Vacuum Gas Oil Market has been valued US$ 1970.3 billion in the year 2021 and it is estimated to reach US$ 2827.4 billion by the year 2027, with a CAGR of 5.6% from 2022 to 2027. Vacuum Gas Oil is one of the two outputs of the vacuum distillation tower (along with vacuum resid). VGO is the lighter material of the two. The primary use of VGO is as feed to cracking units such as the FCC or the hydrocracker ; these are the main factors that have considerably increased the demand for the Vacuum Gas Oil in the market, thereby driving the huge growth of the Vacuum Gas Oil market in the upcoming years
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Vacuum Gas Oil in the market is mainly due to the growing need for fossil fuels across different sectors along with the increase in efforts to produce a bulk output of oil & gas is projected to positively affect the industry outlook. Vacuum gas oil (VGO) is predominantly used as an intermediate feedstock to escalate gasoline & diesel production from refineries. VGO is produced through a vacuum distillation column using different processes such as hydrogenation and cracking these are the main factors that have considerably increased the demand for the Vacuum Gas Oil in the market, thereby driving the huge growth of the Vacuum Gas Oil market in the upcoming years
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Report is segmented as:
Vacuum Gas Oil Market is segmented on the basis of by:
By Product (Light Vacuum Gas Oil (LVGO) and Heavy Vacuum Gas Oil (HVGO)),
By Sulfur Content (Low Sulfur Vacuum Gas Oil and High Sulfur Vacuum Gas Oil),
By Application (Gasoline Production and Diesel Oil Production)
Geographical Segmentation:
Vacuum Gas Oil Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Vacuum Gas Oil is due to the rise in the investment in research and the development in hydrocracking and the fluid catalytic cracking process help these are the main factors that have considerably increased the demand for the Vacuum Gas Oil in the North America , followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Vacuum Gas Oil Market
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Impact of COVID-19 on Market
The COVID-19 pandemic continues to radically trade that amplify of variety of industries; however, the immediate have an effect on of the outbreak is varied. While some industries will register a visit demand, several others will proceed to remain unscathed and showcase promising increase opportunities. COVID-19 will have an occasional have an effect on the Vacuum Gas Oil market. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Vacuum Gas Oil market growth