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Monday, May 17, 2021

Global Vacuum Gas Oil Market to be Driven by the Growing Research and Development and Increasing Demand for Gasoline and Diesel in the Forecast Period of 2021-2026

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 types, sulphur content, applications, 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 analysing the market based on the SWOT and Porter’s Five Forces models.

Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

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 The key highlights of the report include:

 Market Overview (2016-2026)

  • Forecast CAGR (2021-2026): 8%

The worldwide vacuum gas oil industry is being powered by the rising worldwide demand for gasoline and diesel. For motorbikes, trucks, boats and other transport vehicles, gasoline is used to power internal combustion engines, while highly refined gasoline can be used as an aviation fuel. The development of the car sector would lead to an increase in demand for petrol and diesel, thus, further boosting the vacuum fuel oil industry. With the growing disposable income of customers in both developed and developing countries, the market for premium cars continues to rise, which, in turn, is expected to contribute to the growth of the industry.

Industry Definition and Major Segments

Vacuum gas oil or VGO refers to the key feedstock for fluid catalytic crackers, which is further utilisedproduce transportation fuels and several other by-products. It refers to the heavy oil left over from distillation of petroleum, which is refined in a catalytic cracking unit to upgrade vacuum gas oil into higher-value products, such as gasoline and diesel.

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By type, the industry is divided into:

  • Heavy
  • Light

Based on sulphur content, the industry is segmented into:

  • Lower Sulphur Content
  • High Sulphur Content
  • Others

It finds application in:

  • Gasoline Production
  • Diesel Oil/Kerosene Production
  • Others

Regionally, the industry can be segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Market Trends

With the rising investment in research and development activities and the rapid progress in technologies, the vacuum gas oil unit production process is being simpler, which is greatly benefiting the growth of the industry. The growing demand for energy and fossil fuel in the Asia Pacific region is projected to generate new prospects for the growth of the sector over the forecast period. Zhejiang Petrochemical Corporation, a Chinese group, for instance, revealed in February 2017 its intention to implement process technology for a new integrated refining and petrochemical complex. It is estimated that this complex will have one of the largest refineries in the world, with a total capacity of 40MMTPA. Such developments are expected to aid the industry growth in the forecast period.

Key Market Players

The major players in the market are PJSC Lukoil, Kuwait Petroleum Corporation, Honeywell International Inc, Vertex Energy Inc, and 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.

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Note 2: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.

About Us:

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.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.


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