Vacuum Gas Oil Market Size Worth USD 564.48 Billion by 2028 | Reports and Data
The global vacuum gas oil market is expected to reach USD 564.48 Billion by 2028, according to a new report by Reports and Data. Vacuum gas oil finds application as an intermediate feedstock that can improve the output of valuable diesel and gasoline in refineries. Lightweight shale crude oils like Eagle Ford can produce vacuum gas oil direct from primary distillation.
Vacuum gas oil is processed in one of two kinds of catalytic cracking units. These cracking units deploy a combination of catalysts (substances that accelerate or decelerate the rate of chemical reaction) to crack vacuum gas oil into lighter gasoline blending components and diesel oil. A fluid catalytic cracker (FCC) is usually used to process light vacuum gas oil (LVGO) and a hydrocracker is deployed to process heavy vacuum gas oil (HVGO). Both kinds of cracker yield gasoline blending components and diesel but the fluid catalytic cracker produces more gasoline and the hydrocracker produces more diesel. One difference between the two cracking units is that the hydrocracker implements a feed of hydrogen to eliminate sulfur and other impurities from the gasoline and diesel fuels that are produced in the process. By addition of hydrogen, the hydrocracking unit also increases the volume of diesel and gasoline output – by as much as 20% in comparison to the vacuum gas oil input.
Asia pacific market is projected to observe highest growth rate in the market with a growth a rate of 5.5% in the forecast period. This is primarily owing to the increasing demand of oil in the countries in this region, particularly in China and India.
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Further key findings from the report suggest
- The light vacuum gas oil is forecasted to have the highest growth rate of 5.2% in the forecast period. Fluid catalytic cracking units deploy a combination of catalytic heat and pressure to crack light vacuum gas oil into 70% gasoline and 30% diesel.
- Low Sulfur VGO is estimated to occupy the largest market share in the forecast period with USD 219.46 Billion in 2020. Low sulfur VGO has a sulfur content of around 0.5-0.6%, this level of sulfur in LSVGO makes an attractive blending feedstock for manufacturers targeting to get on-specification bunker fuel as per the norms of IMO.
- At present, the typical usage for low sulfur VGO is used as a feedstock for fluid catalytic cracking (FCC) units in order to yield gasoline and other high-octane components. Blending prospects for feedstocks into the 0.5% bunker pool will possibly depend on product cracks values in 2020 in Europe and US, which are the key global markets for vacuum gas oil.
- Europe is the largest vacuum gas oil exporting region in the world, whereas the US Gulf Coast is the largest consumer across the globe.
- In times of low domestic demand in the market of Europe, up to 75% of all VGO supply gets exported to the US Gulf Coast, making Russian oil loading in either the Baltics or the Black Sea very price-sensitive to the market in the US Gulf Coast.
- Key participants include Axeon, Kuwait Petroleum Corporation, Shell, U.S. Oil and Refining, KazMunaiGaz, TAIF-NK, NESTE, Vertex, Soils Oil and Lukoil among others.
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For the purpose of this report, Reports and Data have segmented global vacuum gas oil market on the basis of product, sulfur content, application and region:
Product (Volume, Million Barrels; 2018-2028 and Revenue, USD Million; 2018-2028)
- Heavy Vacuum Gas Oil
- Light vacuum gas Oil
Sulfur Content Outlook (Volume, Million Barrels; 2018-2028 and Revenue, USD Million; 2018-2028)
- Low Sulfur VGO
- High Sulfur VGO
Application Outlook (Volume, Million Barrels; 2018-2028 and Revenue, USD Million; 2018-2028)
- Gasoline Production
- Diesel Oil/Kerosene Production
Regional Analysis Covers:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Features of the Vacuum Gas Oil Market Report:
- The report offers a comprehensive analysis of the changing competitive dynamics
- Provides a futuristic outlook on the key market drivers and restraining factors
- A comprehensive 8-year forecast of the market and its expected growth rate and pattern
- In-depth analysis of the key product segments and application spectrum
- Provides strategic recommendations to the established companies and new entrants to provide a competitive advantage over the other companies
- Comprehensive analysis of the key regions of the industry and provides a SWOT analysis and Porter’s Five Forces analysis to impart a deeper understanding of the market
- Helps in formulating strategic business decisions and investments plans
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