According to IMARC Group's latest research report, titled "Vacuum Gas Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," offers a comprehensive analysis of the industry, which comprises insights on the vacuum gas oil market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global vacuum gas oil market size reached US$ 434.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 646.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.51% during 2024-2032.
Vacuum Gas Oil Market Overview:
Vacuum Gas Oil (VGO) is a valuable petroleum fraction obtained during the vacuum distillation process of crude oil. It is a mid-distillate fuel between heavier residual oils and lighter distillates. It is characterized by its relatively high boiling point range, typically between 400 to 650 degrees Fahrenheit. Due to its intermediate properties, VGO is a crucial feedstock for various downstream refining processes, including catalytic cracking, hydrocracking, and coking, to produce gasoline, diesel, and other valuable products. VGO's versatility and high energy content make it a valuable component in the petroleum industry, contributing to the production of cleaner fuels and meeting the energy demands of modern society.
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Vacuum Gas Oil Market Trends:
The global market is majorly driven by the increasing energy demand. The rising global energy consumption, particularly in emerging economies, is driving the demand for vacuum gas oil as a vital feedstock for producing transportation fuels. In line with this, the expansion of refining capacities worldwide to meet the growing demand for refined petroleum products is driving the growth of the vacuum gas oil market. Furthermore, the global push for cleaner and low-sulfur fuels, driven by environmental regulations, is accelerating the demand for vacuum gas oil to produce cleaner-burning transportation fuels.
Apart from this, the refineries are investing in upgrading their facilities to process heavier crude oil by utilizing vacuum gas oil as a feedstock, thus catalyzing the market. Moreover, the expanding petrochemical industry requires vacuum gas oil as a feedstock for producing valuable petrochemical products, propelling the market. Besides, the escalating demand for diesel fuel, driven by transportation and industrial sectors, is fueling the growth of the vacuum gas oil market as it is a vital component in diesel production. Additionally, the expanding infrastructure projects, including construction, transportation, and industrial facilities, are driving the demand for vacuum gas oil-based fuels. Continuous advancements in refining technologies, such as hydrocracking and catalytic cracking, enable more efficient conversion of vacuum gas oil into valuable products, further strengthening the market.
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