Energy & Environment Industry Today

Vietnam Vacuum Gas Oil Market to Witness 5.30% CAGR until 2032

Vacuum gas oil (VGO) is a crucial intermediate product in the petroleum refining process, primarily obtained through vacuum distillation of crude oil.
Published 29 April 2024

Vietnam Vacuum Gas Oil Market Overview 2024-2032

The latest report by IMARC Group, titled “Vietnam Vacuum Gas Oil Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the Vietnam vacuum gas oil market growth. The market size is projected to exhibit a growth rate (CAGR) of 5.30% during 2024-2032.

Vacuum gas oil (VGO) is a crucial intermediate product in the petroleum refining process, primarily obtained through vacuum distillation of crude oil. The refining method involves heating crude oil in a vacuum to separate it into various components based on their boiling points. It falls within the range of hydrocarbons heavier than diesel and lighter than residual fuel oil. Its composition consists of complex hydrocarbon molecules, including paraffins, aromatics, and naphthene’s.

Additionally, VGO can undergo further processing in various refinery units to yield valuable end products such as gasoline, diesel fuel, and aviation fuel due to their intermediate nature. Its versatility and importance lie in its ability to be converted into higher-value products through processes such as catalytic cracking, hydrocracking, and coking. At present, VGO also serves as a feedstock for petrochemical production, contributing to the manufacture of plastics, lubricants, and other chemical products.

Vietnam Vacuum Gas Oil Market Trends and Drivers:

The Vietnam vacuum gas oil (VGO) market is primarily driven by increasing industrialization and economic development. It has led to rising demand for petroleum products, including VGO, which is a crucial feedstock for various industries such as petrochemicals, refining, and power generation. Additionally, Vietnam's strategic geographical location in Southeast Asia has positioned it as a significant player in the regional oil and gas market, attracting investments and fostering partnerships with international oil companies.

Moreover, the government initiatives to modernize and expand its refining capacity have propelled the demand for VGO, as it is utilized in the production of high-value products such as gasoline and diesel. Furthermore, the growing transportation sector, coupled with rising consumer spending power, has increased the need for refined petroleum products, further driving the demand for VGO. Besides this, the country’s efforts to diversify its energy sources and reduce dependency on imports have spurred investments in domestic refining infrastructure, creating opportunities for growth in the VGO market. Apart from this, the global transition toward cleaner fuels prompted refiners to upgrade their facilities to produce low-Sulphur fuels which propel the demand for VGO in the production of such fuels.

For an in-depth analysis, you can refer sample copy of the report:

Vietnam Vacuum Gas Oil Market 2024-2032 Analysis and Segmentation:

The report segmented the market on the basis of region, type, sulfur content, and application.

Type Insights:

  • Heavy Vacuum Gas Oil
  • Light Vacuum Gas Oil

Sulfur Content Insights:

  • Low Sulfur VGO
  • High Sulfur VGO
  • Application Insights:
  • Gasoline Production
  • Diesel Oil/Kerosene Production
  • Others

Regional Insights:

  • Northern Vietnam
  • Central Vietnam
  • Southern Vietnam

Key highlights of the report:

  • Market Performance (2018-2023)
  • Market Outlook (2024- 2032)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Ask analyst for your customized sample:

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