Press release
Vacuum Gas Oil Market Size Forecasted To Achieve $587.24 Billion By 2029 With Steady Growth
Vacuum Gas Oil
What Is the Vacuum Gas Oil Market Size and Projected Growth Rate?
The Vacuum Gas Oil Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Vacuum Gas Oil Market Size and Projected Growth Rate?
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What Are the Major Segments in the Vacuum Gas Oil Market?
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: Hydrocra*cking Feedstock, Fuel Oil Blending, Other Applications
2) By Light Vacuum Gas Oil: Diesel Production, Naphtha Production, Other Applications
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What Are The Driving Vacuum Gas Oil Market Evolution?
The surge in fossil fuel demand is predicted to stimulate the expansion of the vacuum gas oil market in the future. Fossil fuels are naturally occurring materials in the earth's crust containing hydrocarbons and are derived from the remains of deceased plants and animals; these include coal, petroleum, natural gas, oil shale, bitumen, tar sands, and heavy oils. The act of co-processing bio-oil and vacuum gas oil introduces renewable carbon to fossil fuels while reducing the production expenses for biofuels. As an illustration, the government department of Australia, the Department of Climate Change, Energy, the Environment, and Water, reported in August 2024 that energy consumption increased by 2.0% in 2022-23, going up to 5,882 petajoules, a 117 petajoules increase. Consequently, the rising demand for fossil fuels is fueling the growth of the vacuum gas oil market.
Which Firms Dominate The Vacuum Gas Oil Market Segments?
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)
What Trends Are Expected to Dominate the Vacuum Gas Oil Market in the Next 5 Years?
Advancements in technology are becoming a major trend in the vacuum gas oil market, with companies leveraging new technologies to maintain their market position. For example, Honeywell, a US company supplying technology to petrol manufacturers, announced in March 2022 that SPEC Energy DMCC will employ a variety of their technologies at its refinery. The goal is to convert less desirable vacuum gas oil and vacuum filtrate into high-value products like gasoline and alkylate. Among these technologies is the UOP Residue Fluidized Catalytic Cra*cking Technology, aimed at boosting gasoline yield. This fluctuation in the market affects refinery configurations. Mild hydrocra*cking technology enables refiners to convert between 20-60% of VGO feeds and produce high-quality cat cra*cker feedstocks, additionally generating a certain amount of middle distillates.
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Which Is The Largest Region 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Vacuum Gas Oil Market?
2. What is the CAGR expected in the Vacuum Gas Oil Market?
3. What Are the Key Innovations Transforming the Vacuum Gas Oil Industry?
4. Which Region Is Leading the Vacuum Gas Oil Market?
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