Press release
Vacuum Gas Oil Global Market Poised for Significant Growth, Projected to Reach $554.61 Billion at a CAGR of 5.8% By 2028 | Shell PLC, Neste Oyj, Vertex Energy Inc., PJSC Gazprom, Cenovus Energy Inc.
Vacuum Gas Oil Market
As per the report, the vacuum gas oil market size has grown strongly in recent years. It will grow from $416.85 billion in 2023 to $442.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The vacuum gas oil market size is expected to see strong growth in the next few years. It will grow to $554.61 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
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Fossil Fuel Demand Boosting Vacuum Gas Oil Market Growth
The increase in demand for fossil fuels is expected to propel the growth of the vacuum gas oil market going forward. Fossil fuels refer to hydrocarbon-containing materials that are formed naturally in the earth's crust from the remains of dead plants and animals such as coal, petroleum, natural gas, oil shale, bitumen, tar sands, and heavy oils. Co-processing bio-oil and vacuum gas oil adds renewable carbon to fossil fuels and lower the production cost of biofuels. For instance, in June 2022, according to Eurostat, a Luxembourg-based statistical office of the European Union, in 2021, solid fossil fuels increased by 13.7% compared to 2020, when the recorded lowest value was around 426.66 million tons. Therefore, the increase in demand for fossil fuels is driving the growth of the vacuum gas oil market.
Technological Innovations Revolutionizing Vacuum Gas Oil Refining
Technological advancements are a key trend gaining popularity in the vacuum gas oil market. Companies operating in the vacuum gas oil market are adopting new technologies to sustain their position in the market. For instance, in March 2022, Honeywell, a US-based technology provider for petroleum manufacturers, reported that SPEC Energy DMCC will use its various technologies at its refinery to convert less valuable vacuum gas oil and vacuum filtrate into valuable products such as petrol and alkylate. One of the technologies is UOP Residue Fluidized Catalytic Cracking Technology, which is used to improve gasoline yield. The market changes affect refinery configurations. Mild hydrocracking technology allows refiners to convert 20-60% of the VGO feeds, produce high quality cat cracker feedstocks along with a certain quantity of middle distillates.
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
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Major companies operating in the vacuum gas oil market report are 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)
Contents of the report:
1. Executive Summary
2. Vacuum Gas Oil Market Report Structure
3. Vacuum Gas Oil Market Trends And Strategies
4. Vacuum Gas Oil Market - Macro Economic Scenario
5. Vacuum Gas Oil Market Size And Growth
…..
27. Vacuum Gas Oil Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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