Press release
How Vacuum Gas Oil Market Will Dominate In Coming Years? Key Players: LUKOIL, TAIF-NK, KazMunayGas, Axeon Specialty Products, Neste, Vertex Refining, Honeywell UOP, Gazprom Neft, Kuwait Petroleum Corporation, Zhejiang Petrochemical Corporation, and U.S. O
For more information in the analysis of this report, visit https://www.fortunebusinessinsights.com/industry-reports/vacuum-gas-oil-market-101371
Fortune Business Insights, in its report, titled “Vacuum Gas Oil Market Size, Share and Global Trend By Product (Light Vacuum Gas Oil (LVGO), Heavy Vacuum Gas Oil (HVGO)), By Sulfur Content (Low Sulfur Vacuum Gas Oil, High Sulfur Vacuum Gas Oil), By Application (Gasoline Production, Diesel Oil Production) and Geography Forecast till 2026”, shares critical analysis of the market through a comprehensive evaluation of the different factors, drivers, and dynamics that are likely to shape the market during the forecast period. The research contained in the report is meant to enable businesses to plan their strategies in ways that will entrench their position in the market and give them a competitive edge.
Prominent Players:
• Honeywell UOP
• Kuwait Petroleum Corporation
• U.S. Oil & Refining Co.
• Axeon Specialty Products
• Zhejiang Petrochemical Corporation
• LUKOIL
• Gazprom Neft
• Neste
• KazMunayGas
• Vertex Refining
Request a Sample Copy of the Global Vacuum Gas Oil Market Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/vacuum-gas-oil-market-101371
Key Market Driver – Increasing demand for bunkering fuel
Key Market Restraint – Stringent norms by various organizations
Vacuum gas oil (VGO) is a crucial intermediate feedstock to enhance the output of diesel and gasoline from refineries. It is one of the two outputs of the vacuum distillation tower and is primarily used in hydrocracking facilities.
Expanding Marine Industry to Pave Way for Lucrative Sales Opportunities
According to the Global Marine Trends 2030 report jointly published by Lloyd’s Register, QinetiQ, and University of Strathclyde, maritime trade, whose volume is presently at 9 billion tons per annum, will touch around 21 billion by 2030. China will register an explosive rise in its commercial naval fleet, while India and Brazil will experience an exponential increase in seaborne trade in the next couple of decades. Since VGO is required as bunker fuel for seafaring vessels, its market will reach new heights as maritime activities are set to gather momentum during the forecast period. This is also expected to be one of the domination vacuum gas oil market trends.
North America to Project Positive Growth Outlook; Asia-Pacific to Soar
Among regions, North America is anticipated to lead the vacuum gas oil market share in the coming decade. This will be a result of increasing shale oil production in the US and Canada, rising demand for diesel and gasoline, huge investments into R&D, and a stable demand for passenger and commercial vehicles. The market in Asia-Pacific will be mainly driven by the escalating speedy growth in maritime trade activities of India and China which will ramp up the demand for VGO as an important bunkering fuel. In the Middle East and Africa, rising fossil fuel exploration and production will primarily propel the market in the region.
Focus on Increasing Operational Capacity to Intensify Competition
Key players are increasingly focusing on increasing their operational capacity and expand their sales horizons in a bid to strengthen their position in the market. Many companies are entering into strategic partnerships with their international competitors to gain more ground in other regional markets.
Key Industry Developments:
• January 2020: Honeywell Technology and Controls was selected by Zhejiang Petrochemical to setup the second phase of the integrated petrochemical and refining facility in Zhejiang Province in China. The facility will include three of Honeywell’s hydrocracking units to process vacuum gas oil.
• July 2020: Gazprom Neft installed an automated fuel loading terminal to increase efficiency in the transport of light oil products such as VGO. This will enable to company to deliver to nearby areas quickly and enhance its capacity as well.
Key Segmental Overview:
1. By Product
• Light Vacuum Gas Oil (LVGO)
• Heavy Vacuum Gas Oil (HVGO)
2. By Sulfur Content
• Low Sulfur Vacuum Gas Oil
• High Sulfur Vacuum Gas Oil
3. By Application
• Gasoline Production
• Diesel Oil Production
4. By Geography
• North America (The USA and Canada)
• Europe (UK, Germany, France, Spain, and Rest of Europe)
• Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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Major Table of Content For Vacuum Gas Oil Market:
1. Introduction
2. Executive Summary
3. Market Dynamics
4. Key Insights
5. Global Vacuum Gas Oil Market Analysis, Insights and Forecast, 2014-2025
6. North America Vacuum Gas Oil Market Analysis, Insights and Forecast, 2014-2025
7. Europe Vacuum Gas Oil Market Analysis, Insights and Forecast, 2014-2025
8. Asia Pacific Vacuum Gas Oil Market Analysis, Insights and Forecast, 2014-2025
9. Middle East and Africa Vacuum Gas Oil Market Analysis, Insights and Forecast, 2014-2025
10. Latin America Vacuum Gas Oil Market Analysis, Insights and Forecast, 2014-2025
11. Competitive Landscape
12. Company Profile
13. Conclusion
Have Any Query? Ask Our Experts https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/vacuum-gas-oil-market-101371
Key Industry Developments
• In July 2020, Gazprom Neft deployed a new automated fuel loading terminal for efficient light oil products transport. The expansion aims at increasing the company’s reach to nearby areas and thereby develop a station with enhanced capacity of about 6,500 tons per day.
• In May 2018, Zhejiang Petrochemical announced to complete the construction of two new diesel hydrocracking facilities in China. The units have a combined capacity of 3.5 million tons/year and targets to improve its annual production capacity to cater to petroleum products demand.
• In May 2016, Lukoil commissioned a novel hydrocracking facility for vacuum gas oil named as Oil Deep Conversion Complex in Russia. The division is set to operate as the country’s biggest VGO deep conversion unit with a capacity of about 3.5 million tons/year.
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Fortune Business Insights™ Pvt. Ltd.
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Pune - 411045, Maharashtra, India.
Phone:
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APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
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