Vacuum Gas Oil VGO Market Report 2025 (Global Edition)

Global Vacuum Gas Oil VGO Market Report 2025 Market Size Split by Type (Heavy Vacuum Gas Oil, Light Vacuum Gas Oil), by Sulphur Content (Low Sulfur VGO, High Sulfur VGO), by Application (Gasoline Prod...

Vacuum Gas Oil VGO Market Report Description

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Vacuum Gas Oil VGO Market Insights Video

Competitive Landscape of the Vacuum Gas Oil (VGO) Market

The competitive landscape of the vacuum gas oil (VGO) market is characterized by a wide range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts. Major players in the market account for a considerable share of the market and are concentrating on expanding their customer base across the world.

In August 2022, Toyo Engineering India Private Limited, a wholly-owned subsidiary of Toyo Engineering Corporation, was awarded a contract by Indian Oil Co. Ltd. for the Engineering, Construction, Procurement, and Commissioning of a 3.6 MMTPA Vacuum Gas Oil Hydrotreater Unit at Panipat in the state of Haryana.

(Source: https://in.marketscreener.com/quote/stock/TOYO-ENGINEERING-CORPORAT-6492156/news/TOYO-Awarded-Refinery-Plant-Project-in-India-Panipat-41252635/)

Top Companies Market Share in Vacuum Gas Oil VGO Industry: (In no particular order of Rank)

• LUKOIL
• TAIF-NK
• KazMunayGas
• Axeon Specialty Products
• Neste
• Vertex Refining
• Honeywell UOP
• Gazprom Neft
• Kuwait Petroleum Corporation
• Zhejiang Petrochemical Corporation
• US Oil & Refining Co.
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Vacuum Gas Oil (VGO) Market

Which Region Dominates the Vacuum Gas Oil (VGO) Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America emerged as the dominant region in the vacuum gas oil (VGO) market due to growing demand for refined petroleum products, advancements in refining technologies, and fluctuations in crude oil prices. Additionally, regulatory changes and environmental concerns shape market dynamics. These drivers converge to influence supply, demand, and pricing trends in the North American vacuum gas oil (VGO) market, impacting stakeholders across the energy sector.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the vacuum gas oil (VGO) market due to the increasing need for refined petroleum products, particularly diesel and gasoline, coupled with growing investments in refinery capacity expansion and upgrades. Factors such as industrialization, urbanization, and economic growth are key drivers shaping the vacuum gas oil (VGO) market dynamics in the region.

The current report Scope analyzes Vacuum Gas Oil VGO Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Vacuum Gas Oil VGO

According to Cognitive Market Research, the global vacuum gas oil (VGO) market size was estimated at USD 360251.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 144100.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031. In North America, the vacuum gas oil (VGO) market exhibits due to increasing demand for petrochemicals, refining capacity expansions, and technological advancements in vacuum gas oil (VGO) processing. Environmental regulations and fluctuations in crude oil prices also significantly impact market dynamics, shaping supply and demand trends. Moreover, the market is driven by increasing demand from the petrochemical industry, refining capacity, and environmental regulations. The growing innovation in vacuum gas oil (VGO) processing technologies is shaping market dynamics and investment strategies in the energy sector. In conclusion, North America presents a lucrative market opportunity for vacuum gas oil (VGO) due to the growing need for sulfur reduction.

• According to Cognitive Market Research, the US had a major share in the vacuum gas oil (VGO) market, with a market size of USD 113695.28 million in 2024. The market is projected to grow at a CAGR of 4.0% during the forecast period. The demand is amplified by the nation's advancement in vacuum gas oil (VGO) equipment to fulfill the growing oil consumption across the region.
• The Canadian vacuum gas oil (VGO) market had a market share of USD 17292.06 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Introduction of innovative technology applications by Canadian companies.
• The Mexico vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 13113.14 million in 2024.

Europe Vacuum Gas Oil VGO

According to Cognitive Market Research, the global vacuum gas oil (VGO) market size was estimated at USD 360251.2 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 108075.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031. In Europe, the market is driven by the region's technological advancements in refining, as well as fluctuations in crude oil prices. Environmental mandates shape demand for cleaner fuels, while innovations in refining processes impact supply dynamics, all amid price volatility affecting market trends. Moreover, the market is driven by increasing feedstock for diesel and gasoline production. Market demand for VGO is driven by transportation needs, industrial usage, and energy consumption, shaping global refining dynamics and fuel availability. In conclusion, Europe represents a lucrative market for vacuum gas oil (VGO) manufacturers, driven by the increase in investment in research and development.

• The United Kingdom's vacuum gas oil (VGO) market had a market share of USD 18156.66 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. Vacuum gas oil (VGO) sales in the UK are witnessing an upswing due to the nation's technological innovation and increasing consumer demand.
• The France vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 3.7% during the forecast period with a market size of USD 9942.93 million in 2024.
• According to Cognitive Market Research, the German vacuum gas oil (VGO) market size was valued at USD 21398.92 million in 2024 and is projected to grow at a CAGR of 4.7% during the forecast period. In Germany, vacuum gas oil (VGO) surged due to the presence of major market players.
• The Italian vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 9294.48 million in 2024.
• The Russia vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 16751.68 million in 2024.
• The Spanish vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 3.6% during the forecast period, with a market size of USD 8862.18 million in 2024.
• The Luxembourg vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 4.6% during the forecast period, with a market size of USD 3350.34 million in 2024.
• The Portugal vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 4.3% during the forecast period, with a market size of USD 2269.58 million in 2024.
• The Greece vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 1296.90 million in 2024.
• Rest of Europe's vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 16751.68 million in 2024.

Asia Pacific Vacuum Gas Oil VGO

According to Cognitive Market Research, the global vacuum gas oil (VGO) market size was estimated at USD 360251.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 82857.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031. In the Asia Pacific region, the Vacuum Gas Oil (VGO) market exhibits robust growth prospects driven by increasing demand for refined petroleum products like diesel and gasoline. Economic growth, industrial expansion, and rising transportation needs are key drivers. Additionally, supply chain disruptions and global energy policies influence prices and drive market expansion. Growth drivers encompass rising energy consumption, technological advancements, and evolving environmental regulations, shaping the LVGO and VGO market trajectories. In conclusion, the Asia Pacific region presents immense expansion opportunities owing to technological advancements in refining processes and infrastructure development.

• According to Cognitive Market Research, the China vacuum gas oil (VGO) market size was valued at USD 37286.00 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. Vacuum gas oil (VGO) sales surged in China due to the nation's technological advancements.
• The Japan vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 11434.37 million in 2024.
• The Indian vacuum gas oil (VGO) market had a market share of USD 9942.93 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period. India has a presence of emerging and leading firms.
• The South Korean vacuum gas oil (VGO) market is projected to grow at a CAGR of 7.1% during the forecast period, reaching a market size of USD 8285.78 million in 2024.
• The Australia vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 7.7% during the forecast period with a market size of USD 4308.60 million in 2024.
• The South East Asia vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 5717.19 million in 2024.
• The Rest of Asia Pacific vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 5882.90 million in 2024.

South America Vacuum Gas Oil VGO

According to Cognitive Market Research, the global vacuum gas oil (VGO) market size was estimated at USD 360251.2 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 18012.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. In Latin America, the vacuum gas oil (VGO) market showcases promising growth prospects driven by the region's burgeoning industrialization, coupled with increased demand for transportation fuels. Additionally, infrastructure developments and strategic investments in refining capacities amplify Latin America's significance in the global energy landscape. Segmentation analysis reveals a high sulfur vacuum gas oil (VGO) market sees demand due to its use in refining processes to produce gasoline and diesel. Environmental regulations pushing for cleaner fuels drive the market toward low-sulfur VGO. Refinery capacity, global energy demands, and regulatory shifts toward cleaner energy sources influence market dynamics. In conclusion, Latin America presents significant growth opportunities driven by rising urbanization and infrastructure development.

• According to Cognitive Market Research, the Brazil vacuum gas oil (VGO) market size was valued at USD 7709.38 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Vacuum gas oil (VGO) sales flourish in Brazil due to the nation's increasing demand for gasoline and the rapidly expanding automotive industry.
• The Argentina vacuum gas oil (VGO) market had a market share of USD 3026.11 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. Argentina's government initiatives to boost oil and gas production.
• The Colombia vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 1603.12 million in 2024.
• The Peru vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 1477.03 million in 2024.
• The Chile vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 1296.90 million in 2024.
• The Rest of Latin America vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 2900.02 million in 2024.

Middle East Vacuum Gas Oil VGO

According to Cognitive Market Research, the global vacuum gas oil (VGO) market size was estimated at USD 360251.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 7205.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031. The MEA vacuum gas oil (VGO) market showcases promising growth prospects driven by the region's growing energy demand, coupled with investments in renewable energy projects and grid modernization initiatives, stimulates the need for reliable and efficient transmission infrastructure to meet evolving electricity needs. Segmentation analysis reveals a growing demand for reliable power transmission grows globally, driven by urbanization, industrialization, and renewable energy integration, the distribution control panel market expands to meet the need for advanced control and monitoring systems in transmission networks. In conclusion, MEA presents significant growth opportunities for the vacuum gas oil (VGO) market due to technological advancements.

• The GCC Countries' vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 3083.75 million in 2024. Vacuum Gas Oil (VGO) sales flourish due to the region's increasing adoption of innovative and advancing technologies.
• The Egypt vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 756.53 million in 2024.
• The South African vacuum gas oil (VGO) market is projected to grow at a CAGR of 6.7% during the forecast period, reaching a market size of USD 1138.39 million in 2024. The region's rising awareness regarding energy efficiency and sustainability.
• The Turkey vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 619.63 million in 2024.
• The Nigeria vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 756.53 million in 2024.
• The Rest of MEA vacuum gas oil (VGO) market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 850.19 million in 2024.

Vacuum Gas Oil VGO Market Analysis

Vacuum Gas Oil (VGO) Market Type Segment Analysis

According to Cognitive Market Research, light vacuum gas oil stands out as the dominating category due to industrial growth and energy requirements. Market dynamics are shaped by refining capability, transportation infrastructure, and global oil directions. Environmental laws and technological improvements remain pivotal drivers, steering the direction of light vacuum gas oil (LVGO) and vacuum gas oil (VGO) markets.

Heavy vacuum gas oil emerged as the fastest-growing category in the vacuum gas oil (VGO) market due to growing demand from industries like petrochemicals and transportation. As the global requirement for cleaner fuels grows, vacuum gas oil (VGO) gains traction due to its versatility in refining procedures. Market dynamics, regulatory modifications, and energy transitions are key drivers shaping this sector.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Vacuum Gas Oil VGO Industry. Request a Free Sample PDF!

Vacuum Gas Oil (VGO) Market Sulphur Content Segment Analysis

According to Cognitive Market Research, the high-sulfur VGO category held the major market share due to the increasing need for fuel blending and refining procedures. Refineries seek high sulfur VGO for sulfur reduction, while vacuum gas oil (VGO) operates as a critical feedstock for numerous downstream procedures, reflecting a dynamic energy landscape.

The fastest-growing category in the vacuum gas oil (VGO) market is low-sulfur VGO due to strict environmental regulations requiring cleaner fuels. As industries seek to decrease sulfur emissions, low-sulfur VGO emerges as a key participant. Its compatibility with refining techniques and market needs position it as a strategic element in fuel production.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Vacuum Gas Oil VGO Application Segment Analysis

According to Cognitive Market Research, the diesel oil/kerosene production category held the major market share due to the industrial and transportation demands. Vacuum gas oil (VGO) market thrives due to its versatility in fuel and petrochemical sectors. Growing urbanization, industrial expansion, and transportation reliance are key drivers propelling these markets, underlining their significance in global energy ecosystems.

The fastest-growing category in the vacuum gas oil (VGO) market is gasoline production. Vacuum gas oil (VGO) market demand fluctuates, driven by factors like global energy consumption, refining capacity, and environmental regulations. Its versatility in producing gasoline, diesel, and petrochemicals makes VGO a pivotal driver in the energy market's dynamics.

• Gasoline Production
• Diesel Oil/Kerosene Production
• Others

Author's Detail

Manoj Phagare

Senior Research Analyst at Cognitive Market Research

LinkedIn

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• Worked on several market, industry & business research projects, on various models such as Syndicated, Custom, Subscriptions and Consults
• Proficient in secondary research and familiar with all paid research databases
• Proficient in primary research and handling client queries through mails and calls
• Expertise in statistical techniques used in data forecasting, possess strong grip on all aspects of market engineering & data analysis
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Author's Conclusion