Fior Market Research launched a study titled “Vacuum Gas Oil Market by Product (Heavy Vacuum Gas Oil, Light Vacuum Gas Oil), Sulfur Content, Application, Regions”, and Global Forecast 2019-2026.
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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. Increasing demand for the vacuum gas oil from India and China as well as rising use of VGO to supply bunker fuels is driving the global vacuum oil gas market.
The light vacuum gas oil segment is anticipated to grow at a CAGR of 7.59% in 2019-2026
The product segment is divided into heavy vacuum gas oil and light vacuum gas oil. Light vacuum gas oil is being increasingly utilized for 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 oilis 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 low sulfur VGO segment had a market value of USD 224.91 billion in 2018
The sulfur content segment contains low sulfur VGO and high sulfur VGO. The low sulfur VGO segment led the global vacuum gas oil market with USD 224.91 billion revenue in 2018. Due to its low sulfur content, the low sulfur VGO makes an attractive blending feedstock for manufacturers targeting to get on-specification bunker fuel as per the norms of IMO.Low sulfur VGO consist of sulfur around 0.5-0.6% due to this it is been extensively by manufacturers dealing in the blending feedstock business.
The gasoline production segment is anticipated to grow at a CAGR of 7.42% in 2019-2026
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 feedstock 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.
Regional Segmentation Analysis:
The regions analyzed for the global vacuum gas oil market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Due to its huge automobile volume, the North America region is generating a burgeoning demand for the high octane gasoline. Also, presence of the well-developed refining and cracking facilities led the North America region to lead the global vacuum gas oil market with USD 137.96 billion 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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Major players in the global vacuum gas oil market are Axeon, Kuwait Petroleum Corporation, Shell, Zhejiang Petrochemical Corporation, U.S. Oil and Refining, KazMunaiGaz, TAIF-NK, NESTE, Vertex, Soils Oil and Lukoil 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.For instance in 2017, Zhejiang Petrochemical Corporation, a Chinese firm, announced their decision to embrace process technologies for a new integrated refining and petrochemical complex. The refining portion of this complex will be one of the world’s largest refineries, with a total capacity of 40MMTPA. The deep conversion units will comprise of residue hydro treating, residue fluid catalytic cracking unit and vacuum gas oil hydrocracker.
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