Press release
Vacuum Gas Oil Market Poised for 6 % Growth, Set to Hit $587.24 Billion by 2029
Vacuum Gas Oil Global Market Report 2025
The anticipated surge in the need for fossil fuels will likely stimulate expansion in the vacuum gas oil market. Fossil fuels, being naturally formed in the earth's crust from deceased plants and animals, consist of hydrocarbon-containing substances like coal, petroleum, natural gas, oil shale, bitumen, tar sands, and heavy oils. By co-processing bio-oil with vacuum gas oil, renewable carbon is introduced to fossil fuels, thus reducing the expense in biofuel production. As an illustration, the Australia-based governmental Department of Climate Change, Energy, the Environment, and Water reported in August 2024, that there was a 2.0% rise in energy consumption in 2022-23, hitting 5,882 petajoules which is an ascension of 117 petajoules. As a result, the growing demand for fossil fuels is boosting the vacuum gas oil market's development.
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What growth opportunities are expected to drive the vacuum gas oil market's CAGR through 2034?
The market size for vacuum gas oil has experienced substantial growth in the past few years. The projections indicate an increase from $439.43 billion in 2024 to $465.57 billion in 2025, showcasing a compound annual growth rate (CAGR) of 5.9%. The expansion of this market in the historic period is due to factors such as the expansion of refineries, growth of the petroleum industry, shift in crude oil grades, environmental regulations, and the global energy demand.
In the coming years, the vacuum gas oil market is predicted to witness significant growth, expanding to a size of "$587.24 billion by 2029 with a compound annual growth rate (CAGR) of 6.0%. The augmentation during the predicted period can be ascribed to variables like trading dynamics, demand for refined products, global economic growth, environmental norms, as well as initiatives related to energy transition. Key trends predicted to emerge during this forecast period include the optimization of refining margins, a rising demand for cleaner fuels, technological advancements, alterations in crude oil blending, and residue conversion.
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What are the emerging trends shaping the future of the vacuum gas oil market?
Emerging technologies are becoming a significant trend in the vacuum gas oil market. Firms in this market are introducing innovative technologies to consolidate their market dominance. For example, in March 2022, Honeywell, an American technology supplier for petroleum companies, announced that SPEC Energy DMCC will utilize its several technologies in its refinery to transform less valued vacuum gas oil and vacuum filtrate into high-end products like gasoline and alkylate. One such technology is UOP Residue Fluidized Catalytic Cracking Technology, effective in enhancing gasoline yield. These market developments shape refinery setups. Mild hydrocracking technology lets refiners convert 20-60% of the VGO feeds and generate top-tier cat cracker feedstocks and a specific amount of middle distillates.
Which growth-oriented segments of the vacuum gas oil market are leading the industry's development?
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
Subsegments:
1) By Heavy Vacuum Gas Oil: Hydrocracking Feedstock, Fuel Oil Blending, Other Applications
2) By Light Vacuum Gas Oil: Diesel Production, Naphtha Production, Other Applications
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What regions are leading the charge in the vacuum gas oil market?
North America was the largest region in the vacuum gas oil market in 2024. 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
What companies are at the forefront of innovation in the vacuum gas oil market?
Major companies operating in the vacuum gas oil market include 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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What Is Covered In The Vacuum Gas Oil Global Market Report?
• Market Size Forecast: Examine the vacuum gas oil market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the vacuum gas oil market for a structured understanding.
• Key Players Overview: Analyze major players in the vacuum gas oil market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the vacuum gas oil market.
• Segment Contributions: Evaluate how different segments drive overall growth in the vacuum gas oil market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the vacuum gas oil market.
• Industry Challenges: Identify potential risks and obstacles affecting the vacuum gas oil market.
• Competitive Landscape: Review strategic developments in the vacuum gas oil market, including expansions, agreements, and new product launches.
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