According to IMARC Group’s latest research report, titled “Vacuum Gas Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the vacuum gas oil market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global table sauces market size reached US$ 8.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Vacuum Gas Oil Market Outlook:
Vacuum gas oil (VGO) is a type of heavy petroleum product composed of large hydrocarbon molecules that remain after the distillation of crude oil. It is further refined to produce various intermediate feedstocks, such as diesel, jet fuel, and lubricants. It is a dark brown to black-colored, low-viscosity liquid with sulfur content, which is commonly used as a feedstock in catalytic cracking and fluid catalytic cracking (FCC) units that are among the most important processes in oil refining. It is also utilized as a feedstock for hydrocracking and hydrodesulfurization (HDS) processes and can also be blended with other distillates, including light naphtha, to improve the performance of fuel and reduce the amount of sulfur and other contaminants.
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Vacuum Gas Oil Market Trends:
The flourishing oil and gas industry majorly drives the global market. Along with this, the growing demand for vacuum gas oil in manufacturing processes, including the production of asphalt, fuel, and blending fuels, which is impacting market growth favorably. Moreover, the widespread adoption of vacuum gas oil as a fuel for power generation in several countries due to its excellent combustion properties is creating a positive market outlook. Furthermore, the increasing oil drilling activities and the rising demand for gasoline and diesel are significantly supporting the demand for VGO across the globe. Some of the other factors driving the market include rapid industrialization and extensive research and development (R&D) activities.
Key Market Segmentation:
Competitive Landscape with Key Players:
- Cana LL
- Kuwait Petroleum Corporation
- PJSC Lukoil Oil Company
- TAIF-NK JSC
- Vertex Energy Inc.
- Heavy Vacuum Gas Oil
- Light Vacuum Gas Oil
Sulfur Content Insights:
- Low Sulfur VGO
- High Sulfur VGO
- Gasoline Production
- Diesel Oil/Kerosene Production
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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