Global Vacuum Gas Oil Market Size, Drivers, Trends, Opportunities And Strategies – Includes Vacuum Gas Oil Market Report
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The rising need for fossil fuels is likely to spur innovation in vacuum petrol oil manufacture, propelling the market during the forecast period.
The global vacuum gas oil market is expected to grow from $388.53 billion in 2022 to $416.85 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The global vacuum gas oil market size is expected to reach $520.24 billion in 2027 at a CAGR of 5.7%.
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Global Vacuum Gas Oil Market Segments Include:
- By Type: Heavy Vacuum Gas Oil, Light Vacuum Gas Oil
- By Sulphur Content: Low Sulfur Vacuum Gas Oil, High Sulfur Vacuum Gas Oil
- By Application: Gasoline Production, Diesel Oil Or Kerosene Production, Other Applications
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global vacuum gas oil market in 2021.
Major Market Players in the vacuum gas oil market include TAIF-NK, Kuwait Petroleum Corporation, Exxon Mobil Corporation, KazMunayGas, Par Pacific Holdings Inc., Shell Global, Neste Corporation, Vertex Energy, The PJSC Lukoil Oil Company.
Technological developments are a major trend that is gaining traction in the vacuum gas oil market. Companies in the vacuum petrol oil market are embracing new technology in order to maintain their market position. For example, Honeywell, a technology provider for petroleum manufacturers based in the United States, said in March 2022 that SPEC Energy DMCC will employ its different technologies at its refinery to transform less valuable vacuum petrol oil and vacuum filtrate into lucrative products such as petrol and alkylate. UOP Residue Fluidized Catalytic Cracking Technology is one of the technologies utilised to boost petrol yield.
The Vacuum Gas Oil Global Market Report 2023 provides a vacuum gas oil market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The vacuum gas oil market forecast analyzes vacuum gas oil market size, vacuum gas oil market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Vacuum gas oil is a semi-liquid form of oil gas produced by a distillery’s vacuum refinement unit. It is an important feedstock for fluid catalytic crackers, which are used to produce transportation fuels and a variety of byproducts. Different procedures, such as hydrogenation and cracking, are used to refine vacuum gas oil.
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