As per the report published by Fior Markets, the global vacuum gas oil market is expected to grow from USD 346.82 Billion in 2018 to USD 527.21 Billion by 2026, at a CAGR of 5.37% during the forecast period 2019-2026.The North America region led the global vacuum gas oil market with a 39.78% share of market revenue in 2018. However, the Asia Pacific region is expected to grow at an accelerated CAGR of 7.98% over the forecast period.
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“Vacuum Gas Oil Market by Product (HeavyVacuum Gas Oil, LightVacuum Gas Oil), Sulfur Content, Application, Regions”,and Global Forecast 2019-2026.
Major players in the global vacuum gas oilmarket areAxeon, Kuwait Petroleum Corporation, Shell, Zhejiang Petrochemical Corporation, U.S. Oil and Refining, KazMunaiGaz, TAIF-NK, NESTE, Vertex, Soils Oil, Lukoiland among others.In order to their enhance market position, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. The Axeon, Kuwait Petroleum Corporation, Shell, Zhejiang Petrochemical Corporation, U.S. Oil and Refining are the top leading players for theglobal vacuum gas oilmarket. Major producers are increasingly focusing on expanding their refining capacities. For instance in the year 2016, Lukoil, Russia’s No. 2 oil producer, opened the country’s largest vacuum gasoil (VGO) hydrocracking facility at its Volgograd refinery. It will help Lukoil improve the overall fuel quality and increase output of ultra-low sulphur diesel.
The global vacuum gas oil market has been segmented on the basis of product, sulfur content, and application.The product segment is divided into heavy vacuum gas oil and light vacuum gas oil. Light vacuum gas oil is being increasingly utilized for the cracking in order to obtain gasoline and diesel. As a result, the light vacuum gas oil segment is anticipated to grow at an accelerated CAGR of 7.59% over the forecast period.The heavy vacuum gas oil is a complex and viscous hydrocarbon stream that is produced as the bottom side product from the vacuum distillation units.Heavy vacuum gas oil is conventionally treated with thermochemical process, which is costly and environmentally polluting.The sulfur content segment contains low sulfur VGO and high sulfur VGO. The low sulfur and VGO segment led the global vacuum gas oil market with a 64.85% share of market revenue in 2018. Due to its low sulfur content, the low sulfur VGO makes an attractive blending feedstock business.The application segment is fragmented into gasoline production and diesel oil/kerosene production. The gasoline production segment is projected to grow at the highest CAGR of 7.42% over the forecast period as low sulfur VGO makes an excellent feed stock for obtaining the gasoline and other high-octane components.The vacuum gas oil helps to improve the output of valuable diesel and gasoline in the refineries and hence this has increased the gasoline production segment growth. Furthermore, the gasoline production segment is anticipated to growth with the highest market share of 54.51% during the forecast period.
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Vacuum gas oil or VGO belongs to the petroleum hydrocarbon heavy distillate family. The light and heavy gas oils output from the vacuum distillation column (VDC) are known generically as vacuum gas oil or VGO. Vacuum Gas Oil is also known as cat feed. VGO is one of the two outputs of the vacuum distillation tower. The factors such as strong recovery in diesel as well as rising use of VGO to supply bunker fuels are driving the global vacuum gas oil market. The incompatibility of vacuum gas oil with other fuels is anticipated to be there strain for the market growth over the forecast period. However, increasing investment on research and development activities as well as the increasing demand from the Asia Pacific region is expected to create new opportunities for the market growth in the upcoming years. On the other hand, the environmental regulations on the use of diesel is the primary challenge for the global vacuum gas oil market.
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