Vacuum Gas Oil Global Market Report 2023

Major players in the vacuum gas oil market are TAIF-NK, Kuwait Petroleum Corporation, Exxon Mobil Corporation, KazMunayGas, Par Pacific Holdings Inc., Shell Global, Neste Corporation, Vertex Energy, The PJSC Lukoil Oil Company, Honeywell International Inc.

New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vacuum Gas Oil Global Market Report 2023" - https://www.reportlinker.com/p06479922/?utm_source=GNW , Zhejiang Petroleum and Chemical Co. Ltd., Gazprom Neft, Cenovus Energy Inc., Marathon Oil Company, and IRPC Public Company Limited.The global vacuum gas oil market is expected to grow from $388.53 billion in 2022 to $416.85 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The vacuum gas oil market is expected to reach $520.24 billion in 2027 at a CAGR of 5.7%.The vacuum gas oil market consists of sales of medium vacuum gas oil (MVGO) and heavy atmospheric gas oil (HAGO). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goodsVacuum gas oil is referred to as a semi-liquid form of oil gas produced by a vacuum refinement unit in a distillery.It is a key feedstock for fluid catalytic crackers used to make transportation fuels and many by-products.Vacuum gas oil is processed through different processes, like hydrogenation and cracking.North America was the largest region in the vacuum gas oil market in 2022.Asia-Pacific is expected to be the fastest-growing region in 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.The main types of vacuum gas oil are heavy vacuum gas oil and light vacuum gas oil.Heavy vacuum gas oil refers to a heavy and viscous combination of hydrocarbons produced by the vacuum distillation of the residue from the atmospheric distillation of crude oil, which is used as a feedstock for fluid catalytic cracking and in the production of petroleum products.Based on sulfur content it is available as low-sulfur vacuum gas oil and high-sulfur vacuum gas oil used for gasoline production, diesel oil/kerosene production, and others.The increase in demand for fossil fuels is expected to propel the growth of the vacuum gas oil market going forward.Fossil fuels refer to hydrocarbon-containing materials that are formed naturally in the earth’s crust from the remains of dead plants and animals such as coal, petroleum, natural gas, oil shale, bitumen, tar sands, and heavy oils.Co-processing bio-oil and vacuum gas oil adds renewable carbon to fossil fuels and lower the production cost of biofuels. For instance, in June 2022, according to Eurostat, a Luxembourg-based statistical office of the European Union, in 2021, solid fossil fuels increased by 13.7% compared to 2020, when the recorded lowest value was around 426.66 million tons. Therefore, the increase in demand for fossil fuels is driving the growth of the vacuum gas oil market.Technological advancements are a key trend gaining popularity in the vacuum gas oil market.Companies operating in the vacuum gas oil market are adopting new technologies to sustain their position in the market.For instance, in March 2022, Honeywell, a US-based technology provider for petroleum manufacturers, reported that SPEC Energy DMCC will use its various technologies at its refinery to convert less valuable vacuum gas oil and vacuum filtrate into valuable products such as petrol and alkylate. One of the technologies is UOP Residue Fluidized Catalytic Cracking Technology, which is used to improve gasoline yield.In September 2022, Neste Corporation, a Finland-based oil refining and marketing company established a 50/50 joint venture with Marathon Petroleum Corporation to produce renewable diesel.The partnership is called Martinez Renewables, and Neste is expected to contribute a total of $1 billion.The joint venture is expected to advance the current project objectives of delivering low-carbon-intensity fuels to support California’s climate goals and strengthen Neste’s footprint in the United States. Marathon Petroleum Corporation is a US-based petroleum refining, marketing, and transportation company that sources agricultural feedstocks to produce renewable diesel.The countries covered in the vacuum gas oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The vacuum gas oil market research report is one of a series of new reports that provides vacuum gas oil market statistics, including vacuum gas oil industry global market size, regional shares, competitors with a vacuum gas oil market share, detailed vacuum gas oil market segments, market trends and opportunities, and any further data you may need to thrive in the vacuum gas oil industry. This vacuum gas oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.Read the full report: https://www.reportlinker.com/p06479922/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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