Image

Global Heavy Vacuum Gas Oil Market – Industry Trends and Forecast to 2031

Chemical and Materials

Image

Global Heavy Vacuum Gas Oil Market – Industry Trends and Forecast to 2031

  • Chemical and Materials
  • Upcoming Report
  • Jun 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Heavy Vacuum Gas Oil Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 599.20 Million
Diagram Market Size (Forecast Year) USD 912.63 Million
Diagram CAGR %

Major Markets Players

  • Dummy1
  • Dummy2
  • Dummy3
  • Dummy4
  • Dummy5

Global Heavy Vacuum Gas Oil Market, By Sulfur Content (Low Sulfur Vacuum Gas Oil and High Sulfur Vacuum Gas Oil), Application (Gasoline Production, Diesel Oil/Kerosene Production, and Others) - Industry Trends and Forecast to 2031.

Heavy Vacuum Gas Oil Market

Heavy Vacuum Gas Oil Market Analysis and Size

The essential factors contributing to the growth of the market in the forecast period of 2024 to 2031 include increasing demand for refined products such as gasoline and diesel, driven by industrialization and urbanization. In addition, investments in refining technologies and research and development contribute to improved efficiency and product quality. Moreover, rising energy needs in emerging economies and expanding refining capacity in regions such as the Middle East further stimulate market growth.

Data Bridge Market Research analyses that the global heavy vacuum gas oil market which was USD 599.20 million in 2023, is expected to reach USD 912.63 million by 2031, growing at a CAGR of 5.4% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Million, Pricing in USD, Volume in Units

Segments Covered

Sulfur Content (Low Sulfur Vacuum Gas Oil and High Sulfur Vacuum Gas Oil), Application (Gasoline Production, Diesel Oil/Kerosene Production, and Others)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, and Rest of Middle East and Africa

Market Players Covered

LUKOIL (Russia), TAIF-NK (Russia), KazMunayGas (Kazakhstan), Axeon Specialty Products (U.S.), Neste (Finland), Vertex Refining (U.S.) Honeywell UOP (U.S.), Gazprom Neft (Russia), Kuwait Petroleum Corporation (Kuwait), Zhejiang Petrochemical Corporation (China), and U.S. Oil & Refining Co. (U.S.)

Market Opportunities

  • Rising Investments in Research and Development
  • Escalating Global Demand for Refined Products

Market Definition

Heavy Vacuum Gas Oil (HVGO) is a type of petroleum distillate obtained from the vacuum distillation process, characterized by its relatively high boiling point and viscosity. It finds application primarily in the production of various refined petroleum products, including diesel fuel, heating oil, and asphalt. Owing to its composition, Heavy Vacuum Gas Oil (HVGO) is an essential feedstock in refinery processes like fluid catalytic cracking (FCC) and hydrocracking, where it is further transformed into higher-value products such as gasoline and lighter distillates. Its utilization in these processes helps maximize the yield of desirable end products while enhancing the overall efficiency of petroleum refining operations.

Heavy Vacuum Gas Oil Market Dynamics

Drivers

  • Increasing Demand for Gasoline and Diesel

HVGO is a crucial feedstock used in refineries to produce these fuels through various refining processes. With growing urbanization, industrialization, and transportation needs worldwide, the demand for gasoline and diesel continues to rise steadily. Consequently, refineries require larger quantities of HVGO to meet this demand. Moreover, HVGO's high yield of valuable products like gasoline and diesel makes it a preferred feedstock in the refining industry. As a result, the increasing demand for gasoline and diesel fuels directly correlates with the growth of the global HVGO market.

  • Rising Energy Needs in Emerging Economies

Emerging economies, characterized by rapid industrialization and urbanization, exhibit growing demand for energy resources to fuel their economic growth and development. HVGO serves as a vital feedstock in refineries to produce various energy products, including gasoline, diesel, and heating oil, which are essential for meeting the rising energy needs of these economies. As emerging economies continue to expand, the demand for HVGO as a feedstock for refining processes is expected to increase, driving growth in the global HVGO market in response to the escalating energy demands of these regions.

Opportunities

  • Rising Investments in Research and Development

R&D efforts focus on developing innovative technologies and refining processes to enhance the efficiency and yield of HVGO conversion into valuable products such as gasoline, diesel, and petrochemicals. By investing in research and development, companies can enhance their refining operations, lower production costs, and elevate product quality. Moreover, advancements in R&D can lead to the discovery of new catalysts and process improvements that enable more efficient utilization of HVGO, thereby increasing its competitiveness in the market. Overall, rising investments in R&D offer the potential to drive growth and innovation in the market.

  • Escalating Global Demand for Refined Products

HVGO serves as a crucial feedstock in refineries for producing high-value refined products such as gasoline, diesel, and heating oil. With increasing industrialization, urbanization, and transportation needs worldwide, the demand for these refined products continues to rise steadily. Consequently, the demand for HVGO as a feedstock also increases. This trend creates opportunities for HVGO producers and refineries to expand their production capacity, meet the growing demand for refined products, and capitalize on the lucrative market opportunities presented by the escalating global demand for refined products.

Restraint/Challenge

  • Strict Mandates by Global Organizations on VGO Composition and Emission Content

The mandates aim to reduce air pollution and greenhouse gas emissions by imposing stringent limits on the sulfur content and other harmful pollutants present in refined products derived from HVGO, such as gasoline and diesel. Compliance with these regulations requires costly upgrades to refining processes and investments in emission control technologies, increasing production costs for HVGO. In addition, failure to meet these mandates can result in penalties and fines, damaging the reputation and profitability of HVGO producers. As a result, strict mandates on VGO composition and emission content pose significant challenges and constraints in the global HVGO market.

  • Fluctuating Crude Oil Prices

HVGO is a byproduct of crude oil refining, and its pricing is closely linked to the price of crude oil. When crude oil prices fluctuate, the cost of producing HVGO also fluctuates, impacting the profitability of HVGO producers and refineries. Moreover, fluctuating crude oil prices affect the competitiveness of HVGO-derived products such as gasoline and diesel in the market. High crude oil prices can lead to increased production costs and higher product prices, potentially reducing demand for HVGO-derived products. Conversely, low crude oil prices may result in margin compression for HVGO producers, limiting their profitability and investment capabilities. Overall, fluctuating crude oil prices present a persistent challenge in the global HVGO market.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the surgical microscopes market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

  • In December 2022, The Volgograd refinery, owned by PJSC LUKOIL, finished a major makeover. They upgraded the CDU-VDU-5 unit, which could process 3.5 million tonnes of crude oil yearly, and the solvent extraction unit, which could handle 300 thousand tonnes annually
  • In December 2021, PJSC LUKOIL and PJSC Gazprom Neft signed a deal where LUKOIL bought half of Meretoyakhaneftegaz LLC, which was previously owned entirely by Gazprom Neft. This agreement was part of their plan to team up and develop a big oil and gas project in the Nadym-Pur-Tazovsky region of the Yamal-Nenets Autonomous District          

Heavy Vacuum Gas Oil Market Scope

The market is segmented on the basis sulfur content and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Sulfur Content

  • Low Sulfur Vacuum Gas Oil
  • High Sulfur Vacuum Gas Oil

Application

  • Gasoline Production
  • Diesel Oil/Kerosene Production
  • Others

Heavy Vacuum Gas Oil Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by country, category, sulfur content and application as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, and Rest of Middle East and Africa.

The Middle East region dominates the market due to its abundant crude oil reserves and extensive refining capacity. Countries such as Saudi Arabia, U.A.E., and Iran have large refineries that produce significant quantities of heavy vacuum gas oil for export.

Asia-Pacific region is growing with the highest compound annual growth rate (CAGR) in the global heavy vacuum gas oil market. This growth is primarily driven by rapid industrialization, urbanization, and increasing demand for refined products in countries such as China, India, and South Korea.

The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Heavy Vacuum Gas Oil Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

  • LUKOIL (Russia)
  • TAIF-NK (Russia)
  • KazMunayGas (Kazakhstan)
  • Axeon Specialty Products (U.S.)
  • Neste (Finland)
  • Vertex Refining (U.S.)
  • Honeywell UOP (U.S.)
  • Gazprom Neft (Russia)
  • Kuwait Petroleum Corporation (Kuwait)
  • Zhejiang Petrochemical Corporation (China)
  • U.S. Oil & Refining Co. (U.S.)


SKU-

Please fill in the below form for detailed Table of Content

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for detailed List of Table

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for detailed List of Figure

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for Infographics

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Please fill in the below form for Research Methodology

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

Please fill in the below form for Available Customization

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Get online access to the report on the World's First Market Intelligence Cloud

  • Interactive Data Analysis Dashboard
  • Company Analysis Dashboard for high growth potential opportunities
  • Research Analyst Access for customization & queries
  • Competitor Analysis with Interactive dashboard
  • Latest News, Updates & Trend analysis
  • Harness the Power of Benchmark Analysis for Comprehensive Competitor Tracking
Request for Demo

FREQUENTLY ASK QUESTIONS

The Heavy Vacuum Gas Oil Market size will be worth USD 912.63 million by 2031.
The Heavy Vacuum Gas Oil Market growth rate will be 5.4% by 2031.
Rising Energy Needs in Emerging Economies and Increasing Demand for Gasoline and Diesel are the growth drivers of the Heavy Vacuum Gas Oil Market.
The sulfur content and application are the factors on which the Heavy Vacuum Gas Oil Market research is based.
The major companies in the Heavy Vacuum Gas Oil Market are LUKOIL (Russia), TAIF-NK (Russia), KazMunayGas (Kazakhstan), Axeon Specialty Products (U.S.), Neste (Finland), Vertex Refining (U.S.) Honeywell UOP (U.S.), Gazprom Neft (Russia), Kuwait Petroleum Corporation (Kuwait), Zhejiang Petrochemical Corporation (China), and U.S. Oil & Refining Co. (U.S.)
Free Sample Report

CHOOSE LICENCE TYPE

  • 7000.00
  • 4800.00
  • 3000.00
  • 8000.00
  • 12000.00

Why Choose Us

Industry Coverage

DBMR works across the globe in multiple industries which equip us with knowledge across verticals and provide our clients with insights not only from their industry but how other industries will impact their ecosystem.

Regional Coverage

Coverage of Data Bridge is not restricted to developed or emerging economies. We work across the globe covering the largest array of countries where no other market research or business consulting firm has ever conducted research; creating growth opportunities for our clients in areas which are still unknown.

Technology Coverage

In today’s world, technology drives the market sentiment, so our vision is to provide our clients insights not only for developed technologies but upcoming and disrupting technological changes throughout the product lifecycle by enabling them with unforeseen opportunities in the market which will create disruption in their industry. This leads to innovation and our clients to come out as winners.

Goal Oriented Solutions

DBMR goal is to help our clients achieve their goals through our solutions; hence we formatively create the most appropriate solutions for our client needs, saving time and efforts for them to drive their grand strategies.

Unparallel Analyst Support

Our analysts take pride in our clients’ success. Unlike others, we believe in working along our clients to achieve their goals with 24 hours analyst support determining the correct needs and inspire innovation through service.

Banner

Client Testimonials