The new report by Expert Market Research titled, ‘Global Vacuum Gas Oil Market Report and Forecast 2021-2026. gives an in-depth analysis of the Global Vacuum Gas Oil Market, assessing the market based on its segments like type, sulphur content, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026):
- Forecast CAGR (2021-2026): 5.8%
Increased investment in research and development in the hydrocracking and fluid catalytic cracking processes is assisting in the production of high-quality results. As a result, vacuum gas oil may assist in the market’s recovery of diesel demand. Due to increased demand in the marine industry, the demand for vacuum gas oil in bunker fuel is growing. In the next two years, they expected the vacuum gas oil market to benefit from increased sea trade and marine exploration.
Vacuum Gas Oil Market Industry Definition and Major Segments
Vacuum Gas Oil, also known as VGO, is a petroleum hydrocarbon heavy distillate. Cat food is another name for vacuum gas oil. As they used it as feedstock to create gasoline, gas oil and other by-products. Vacuum Gas Oil is output of the vacuum distillation tower’s two outputs (along with vacuum resit). VGO is the lighter of the two materials. They primarily used vacuum gas oil as a feedstock in cracking units, such as the fluid catalytic cracker and the hydrocracker.
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Based on type, they divide the industry into:
- Heavy Vacuum Gas Oil
- Light Vacuum Gas Oil
Based on sulphur content, they segmented the industry into:
- Lower Sulphur Content
- High Sulphur Content
By application, they can bifurcate the market into:
- Gasoline Production
- Diesel Oil/Kerosene Production
We can divide the regional markets for the Vacuum Gas Oil market into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa.
Vacuum Gas Oil Market Trends
Using vacuum gas oil in diesel production is expected to increase consumer demand for the oil. During the forecast period, they expected steady demand for fossil fuels to be a key factor driving. global vacuum gas oil market growth. Economic prosperity and the rapid growth of the world’s population. According to the International Energy Agency (IEA), would keep the global community reliant on fossil fuels to meet its energy needs. According to the agency, fossil fuels will meet half of the world’s energy demands by 2040.
Because of the high volume of automobiles and increased demand for high octane gasoline in the area, North America kept a large share in the market. There are also well-established cracking and refining facilities in the area. Due to increased demand for automobiles and increased investment in the petroleum sector, the vacuum gas oil market in the Asia Pacific is expected to develop rapidly during the forecast period.
Key Market Players
The major players in the market are PJSC Lukoil, Kuwait Petroleum Corporation, Honeywell International Inc, Vertex Energy Inc, Husky Energy Inc. among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports. Along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets. Researched by our skilled analysts, who track the latest economic, demographic, trade and market data globally.
At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market. Thus helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals, which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.
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