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Global Vacuum Gas Oil Market to Grow at a CAGR of 5.8% During 2021-2026, Aided by the Growing Need of Fossil Fuels Across Different Sectors

Vacuum Gas Oil Market

Global Vacuum Gas Oil Market: By Type: Heavy, Light; By Sulphur Content: Lower Sulphur Content, High Sulphur Content, Others; By Application: Gasoline Production, Diesel Oil/Kerosene Production; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Vacuum Gas Oil Market Outlook

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.

 

Vacuum Gas Oil Market

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Increasing Demand for Lower Sulphur Vacuum Gas Oil to Bolster the Industry Growth

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 to Dominate the Vacuum Gas Oil Industry

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: Market Segmentation

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.

 

Vacuum Gas Oil Market By Sulphur Content

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On the basis of type, the industry is divided into:

  • Heavy Vacuum Gas Oil
  • Light Vacuum Gas Oil

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:

  • Lower Sulphur Content
  • High Sulphur Content
  • Others

It has applications in:

  • Gasoline Production
  • Diesel Oil/Kerosene Production 
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Vacuum Gas Oil Market By Region

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Increasing Demand for Gasoline and Diesel to Augment the Vacuum Gas Oil Industry Growth

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.

 

Key Industry Players in the Global Vacuum Gas Oil Market

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:

  • PJSC Lukoil
  • Kuwait Petroleum Corporation
  • Honeywell International Inc
  • Vertex Energy Inc
  • Husky Energy Inc.
  • Others

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.

 

Key Highlights of the Report

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

Key Questions Answered in the Report

What is the growth rate of the market?

The market is projected to grow at a CAGR of 5.8% between 2023 and 2028.

What are the major industry drivers?

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.

What are the key industry trends of the global vacuum gas oil market?

The key market trends guiding the growth of the industry include the rise in technological advancements and industrialisation.

What are the major regional markets of vacuum gas oil, according to the EMR report?

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

What are the significant types of vacuum gas oil in the industry?

The significant vacuum gas oil types include  heavy and light vacuum gas oil.

What are the major sulphur contents of vacuum gas oil?

By sulphur content, the market is bifurcated into low and high sulphur content, among others.

What are the major applications of vacuum gas oil?

The major applications of the product include gasoline production and diesel oil/kerosene production, among others.

Who are the key industry players, according to the report?

The major players in the industry are PJSC Lukoil, Kuwait Petroleum Corporation, Honeywell International Inc, Vertex Energy Inc, and Husky Energy Inc., among others.

Analyst Review

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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