Market Overview:
The global vacuum gas oil (VGO) market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for gasoline and diesel fuel from the transportation sector. Additionally, the growing demand for VGO in Asia Pacific and Middle East & Africa is also contributing to the growth of this market. However, volatility in crude oil prices may restrain the growth of this market during the forecast period. On basis of type, heavy vacuum gas oil (HVGO) held a major share of 71% in 2017 and is projected to grow at a CAGR of 5%. This can be attributed to its high viscosity which makes it suitable for use as feedstock for producing high-quality diesel fuel and jet fuel products.
Product Definition:
Vacuum gas oil is a high-quality product that is used as a feedstock for the production of fuels and lubricants. It is also used as a fuel for power generation.
Heavy Vacuum Gas Oil (HVGO):
Heavy Vacuum Gas Oil (HVGO) is a type of vacuum gas oil which has high viscosity and low boiling point. It is also known as Extra Heavy VGO or Ultra-High Molecular Weight Oil (UHMWO). HVGO can be used in various applications including diesel, gasoline, distillate fuels, kerosene and other products.
Light Vacuum Gas Oil (LVGO):
Light vacuum gas oil (LVGO) is a colorless and tasteless hydrocarbon liquid, which is extracted from the carbonization of heavy vacuum gas oils. It has a similar molecular structure as that of natural gas, but different chemical properties.
Application Insights:
Gasoline production was the largest application segment in 2017 and accounted for a market share of over 80% in terms of revenue. The segment is also expected to be the fastest-growing application, with an estimated CAGR around 5.0%, from 2018 to 2030, during the forecast period.
The growing automotive industry across various regions is one of the key factors driving VGO demand as a gasoline substitute. In addition, increasing R&D investments by major oil companies for developing low-cost and high-performance VGO products are further anticipated to fuel product demand over the next eight years or so.
Regional Analysis:
Asia Pacific was the largest regional market in 2017 and is expected to continue its dominance over the forecast period. The region has been witnessing a growing demand for various grades of vacuum gas oil (VGO) from major end-use industries such as automotive, power generation, industrial applications and diesel generator sets. Increasing automobile production in countries such as China, India, Japan and South Korea coupled with rising middle class disposable income levels are likely to be key factors driving product consumption over the next eight years.
The European market accounted for 24% of global VGO consumption in 2017 on account of increasing crude oil prices leading to an increase in fuel prices across member states including Germany, France Italy and Spain which resulted into a decline in automotive sales growth rates during 2016-2017 period.
Growth Factors:
- Increasing demand from the transportation sector: The growth of the transportation sector is a key driver for the VGO market. This is because the transportation sector accounts for a significant share of global oil consumption.
- Growing demand from developing countries: Developing countries are expected to account for a large share of global oil demand in the coming years, which will drive growth in the VGO market.
- Rising investment in refineries: Refineries are investing in upgrading their facilities to process heavier grades of crude oil, which will lead to an increase in demand for VGO products.
- Stringent environmental regulations: Stringent environmental regulations are encouraging refiners to use cleaner fuels such as VGO, thereby driving its adoption and growth prospects across various regions worldwide
Scope Of The Report
Report Attributes
Report Details
Report Title
Vacuum Gas Oil（VGO） Market Research Report
By Type
Heavy Vacuum Gas Oil (HVGO), Light Vacuum Gas Oil (LVGO)
By Application
Gasoline Production, Diesel / Kerosene Production
By Companies
Kuwait Petroleum Corporation (KPC), Axeon Specialty Products, Marathon Oil, U.S. Oil & Refining, KazMunayGas (KMG), TAIF-NK PSC, Tatneft, Rosneft, Integrated Refinery Petrochemical Complex (IRPC)
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
169
Number of Tables & Figures
119
Customization Available
Yes, the report can be customized as per your need.
Global Vacuum Gas Oil（VGO） Market Report Segments:
The global Vacuum Gas Oil（VGO） market is segmented on the basis of:
Types
Heavy Vacuum Gas Oil (HVGO), Light Vacuum Gas Oil (LVGO)
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Gasoline Production, Diesel / Kerosene Production
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Kuwait Petroleum Corporation (KPC)
- Axeon Specialty Products
- Marathon Oil
- U.S. Oil & Refining
- KazMunayGas (KMG)
- TAIF-NK PSC
- Tatneft
- Rosneft
- Integrated Refinery Petrochemical Complex (IRPC)
Highlights of The Vacuum Gas Oil（VGO） Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Heavy Vacuum Gas Oil (HVGO)
- Light Vacuum Gas Oil (LVGO)
- By Application:
- Gasoline Production
- Diesel / Kerosene Production
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Vacuum Gas Oil（VGO） Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Vacuum gas oil, or VGO, is a type of fuel used in internal combustion engines. It is made from natural gas and petroleum products that have been processed into a liquid form.
Some of the major companies in the vacuum gas oil（vgo） market are Kuwait Petroleum Corporation (KPC), Axeon Specialty Products, Marathon Oil, U.S. Oil & Refining, KazMunayGas (KMG), TAIF-NK PSC, Tatneft, Rosneft, Integrated Refinery Petrochemical Complex (IRPC).
The vacuum gas oil¯¼ë†vgo¯¼€° market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Vacuum Gas Oil（VGO） Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Vacuum Gas Oil（VGO） Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Vacuum Gas Oil（VGO） Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Vacuum Gas Oil（VGO） Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Vacuum Gas Oil（VGO） Market Size & Forecast, 2020-2028
4.5.1 Vacuum Gas Oil（VGO） Market Size and Y-o-Y Growth
4.5.2 Vacuum Gas Oil（VGO） Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Heavy Vacuum Gas Oil (HVGO)
5.2.2 Light Vacuum Gas Oil (LVGO)
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Gasoline Production
6.2.2 Diesel / Kerosene Production
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Vacuum Gas Oil（VGO） Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Vacuum Gas Oil（VGO） Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Heavy Vacuum Gas Oil (HVGO)
9.6.2 Light Vacuum Gas Oil (LVGO)
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Gasoline Production
9.10.2 Diesel / Kerosene Production
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Heavy Vacuum Gas Oil (HVGO)
10.6.2 Light Vacuum Gas Oil (LVGO)
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Gasoline Production
10.10.2 Diesel / Kerosene Production
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Heavy Vacuum Gas Oil (HVGO)
11.6.2 Light Vacuum Gas Oil (LVGO)
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Gasoline Production
11.10.2 Diesel / Kerosene Production
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Heavy Vacuum Gas Oil (HVGO)
12.6.2 Light Vacuum Gas Oil (LVGO)
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Gasoline Production
12.10.2 Diesel / Kerosene Production
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Heavy Vacuum Gas Oil (HVGO)
13.6.2 Light Vacuum Gas Oil (LVGO)
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Gasoline Production
13.10.2 Diesel / Kerosene Production
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Vacuum Gas Oil（VGO） Market: Competitive Dashboard
14.2 Global Vacuum Gas Oil（VGO） Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Kuwait Petroleum Corporation (KPC)
14.3.2 Axeon Specialty Products
14.3.3 Marathon Oil
14.3.4 U.S. Oil & Refining
14.3.5 KazMunayGas (KMG)
14.3.6 TAIF-NK PSC
14.3.7 Tatneft
14.3.8 Rosneft
14.3.9 Integrated Refinery Petrochemical Complex (IRPC)
