Global Vacuum Gas Oil Market to Reach US$ 646.3 Billion by 2032, Fostered by Increasing Demand for Gasoline and Diesel

May 24, 2023 | Other Reports

According to the latest report by IMARC Group, titled “Vacuum Gas Oil Market by Type (Heavy Vacuum Gas Oil, Light Vacuum Gas Oil), Sulfur Content (Low Sulfur VGO, High Sulfur VGO), Application (Gasoline Production, Diesel Oil/Kerosene Production, and Others), and Region 2024-2032,” the global vacuum gas oil market size reached US$ 434.6 Billion in 2023. Vacuum gas oil (VGO) is a petroleum product derived from the refining of crude oil. It comprises hydrocarbons with a carbon range including both aliphatic and aromatic compounds. It undergoes various processes, such as catalytic cracking, hydrocracking, and hydrotreating, which break down the larger molecules and transform them into lighter, more valuable products. VGO possesses a higher boiling point compared to lighter products obtained during crude oil refining. It offers various benefits, such as versatile feedstock, optimization of yield, enhanced product quality, energy security, and flexibility in refinery operations. As a result, it finds extensive utilization as feed in cracking systems such as hydrocrackers and fluid catalytic crackers. It also plays a significant role in upgrading VGO into valuable products, such as gasoline and diesel.

Global Vacuum Gas Oil Market Trends:

The increasing demand for gasoline and diesel across the globe is driving the global market. Coupled with this, the widespread utilization of diesel and gasoline to fuel internal combustion engines for motorbikes, trucks, boats, and several transport vehicles is contributing to the growth of the market. Moreover, continual advancements in refining technologies and processes, such as improvements in catalysts, cracking techniques, and conversion technologies, are enhancing the efficiency and yield of converting VGO into higher-value products, thus influencing the overall demand for VGO. In line with this, continual advancements in alternative energy technologies, such as electric vehicles (EVs) or hydrogen fuel cells, can influence the demand for traditional petroleum-based fuels, which, in turn, is impelling the overall market. Additionally, several leading players are heavily investing in extensive research and development (R&D) activities in fluid catalytic cracking process and hydrocracking to increase the output, thus providing a boost to the demand. Besides this, the transition toward cleaner and more sustainable energy sources, such as renewables, is catalyzing the market. Along with this, the rising environmental regulations and policies by the governments aimed at reducing emissions and promoting cleaner fuels are fuelling the market across the globe. Apart from this, ongoing infrastructure projects, such as the construction of new refineries or upgrades to existing facilities, are creating a positive market outlook. Other factors, including shifts in energy consumption patterns, continual technological advancements, feedstock, availability, and several geopolitical factors, are also influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 646.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.51% during 2024-2032.

Market Summary:

  • On the basis of the type, the market has been divided into heavy and light vacuum gas oil. Currently, light vacuum gas oil represents the largest market segment.
  • Based on the sulphur content, the market has been segmented low and high sulfur VGO. Among these, low sulfur VGO exhibits a clear dominance in the market.
  • On the basis of the application, the market has been bifurcated into gasoline production, diesel oil/kerosene production and others. Currently, gasoline accounts for the largest market share.
  • On the basis of the regional insights, the market has been categorized into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Among these, North America holds the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Cana LL, Kuwait Petroleum Corporation, PJSC Lukoil Oil Company, TAIF-NK JSC, and Vertex Energy Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Types Covered Heavy Vacuum Gas Oil, Light Vacuum Gas Oil
Sulfur Contents Covered Low Sulfur VGO, High Sulfur VGO
Applications Covered Gasoline Production, Diesel Oil/Kerosene Production, Others
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Cana LL, Kuwait Petroleum Corporation, PJSC Lukoil Oil Company, TAIF-NK JSC, Vertex Energy Inc., etc.
Customization Scope 10% Free Customization
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Global Vacuum Gas Oil Market to Reach US$ 646.3 Billion by 2032, Fostered by Increasing Demand for Gasoline and Diesel
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