Press release
Vacuum Gas Oil Market: Global Insights and Growth Forecasts for 2024
Vacuum Gas Oil Market
According to The Business Research Company's, 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 growth in the historic period can be attributed to refinery expansion, petroleum industry growth, shift in crude oil grades, environmental regulations, global energy demand..
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%. The growth in the forecast period can be attributed to trade dynamics, market demand for refined products, global economic growth, environmental regulations, energy transition initiatives.. Major trends in the forecast period include refining margins optimization, demand for cleaner fuels, upgrading technologies, shift in crude oil blending, residue conversion..
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Market Drivers and Trends:
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 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.
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Major Key Players of the Market:
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)
Vacuum Gas Oil Market 2024 Key Insights:
• The vacuum gas oil market will grow to $554.61 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Fossil Fuel Demand Boosting Vacuum Gas Oil Market Growth
• Technological Innovations Revolutionizing Vacuum Gas Oil Refining
• North America was the largest region in the vacuum gas oil market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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