Press release
Vacuum Gas Oil Market on Path to Hit $582.57 Billion by 2029 at 6% CAGR
Vacuum Gas Oil Market
Vacuum Gas Oil Market Outlook: What Size And CAGR Are Anticipated By 2025?
The market size of vacuum gas oil has been experiencing robust growth over recent years. It is projected to increase from $439.43 billion in 2024 to $461.73 billion in 2025, yielding a compound annual growth rate (CAGR) of 5.1%. This historical growth spurt has been driven by factors such as refinery enlargement, progression in the petroleum industry, shifts in crude oil grades, legislative environmental controls, and global energy demand.
What Is the Expected CAGR for the Vacuum Gas Oil Market Growth Through 2029?
The market for vacuum gas oil is predicted to witness substantial expansion in the coming years, reaching a value of $582.57 billion in 2029 with a compound annual growth rate (CAGR) of 6.0%. This growth throughout the predicted period potentially results from various factors such as trade dynamics, the global demand for refined product, worldwide economic growth, environmental laws, and initiatives related to energy transition. Key trends to watch during this period encompass refining margin optimizations, an increase in demand for cleaner fuels, advancements in upgrading technologies, changes in blending crude oil, and residue conversion.
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What Are the Primary Drivers Behind Vacuum Gas Oil Market Growth?
The vacuum gas oil market is expected to expand due to the rising demand for fossil fuels. Fossil fuels are materials found naturally in the earth's crust that contain hydrocarbons. These materials form from decaying plants and animals and include substances like coal, petroleum, natural gas, oil shale, bitumen, tar sands, and heavy oils. The combination of bio-oil and vacuum gas oil results in the addition of renewable carbon to fossil fuels, thereby reducing the manufacturing cost of biofuels. For example, the Department of Climate Change, Energy, the Environment, and Water, an Australian government department, reported in August 2024 that energy usage increased by 2.0%, or 117 petajoules, in 2022-23 to a total of 5,882 petajoules. Hence, the surge in the demand for fossil fuels is propelling the vacuum gas oil market's growth.
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What Are the Key Segments Driving Vacuum Gas Oil Market Growth?
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: crac*king Feedstock, Fuel Oil Blending, Other Applications
2) By Light Vacuum Gas Oil: Diesel Production, Naphtha Production, Other Applications
What Are the Technological Trends Impacting the Vacuum Gas Oil Market?
The vacuum gas oil market is seeing a rising trend in technological innovation. Companies in this market are embracing cutting-edge technologies to maintain their market standing. For example, in March 2022, US-based tech provider for petroleum producers, Honeywell, announced that SPEC Energy DMCC would utilize its range of technologies at its refinery. This way, less beneficial vacuum gas oil and vacuum filtrate get transformed into worthwhile products, including petrol and alkylate. UOP Residue Fluidized Catalytic crac*king Technology, one such technology, works to enhance gasoline yield. These industry shifts impact the setup of refineries. Mild crac*king technology assists refiners in turning 20-60% of VGO feeds into superior cat crac*ker feedstocks, alongside producing a certain amount of middle distillates.
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Who Are the Major Competitors in the Global 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)
Which Region Dominates the Vacuum Gas Oil Market Share in 2025?
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
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