Global vacuum gas oil market is expected to reach USD 527.21 Billion by 2026, at a CAGR of 5.37% from 2019 to 2026. Factors such as growing demand from the developed economies as well as growing use of vacuum gas oil as feedstock in fluid catalytic cracker are driving the global vacuum gas oil market.
Vacuum Gas Oil or VGO belongs to the petroleum hydrocarbon heavy distillate family. Vacuum Gas Oil is also known as cat feed. VGO is one of the two outputs of the vacuum distillation tower (along with vacuum resid). VGO is the lighter material of the two. The principal use of vacuum gas oil is in the form of feed in cracking units such as the fluid catalytic cracker or the hydrocracker. These cracking units upgrade vacuum gas oil into products having greater value, i.e. gasoline and diesel. If not upgraded, vacuum gas oil is blended into residual fuel oil. Nevertheless, this is quite rare as the value of vacuum gas oil is much greater as a feed for the purpose of upgrading. Increasing demand for the oil from India and China is driving the global vacuum oil gas market.
Global Vacuum Gas Oil Market Key Findings:
All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
The global vacuum gas oil market has been segmented on the basis of product, sulfur content, and application.
Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region emerged as the largest market for the vacuum gas oil with a 39.78% share of market revenue in 2018.
Global Vacuum Gas Oil Market Competitive Analysis:
Key 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 remain ahead of the competition major firms are increasingly focusing on ramping up their hydrocracking facilities. 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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This study forecasts revenue and volume growth at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global vacuum gas oil market on the basis of below mentioned segments:
Global Vacuum Gas Oil Market by Product:
Global Vacuum Gas Oil Market by Sulfur Content:
Global Vacuum Gas Oil Market by Application:
Global Vacuum Gas Oil Market by Region:
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