Vacuum Gas Oil Market size is to grow by USD 111.59 billion from 2022-2027 with 35% of market growth to originate from North America - Technavio

NEW YORK, June 27, 2023 /PRNewswire/ -- The vacuum gas oil market size is expected to grow by USD 111.59 billion from 2023 to 2027, progressing at a CAGR of 5.2% as per the latest Technavio market research report. North America is going to have lucrative growth during the forecast period. About 35% of the market's overall growth is expected to originate from North America. North America is estimated to account for 35% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Due to the increasing demand for petrochemicals, transportation fuels, and other industrial applications, the demand for vacuum gas oil continues to grow. However, this has resulted in the demand for more efficient refining processes and better-quality feedstocks, directing to the emergence of advanced refining technologies. For instance, in March 2023, Exxon Mobil Corp (ExxonMobil) announced the successful startup of its Beaumont refinery expansion project, which adds 250,000 barrels per day of capacity in the US Gulf Coast. This development will utilize advanced refining technology to optimize high-value products from crude oil production. Therefore, these factors are anticipated to fuel the growth of the regional market during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial  - buy the report!

Vacuum Gas Oil Market: Increase in demand for gasoline and diesel to drive growth

The increase in demand for gasoline and diesel is the significant factor driving the growth of the global vacuum gas oil (VGO) market.  With the rise of e-commerce, the demand for gasoline and diesel is further fueled, which has led to an upsurge in the number of delivery vehicles on the roads. Online shopping has become increasingly popular, leading to a surge in demand for delivery services in recent years. As a result, there is a rising demand for gasoline and diesel to boost the delivery vehicles that are required to transport goods across the country. However, the construction industry depends heavily on diesel-powered machinery and equipment for excavation, transportation, and other operations. As construction activities grow across the globe, the demand for diesel is anticipated to grow, resulting in the growth of the vacuum gas oil industry. Also, as the demand for electricity continues to rise worldwide, more and more countries are turning to diesel generators as a reliable energy source. Diesel generators are commonly used in backup power systems and as the demand for reliable electricity supply grows, there will be an increased demand for diesel fuel to power these generators. Therefore, such factors are anticipated to boost the adoption of vacuum gas oil, which will drive the growth of the global market during the forecast period.

Vacuum Gas Oil Market: Rise In Refinery Upgradation In Oil And Gas Industry 

The rise in refinery upgradation in the oil and gas industry is an emerging trend in the global vacuum gas oil (VGO) market. The oil and gas industry has been constantly focusing on enhancing its refining processes to improve the efficiency of its operations. However, the rise in environmental concerns has forced companies to focus on cleaner fuels. As a result, refineries are being upgraded to produce cleaner and low-sulfur fuels, which has also affected the vacuum gas oil industry. Refineries can efficiently produce larger volumes of low-sulfur diesel and gasoline in high demand with new clean fuel technologies such as crude distillation. For instance, in October 2021, BP p.l.c. (BP) announced to invest USD 269 million on three projects to improve refinery efficiency, reduce carbon dioxide emissions, and more than double the renewable diesel output of Cherry Point. The refinery crude distillation capacity has been expanded to 2.51 Mbpd with a Nelson Complexity Index of 10. Therefore, such developments are anticipated to drive the growth of the global market during the forecast period.

To know about more drivers, trends along with challenges - Download a sample now!

Some of the key Vacuum Gas Oil Market Players:

The vacuum gas oil market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Abu Dhabi National Oil Co., BP Plc, Chevron Corp., China National Petroleum Corp., Eni SpA, Exxon Mobil Corp., Hess Corp., Indian Oil Corp. Ltd., Kuwait Petroleum Corp., Marathon Petroleum Corp., Occidental Petroleum Corp., Petroleos Mexicanos, Phillips 66, PJSC LUKOIL, Repsol SA, Rosneft Oil Co., Saudi Arabian Oil Co., Shell plc, Sinopec Shanghai Petrochemical Co. Ltd., and TotalEnergies SE

Vacuum Gas Oil Market: Segmentation Analysis

This VGO market report extensively covers market segmentation by product (lower sulphur content and high sulphur content), type (light VGO and heavy VGO), and geography (North America, APAC, Europe, Middle East and Africa, and South America).

• The market share growth by the lower sulphur content segment will be significant during the forecast period. In recent years, the global VGO market has experienced a major shift, with different countries across the world beginning to reduce the sulfur content in their products. This is in reaction to rising concerns about the adverse environmental and health effects of sulfur emissions from various industries, including the oil and gas sector. For instance, many countries are now requiring that diesel fuel be sold with a maximum sulfur content of 10 ppm (parts per million), down from previous limits of up to 500 ppm. As a result, this will lead to cleaner air and enhanced respiratory health, especially in urban areas where diesel emissions are a significant source of pollution. In addition to regulatory changes, many companies in the oil and gas sector are also voluntarily adopting lower sulfur content in their products and this is driven by a combination of factors, including consumer demand for cleaner energy solutions, environmental concerns, and the potential for long-term cost savings. Therefore, these factors are expected to drive the growth of the low sulfur content segment in the global VGO market during the forecast period.

For additional information on the market contribution of each segment - Grab an Exclusive Sample Report

Gain instant access to 17,000+ market research reports

Technavio's SUBSCRIPTION platform

Related Reports:

The oil and gas refinery maintenance services market share is expected to increase to USD 775.24 million by 2026 at an accelerating CAGR of 4.06%. This report extensively covers market segmentation by type (turnaround and maintenance and repair) and geography (APAC, Europe, North America, Middle East and Africa, and South America). One of the key factors driving the global oil and gas refinery maintenance services market growth is the surging demand for refined fuel.

The carbon monoxide gas sensors market share is expected to increase by USD 100.13 million from 2021 to 2026, at a CAGR of 6.8%. This report extensively covers carbon monoxide gas sensors market segmentation by application (medical, petrochemical, industrial, and others) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The rising industrial safety measures is one of the key drivers supporting the carbon monoxide gas sensors market growth.

Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global vacuum gas oil market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on global vacuum gas oil market 2017 - 2021 ($ billion)

• 4.2 Product Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments 
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Lower sulfur content - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Lower sulfur content - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Lower sulfur content - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Lower sulfur content - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Lower sulfur content - Year-over-year growth 2022-2027 (%)

• 6.4 High sulfur content - Market size and forecast 2022-2027 
• Exhibit 38: Chart on High sulfur content - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on High sulfur content - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on High sulfur content - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on High sulfur content - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Product 
• Exhibit 42: Market opportunity by Product ($ billion)
• Exhibit 43: Data Table on Market opportunity by Product ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 44: Chart on Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 Light VGO - Market size and forecast 2022-2027
• Exhibit 48: Chart on Light VGO - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Data Table on Light VGO - Market size and forecast 2022-2027 ($ billion)
• Exhibit 50: Chart on Light VGO - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Light VGO - Year-over-year growth 2022-2027 (%)

• 7.4 Heavy VGO - Market size and forecast 2022-2027
• Exhibit 52: Chart on Heavy VGO - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Heavy VGO - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Heavy VGO - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Heavy VGO - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 56: Market opportunity by Type ($ billion)
• Exhibit 57: Data Table on Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.6 Europe - Market size and forecast 2022-2027
• Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Saudi Arabia - Market size and forecast 2022-2027
• Exhibit 87: Chart on Saudi Arabia - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on Saudi Arabia - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on Saudi Arabia - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Saudi Arabia - Year-over-year growth 2022-2027 (%)

• 9.10 China - Market size and forecast 2022-2027
• Exhibit 91: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.11 India - Market size and forecast 2022-2027
• Exhibit 95: Chart on India - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on India - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.12 Canada - Market size and forecast 2022-2027
• Exhibit 99: Chart on Canada - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Canada - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ billion)
• Exhibit 104: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 Abu Dhabi National Oil Co. 
• Exhibit 111: Abu Dhabi National Oil Co. - Overview
• Exhibit 112: Abu Dhabi National Oil Co. - Product / Service
• Exhibit 113: Abu Dhabi National Oil Co. - Key offerings

• 12.4 BP Plc 
• Exhibit 114: BP Plc - Overview
• Exhibit 115: BP Plc - Business segments
• Exhibit 116: BP Plc - Key news
• Exhibit 117: BP Plc - Key offerings
• Exhibit 118: BP Plc - Segment focus

• 12.5 Chevron Corp. 
• Exhibit 119: Chevron Corp. - Overview
• Exhibit 120: Chevron Corp. - Business segments
• Exhibit 121: Chevron Corp. - Key news
• Exhibit 122: Chevron Corp. - Key offerings
• Exhibit 123: Chevron Corp. - Segment focus

• 12.6 China National Petroleum Corp. 
• Exhibit 124: China National Petroleum Corp. - Overview
• Exhibit 125: China National Petroleum Corp. - Product / Service
• Exhibit 126: China National Petroleum Corp. - Key offerings

• 12.7 Exxon Mobil Corp. 
• Exhibit 127: Exxon Mobil Corp. - Overview
• Exhibit 128: Exxon Mobil Corp. - Business segments
• Exhibit 129: Exxon Mobil Corp. - Key offerings
• Exhibit 130: Exxon Mobil Corp. - Segment focus

• 12.8 Indian Oil Corp. Ltd. 
• Exhibit 131: Indian Oil Corp. Ltd. - Overview
• Exhibit 132: Indian Oil Corp. Ltd. - Business segments
• Exhibit 133: Indian Oil Corp. Ltd. - Key offerings
• Exhibit 134: Indian Oil Corp. Ltd. - Segment focus

• 12.9 Kuwait Petroleum Corp. 
• Exhibit 135: Kuwait Petroleum Corp. - Overview
• Exhibit 136: Kuwait Petroleum Corp. - Product / Service
• Exhibit 137: Kuwait Petroleum Corp. - Key offerings

• 12.10 Marathon Petroleum Corp. 
• Exhibit 138: Marathon Petroleum Corp. - Overview
• Exhibit 139: Marathon Petroleum Corp. - Business segments
• Exhibit 140: Marathon Petroleum Corp. - Key offerings
• Exhibit 141: Marathon Petroleum Corp. - Segment focus

• 12.11 Petroleos Mexicanos 
• Exhibit 142: Petroleos Mexicanos - Overview
• Exhibit 143: Petroleos Mexicanos - Product / Service
• Exhibit 144: Petroleos Mexicanos - Key offerings

• 12.12 PJSC LUKOIL 
• Exhibit 145: PJSC LUKOIL - Overview
• Exhibit 146: PJSC LUKOIL - Business segments
• Exhibit 147: PJSC LUKOIL - Key news
• Exhibit 148: PJSC LUKOIL - Key offerings
• Exhibit 149: PJSC LUKOIL - Segment focus

• 12.13 Rosneft Oil Co. 
• Exhibit 150: Rosneft Oil Co. - Overview
• Exhibit 151: Rosneft Oil Co. - Business segments
• Exhibit 152: Rosneft Oil Co. - Key offerings
• Exhibit 153: Rosneft Oil Co. - Segment focus

• 12.14 Saudi Arabian Oil Co. 
• Exhibit 154: Saudi Arabian Oil Co. - Overview
• Exhibit 155: Saudi Arabian Oil Co. - Product / Service
• Exhibit 156: Saudi Arabian Oil Co. - Key offerings

• 12.15 Shell plc 
• Exhibit 157: Shell plc - Overview
• Exhibit 158: Shell plc - Business segments
• Exhibit 159: Shell plc - Key offerings
• Exhibit 160: Shell plc - Segment focus

• 12.16 Sinopec Shanghai Petrochemical Co. Ltd.
• Exhibit 161: Sinopec Shanghai Petrochemical Co. Ltd. - Overview
• Exhibit 162: Sinopec Shanghai Petrochemical Co. Ltd. - Business segments
• Exhibit 163: Sinopec Shanghai Petrochemical Co. Ltd. - Key news
• Exhibit 164: Sinopec Shanghai Petrochemical Co. Ltd. - Key offerings
• Exhibit 165: Sinopec Shanghai Petrochemical Co. Ltd. - Segment focus

• 12.17 TotalEnergies SE 
• Exhibit 166: TotalEnergies SE - Overview
• Exhibit 167: TotalEnergies SE - Business segments
• Exhibit 168: TotalEnergies SE - Key news
• Exhibit 169: TotalEnergies SE - Key offerings
• Exhibit 170: TotalEnergies SE - Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 171: Inclusions checklist
• Exhibit 172: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 173: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 174: Research methodology
• Exhibit 175: Validation techniques employed for market sizing
• Exhibit 176: Information sources

• 13.5 List of abbreviations 
• Exhibit 177: List of abbreviations

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio