The rising demand for fossil fuels across different sectors is expected to drive the Vacuum Gas Oil Market expansion over the forecast period. Additionally, the rise in efforts to produce a bulk supply of oil and gas positively impacts the market growth. Furthermore, the expanding use of the Vacuum Gas Oil Market in diesel production, mounting investments in Research and Development (R&D) activities as well as increasing investments in Research and Development (R&D) in hydrocracking and fluid catalytic processes to obtain good efficiency from such procedures are expected to drive the growth of the Vacuum Gas Oil Market during the forecast period.
MARKET SCOPE
The "Global Vacuum Gas Oil Market Analysis to 2028" is a specialized and in-depth study of the manufacturing and construction industry with a special focus on global market trend analysis. The report aims to provide an overview of the vacuum gas oil market with detailed market segmentation by type, application, and geography. The global vacuum gas oil market is expected to witness rapid growth during the forecast period. The report provides key statistics on the market status of the leading vacuum gas oil market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global vacuum gas oil market is segmented by type, and application.
- On the basis of type, the market is segmented into Heavy Vacuum Gas Oil, Light Vacuum Gas Oil.
- On the basis of application, the market is segmented into Gasoline Production, Diesel Oil/Kerosene Production, Others.
MARKET DYNAMICS
Drivers:
- The vacuum gas oil demand in bunker fuel is rising due to the marine market. Over the forecast period, growth in sea trade and marine exploration is anticipated to augment the vacuum gas oil market.
- The key restraint for the market is strict mandates by global organizations on VGO composition and emission content.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive connector's market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive connector's market in these regions.
IMPACT OF COVID-19
The market has negatively affected the COVID-19 pandemic due to the lack of labor and supply chain disruptions. The closer manufacturing hubs led to the lack of raw materials required to produce capacitors, affecting the supply chain. The key players operating in the market launched novel products to offer innovative features and enhance their brand image. On January 2019, Indian Oil Corporation Ltd closed its vacuum gas oil hydrotreating unit at its refinery for 50 days to raise its capacity to - 2 million mt/year, up - 8% from the current capacity. The company plans to simultaneously hike its continuous catalytic reformer's capacity to 780,000 mt/year, up 30% from the current capacity. Furthermore, TAIF-NK and LUKOIL are continuously innovating new advanced technologies to enhance the Vacuum Gas Oil Market over the forecast period. These developments by the key player might help the market to recover from the COVID-19 disruptions to some extent.
MARKET PLAYERS
The reports cover key developments in the vacuum gas oil market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from vacuum gas oil market are anticipated to lucrative growth opportunities in the future with the rising demand for vacuum gas oil in the global market. Below mentioned is the list of few companies engaged in the vacuum gas oil market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the vacuum gas oil market. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, the key development in the past five years.
- Kuwait Petroleum Corporation (KPC)
- Axeon Specialty Products
- Marathon Oil
- U.S. Oil and Refining
- KazMunayGas (KMG)
- TAIF-NK PSC
- Tatneft
- Rosneft
- Integrated Refinery Petrochemical Complex (IRPC)