The hydrotreated vegetable oil market is projected to grow from USD 21.2 billion in 2024 to USD 70.0 billion by 2034, achieving a robust CAGR of 12.7% over the next decade.
The surging demand for hydrotreated vegetable oil (HVO), also known as ‘green biodiesel,’ is achieving new milestones due to its environmentally friendly characteristics. HVO is increasingly used as a substitute for traditional fuels such as kerosene, gasoline, and diesel, either in blended or pure forms, within diesel engines.
Driven by stringent environmental regulations, key players are competing to establish a strong presence in the HVO market and expand their eco-friendly product portfolios.
In developed countries like the United States and the United Kingdom, HVO is gaining traction in power generation, especially for utilities providing continuous energy supply during public safety power outages. Companies in these regions are transitioning to renewable fuels like HVO to support a lower-carbon future.
In Asia, countries such as South Korea, Japan, and Australia are focusing on HVO production to reduce dependence on oil imports and generate substantial revenue.
Key Takeaways from the Hydrotreated Vegetable Oil Market Report
- The hydrotreated vegetable oil market had acquired a remuneration of US$ 18.3 billion by 2023. During the historical period, the market grew at a CAGR of 16.2%.
- Based on type, the pure HVO is a leading segment, expanding at a CAGR of 12.5% over the forecast period.
- By application, the transportation segment has attained a share of 43% in 2023.
- The United States hydrotreated vegetable oil market, by the end of 2034, is expected to account for US$ 12.5 billion by the end of the forecast timeframe. The market is projected to expand at a 13% CAGR in the next ten years.
- Based on the growth rate, the market in South Korea is expected to expand at a stupendous rate of 15% over the projected period.
- On the basis of value, China’s hydrotreated vegetable oil industry is projected to attain US$ 11 billion.
News Coverage of Hydrotreated Vegetable Oil Market
- In August 2023, ACCIONA introduced a unique initiative for the Fargo-Moorhead flood diversion plan in the United States. It is the first time that the firm is using renewable biofuels produced from hydrotreated vegetable waste oil to support the heavy machinery used for civil works. This project is executed by the Fargo-Moorhead project combined with North American Construction Group and Shikun & Binui USA.
- In September 2021, mega-corporations of South Korea like Dansuk Industrial and LG Chem planned to make a joint investment to launch a sustainable aviation fuel (SAF) and hydrotreated vegetable oil (HVO) plant at the Daeson location.
- In September 2023, Italy-based Eni Sustainable Mobility (SM), and South Korea based LG Chem Ltd. tentatively agreed to construct a production plant of hydrotreated vegetable oil in South Korea.
Key players in the Hydrotreated Vegetable Oil Industry
- Neste
- Valero Energy
- Repsol
- UPM Biofuels
- Preem
- REG
- Total
- Cepsa
- Eni
- World Energy
- Others
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Market Segmentation
Based on Type, the Industry is Bifurcated into:
- Pure HVO
- Co-Processing
Different Applications for Renewable Diesel are as Follows:
- Transportation
- Industrial Power Generators
- Others
Different Regional Markets are as Follows:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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