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The global vacuum gas oil (VGO) market is expected to grow at a CAGR of 5.8% in the forecast period of 2023-2028. The global vacuum gas oil market is being driven by the rising demand for gasoline, which is primarily consumed as a fuel for transportation. Among various applications of vacuum oil, the gasoline production segment dominates the industry globally.
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The lower sulphur VGO dominated the global vacuum gas oil industry in 2020 owing to its low sulphur content, making it an attractive blending feedstock for manufacturers aiming to fulfill the regulations set by government organisations. Low sulphur VGO contains around 0.5-0.6% sulphur, and, thus, is being extensively adopted by manufacturers. Meanwhile, the light vacuum gas oil segment is expected to grow at the highest CAGR over the forecast period owing to its increased utilisation for cracking to obtain gasoline and diesel.
North America is the leading regional market in the industry driven by the growing automobile sales, coupled with the presence of well-developed refining and cracking facilities in the region. The Asia Pacific is expected to witness the highest CAGR over the forecast period owing to the growing per capita energy demand and increased oil consumption in in the region, particularly in emerging nations like China and India. The growing urbanisation trend and rapid industrialisation in these nations is driving the demand for oil, which in turn, is aiding the global vacuum gas oil industry.
Vacuum gas oil or VGO refers to heavy oil left over from petroleum distillation, which can be further refined in a catalytic cracking unit, upgrading vacuum gas oil into the products with greater value, that is, gasoline and diesel. If not upgraded, it is blended into residual fuel oil. It is an important intermediate feedstock which has the capacity to increase the output of valuable diesel and gasoline from refineries.
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On the basis of type, the industry is divided into:
Heavy vacuum gas oil (HVGO) and light vacuum gas oil (LVGO) can be processed by some advanced FCC processes. However, to transform LVGO and HVGO into light and middle distillates (e.g., kerosene and diesel fuel), hydrocracking is more frequently used, which is carried out using hydrogen and particular catalysts.
On the basis of sulphur content, the industry is segmented into:
It has applications in:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The global vacuum gas oil industry is being driven by the growing demand for gasoline and diesel across the globe. Gasoline is used to fuel internal combustion engines for motorbikes, trucks, boats, and other transport vehicles while highly refined gasoline may find application as aviation fuel. The growth of the automobile industry will lead to increase in demand for gasoline and diesel, thus, further aiding the vacuum gas oil industry. With the rising consumer disposable income, both in developed and developing nations, the demand for luxury vehicles is further increasing, which in turn, is contributing to the industry growth.
With the growing expenditure in research and development activities and rapid advancement in technology, manufacturing process at vacuum gas oil units is becoming simper, which is substantially aiding the industry growth. The growing product demand from the Asia Pacific region is expected to create new opportunities for the industry growth over the forecast period. For instance, Zhejiang Petrochemical Corporation, a Chinese firm, announced its plan to adopt process technologies for a new integrated refining and petrochemical complex in February 2017. This complex is expected to have one of the world’s largest refineries, with a total capacity of 40MMTPA.
The report gives a detailed analysis of the following key players in the global vacuum gas oil market, covering their competitive landscape, capacity, and latest developments like mergers and acquisitions, investments, capacity expansion, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2022 |
Historical Period | 2018-2022 |
Forecast Period | 2023-2028 |
Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Sulphur Content, Application, Region |
Breakup by Type | Heavy, Light |
Breakup by Sulphur Content | Lower Sulphur Content, High Sulphur Content, Others |
Breakup by Application | Gasoline Production, Diesel Oil/Kerosene Production, Others |
Breakup by Region | North America, Latin America, Europe, Middle East and Africa, Asia Pacific |
Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
Price Analysis | Historical and Forecast Price Trends-Regional |
Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
Companies Covered | PJSC Lukoil, Kuwait Petroleum Corporation, Honeywell International Inc, Vertex Energy Inc, Husky Energy Inc., Others |
Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Market Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Vacuum Gas Oil Market Analysis
8.1 Key Industry Highlights
8.2 Global Vacuum Gas Oil Historical Market (2018-2022)
8.3 Global Vacuum Gas Oil Market Forecast (2023-2028)
8.4 Global Vacuum Gas Oil Market by Type
8.4.1 Heavy
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Light
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.5 Global Vacuum Gas Oil Market by Sulphur Content
8.5.1 Lower Sulphur Content
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 High Sulphur Content
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Others
8.6 Global Vacuum Gas Oil Market by Application
8.6.1 Gasoline Production
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Diesel Oil/Kerosene Production
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Others
8.7 Global Vacuum Gas Oil Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
9 North America Vacuum Gas Oil Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Vacuum Gas Oil Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Vacuum Gas Oil Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Vacuum Gas Oil Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Vacuum Gas Oil Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Pice Analysis
15.1 North America Historical Price Trends (2018-2022) and Forecast (2023-2028)
15.2 Europe Historical Price Trends (2018-2022) and Forecast (2023-2028)
15.3 Asia Pacific Historical Price Trends (2018-2022) and Forecast (2023-2028)
15.4 Latin America Historical Price Trends (2018-2022) and Forecast (2023-2028)
15.5 Middle East & Africa Historical Price Trends (2018-2022) and Forecast (2023-2028)
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 PJSC Lukoil
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Kuwait Petroleum Corporation
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Honeywell International Inc
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Vertex Energy Inc
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Husky Energy Inc.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Vacuum Gas Oil Market: Key Industry Highlights, 2018 and 2028
2. Global Vacuum Gas Oil Historical Market: Breakup by Type (USD Billion), 2018-2022
3. Global Vacuum Gas Oil Market Forecast: Breakup by Type (USD Billion), 2023-2028
4. Global Vacuum Gas Oil Historical Market: Breakup by Sulphur Content (USD Billion), 2018-2022
5. Global Vacuum Gas Oil Market Forecast: Breakup by Sulphur Content (USD Billion), 2023-2028
6. Global Vacuum Gas Oil Historical Market: Breakup by Application (USD Billion), 2018-2022
7. Global Vacuum Gas Oil Market Forecast: Breakup by Application (USD Billion), 2023-2028
8. Global Vacuum Gas Oil Historical Production: Breakup by Region (USD Billion), 2018-2022
9. Global Vacuum Gas Oil Production Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Vacuum Gas Oil Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Vacuum Gas Oil Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Vacuum Gas Oil Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Vacuum Gas Oil Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Vacuum Gas Oil Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Vacuum Gas Oil Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Vacuum Gas Oil Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Vacuum Gas Oil Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Vacuum Gas Oil Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Vacuum Gas Oil Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. North America Historical Price Trends and Forecast 2018-2028
21. Europe Historical Price Trends and Forecast 2018-2028
22. Asia Pacific Historical Price Trends and Forecast 2018-2028
23. Latin America Historical Price Trends and Forecast 2018-2028
24. Middle East and Africa Historical Price Trends and Forecast 2018-2028
25. Global Vacuum Gas Oil Market Structure
The market is projected to grow at a CAGR of 5.8% between 2023 and 2028.
The major drivers of the industry, such as the growing demand for gasoline and diesel across the globe, growing transportation industry, rapid urbanisation, and rising demand from the developing regions, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the rise in technological advancements and industrialisation.
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant vacuum gas oil types include heavy and light vacuum gas oil.
By sulphur content, the market is bifurcated into low and high sulphur content, among others.
The major applications of the product include gasoline production and diesel oil/kerosene production, among others.
The major players in the industry are PJSC Lukoil, Kuwait Petroleum Corporation, Honeywell International Inc, Vertex Energy Inc, and Husky Energy Inc., among others.
The global vacuum gas oil market is being driven by the growing need of fossil fuels across all sectors. Aided by the growing technological advancements, the market is expected to witness further growth in the forecast period of 2023-2028, growing at a CAGR of 5.8%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of type, the market is bifurcated into heavy and light vacuum gas oil. On the basis of sulphur content, the market is segmented into low and high sulphur content, among others. By application, the market is segmented into gasoline production and diesel oil/kerosene production, among others. The major regional markets for vacuum gas oil are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include PJSC Lukoil, Kuwait Petroleum Corporation, Honeywell International Inc, Vertex Energy Inc, and Husky Energy Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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