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 type, sulphur content, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market.
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The key highlights of the report include:
Market Overview (2016-2026):
Forecast CAGR (2021-2026): 5.8%
Increased investment in research and development in the hydrocracking and fluid catalytic cracking processes is assisting in the production of high-quality results. As a result, vacuum gas oil may be able to assist in the market's recovery of diesel demand. Due to increased demand in the marine industry, the demand for vacuum gas oil in bunker fuel is growing.
Industry Definition and Major Segments
Vacuum Gas Oil, also known as VGO, is a petroleum hydrocarbon heavy distillate. Cat food is another name for vacuum gas oil as it is used as feedstock to create gasoline, gas oil and other by-products. Vacuum Gas Oil is one of the outputs of the vacuum distillation tower's two outputs (along with vacuum resid). VGO is the lighter of the two materials. Vacuum gas oil is primarily used as a feedstock in cracking units such as the fluid catalytic cracker and the hydrocracker.
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On the basis of type, the industry is divided into:
Heavy Vacuum Gas Oil Light Vacuum Gas Oil
On the basis of sulphur content, the industry is segmented into:
Lower Sulphur Content High Sulphur Content Others
By application, the market can be bifurcated into:
Gasoline Production Diesel Oil/Kerosene Production Others
The regional markets for Vacuum Gas Oil market can be divided into:
North America Europe Asia Pacific Latin America Middle East and Africa.
The use of vacuum gas oil in diesel production is expected to increase consumer demand for the oil. During the forecast period, steady demand for fossil fuels is expected to be a key factor driving the global vacuum gas oil market growth. Economic prosperity and the rapid growth of the world's population, according to the International Energy Agency (IEA), would keep the global community reliant on fossil fuels to meet its energy needs.
Key Market Players
The major players in the market are PJSC Lukoil, Kuwait Petroleum Corporation, Honeywell International Inc, Vertex Energy Inc, 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: 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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