Global Vacuum Gas Oil Market Report 2024 – Market Size, Trends and Global Forecast 2024-2033

Global Vacuum Gas Oil Market Report 2024 by Business Research Company – Market Size, Trends and Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 9, 2024 /EINPresswire.com/ — The Vacuum Gas Oil market has witnessed robust growth in the past few years, increasing from $416.85 billion in 2023 to $442.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth during the historical period is attributed to expansion of refineries, growth of petroleum industry, change in crude oil qualities, environmental regulations and global energy demand.

Strong future growth expected
The vacuum gas oil market is expected to continue to grow at a strong pace, reaching USD 554.61 billion in 2028, growing at a compound annual growth rate (CAGR) of 5.8%. The growth during the forecast period is attributed to trade dynamics, market demand for refined products, global economic growth, environmental regulations, and energy transition initiatives.

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Growth drivers of the vacuum gas oil market
The rise in the oil and gas industry is expected to drive the growth of the vacuum gas oil market. The oil and gas industry refers to the sector that is mainly involved in the exploration, production, refining, transportation, and distribution of petroleum products, natural gas, and related resources. Vacuum gas oil (VGO) plays a significant role in the oil and gas industry, primarily in the refining process. It serves as an important intermediate raw material in refineries and helps in the production of various valuable petroleum products.

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Key players and market trends
Major players in the vacuum gas oil market include TAIF Management Company JSC, Kuwait Petroleum Corporation, Exxon Mobil Corporation, KazMunayGas and Par Pacific Holdings Inc.
Technological advancements are a major trend that is gaining popularity in the vacuum gas oil market. Companies operating in the vacuum gas oil market are adopting new technologies to maintain their position in the market.

Segments:
1) By type: Heavy vacuum gas oil, light vacuum gas oil
2) According to sulphur content: vacuum gas oil with low sulphur content, vacuum gas oil with high sulphur content
3) By application: gasoline production, diesel oil or kerosene production, other applications

Geographical insights: North America is the market leader
North America was the largest region in the vacuum gas oil market in 2023. Asia Pacific is expected to be the fastest growing region in the global vacuum gas oil market during the forecast period. The regions covered in the vacuum gas oil market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Market definition for vacuum gas oil
Vacuum gas oil is a semi-liquid form of oil gas produced in a vacuum refining unit in a distillery. It is an important feedstock for fluid catalytic crackers used to produce fuels and many byproducts. Vacuum gas oil is processed in various processes, such as hydrogenation and cracking.

The Business Research Company’s global Vacuum Gas Oil Market report 2024 includes the following information:
• Market size data for the forecast period: Historical and future
• Market analysis by regions: Asia Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by country: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and much more.
Global Vacuum Gas Oil Market report 2024 by The Business Research Company is the most comprehensive report which offers insights into the Vacuum Gas Oil market size, Vacuum Gas Oil market drivers and trends, major players in the Vacuum Gas Oil market, Vacuum Gas Oil competitors’ revenues, Vacuum Gas Oil market positioning and Vacuum Gas Oil market growth in different regions. Vacuum Gas Oil market report helps you gain deep insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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