakup by Type, Sulphur Content, Application, and Region:

• The market is bifurcated based on type into heavy and light vacuum gas oil.

• By sulphur content, the market is divided into lower and high sulphur content, among others.

• By application, the market is segmented into gasoline and diesel oil/kerosene production, among others.

• Region-wise, the global market for vacuum gas oil can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for vacuum gas oil is being driven by the increasing R&D around the world.

• The growing automation industry has significantly contributed to the market expansion.

• The growing rate of oil consumption all around the world is also responsible for promoting the industry growth.

• The technological advancements all over the world have impacted the market positively.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for vacuum gas oil for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for types, sulphur content, applications, and major regions of vacuum gas oil.

• It assesses the regional price trends for the (2016-2021) and (2024-2032) periods.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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