Global Vacuum Gas Oil Market Size 2024, Forecast To 2033
6 Mar, 2024
The vacuum gas oil market has experienced robust growth, increasing from $416.85 billion in 2023 to $442.86 billion in 2024, showcasing a compound annual growth rate (CAGR) of 6.2% during the historic period. This growth is attributed to refinery expansion, overall growth in the petroleum industry, a shift in crude oil grades, environmental regulations, and the escalating global demand for energy. Looking ahead to 2028, the market is poised for continued strong growth, projecting an estimated size of $554.61 billion with a CAGR of 5.8%. The expected growth is linked to trade dynamics, the market's demand for refined products, global economic growth, adherence to environmental regulations, and initiatives toward energy transition. Notable trends in the forecast period encompass optimizing refining margins, the increasing demand for cleaner fuels, advancements in upgrading technologies, a shift in crude oil blending, and innovations in residue conversion.
Global Vacuum Gas Oil Market Key Driver
The growth of the vacuum gas oil market is expected to be fueled by the increase in demand for fossil fuels. Fossil fuels, hydrocarbon-containing materials formed naturally from the remains of dead plants and animals, include coal, petroleum, natural gas, oil shale, bitumen, tar sands, and heavy oils. Co-processing bio-oil and vacuum gas oil not only enhances fossil fuels with renewable carbon but also reduces the production cost of biofuels. As of June 2022, Eurostat reported a 13.7% increase in solid fossil fuels demand in 2021 compared to the previous year, reaching around 426.66 million tons. This surge in demand for fossil fuels plays a pivotal role in driving the growth of the vacuum gas oil market.
Get A Free Sample Of The Global Vacuum Gas Oil Market ReportGlobal Vacuum Gas Oil Market Segments
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
By Geography:The regions covered in the vacuum gas oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
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
Major Vacuum Gas Oil Industry Players
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)
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Vacuum Gas Oil Market Overview
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.
Vacuum Gas Oil Global Market Report 2023 provides data on the global vacuum gas oil market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The vacuum gas oil market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.