Top Companies in Vacuum Gas Oil Market | Exclusive Research Report Offering Size & Share, Growth Factors, Opportunities, New Product Launches, Price Analysis | Vantage Market Research
Vacuum Gas Oil is generally utilized as an intermediate feedstock in refineries to boost gasoline and diesel output.
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Market Overview:
The Global Vacuum Gas Oil Market was valued at USD 371.5 Billion in the year 2021 and is projected to reach a value of USD 492.1 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.8% over the forecast period. Vacuum Gas Oil, also called cat feed, belongs to the petroleum hydrocarbon that is to the heavy distillate family. It is one of the outputs in the vacuum distillation tower and the vacuum resid. Vacuum Gas Oil is the lighter material among them. The primary usage of the vacuum gas oil is in the form of feed-in cracking units like the fluid catalytic cracker or the hydrocracker. Such cracking units upgrade the vacuum gas oil into products with more significant value: gasoline and diesel.
Using vacuum gas oil in diesel production mainly boosts the demand for oil in the market. Moreover, the surging investment in research and the development of hydrocracking and the fluid catalytic cracking process help increase the excellent output from this process. As a result, vacuum gas oil might facilitate the recovery of the demand for diesel in the market. Furthermore, the need for vacuum gas oil in bunker fuel increases due to its rising demand in the marine market. The expansion in sea trade and marine exploration is anticipated to augment the vacuum gas oil market in the next two years.
The increasing demand for fossil fuels across various industries is expected to affect the industry outlook positively and rising efforts to produce oil and gas in a bulk supply. The vacuum gas oil is mainly used as an intermediate feedstock to augment gasoline & diesel output from the refineries. Also, using several processes such as hydrogenation and cracking, VGO is created through a vacuum distillation column. Therefore, the utilization of vacuum gas oil in the manufacturing of diesel is expected to increase the need for oil in the market.
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Some of the key players operating in the Vacuum Gas Oil Market are listed below:
|
Company Name |
Revenue in the US |
|
<$5 Million |
|
$189 Million |
|
$17 Billion |
|
$105 Billion |
|
<$5 Million |
|
$242 Billion |
|
$43 Million |
Founded in January 1980, Kuwait Petroleum Corporation is the State of Kuwait's state-owned entity responsible for Kuwait's hydrocarbon interests throughout the world. The company is a leader in the global energy business, which contributes to meeting the world's essential oil and gas requirements by exploring for, producing, refining, transporting, and marketing these valuable natural resources domestically and abroad. The company is headquartered in Safat, Kuwait City, Kuwait, and its website is www.kpc.com.kw.
Vertex Energy Inc. is a middle market consolidator, refiner, and re-refiner of distressed petroleum streams, such as used oil, transmix, fuel oils, and off-specification commercial chemical products. The company is headquartered at 1331 Gemini St, Ste 250, Houston, Texas, 77058, United States, and its website is www.vertexenergy.com.
Founded in 1948, Neste Oyj, the international name is Neste Corporation, is an oil refining and marketing company headquartered in Espoo, Finland. The company produces, refines, and markets oil products, providing engineering services and licensing production technologies. Neste has operations in 14 countries, and its website is www.neste.com.
The PJSC Lukoil Oil Company is a Russian multinational energy corporation specializing in the business of extracting, producing, transporting, and selling natural gas, petroleum, and petroleum products. The company was formed in 1991 when three state-run, western Siberian companies named after the respective town in Khanty–Mansi Autonomous Okrug that each was located in, Langepasneftegaz, Urayneftegaz, and Kogalymneftegaz, merged. The company is located at Sretensky Blvd, Moscow, Moscow, Russia, and its website is www.lukoil.com.
TAIF-NK PSC specializes in the processing & treatment of crude oil. The company operates oil refining complexes to make gasoline, kerosene, distillate fuel, residual fuel oils, and lubricants. The company is headquartered in PO Box 20, Nizhnekamsk, Tatarstan, Russia, and its website is taifnk.ru.
Founded in 1999, Exxon Mobil Corporation operates petroleum and petrochemical businesses. The company offers exploration & production of oil and gas, electric power generation, coal, and minerals operations. Also, Exxon Mobil manufactures and markets fuels, lubricants, and chemicals. Exxon Mobil serves customers worldwide. The company is headquartered in Irving, and its website is corporate.exxonmobil.com.
Axeon Specialty Products LLC or Axeon SP engages in the refining and marketing specialty petroleum products. The company was founded in 1987. It provides asphalt products, including conventional asphalt, stellarflex polymer modified asphalt, stellarflex fuel resistant asphalt, and warm mix asphalt, and also offers specialty modified asphalt products. Axeon SP serves its clients in the U.S. The company's website is www.alconex.com.
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