The hydrotreated vegetable oil market value is expected to rise from USD 21.2 billion in 2024 to USD 70.0 billion by 2034. This market is analyzed to surge ahead at a CAGR of 12.70% over the next decade.
Surging demand for HVO, also known as ‘green biodiesel’ is achieving new milestones due to its environment-friendly characteristics. The use of hydrotreated vegetable oil is increasing in the blended or pure form in diesel engines as a substitute to traditional fuels like kerosene, gasoline, and diesel.
Key players are rushing to gain a foothold in this market due to the immense popularity of HVO fueled by stringent environmental laws. As a result, players are aspiring to increase their eco-friendly product portfolio.
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The deployment of hydrotreated vegetable oil (HVO) to back power generation is attaining a foothold in developed countries like the United States, United Kingdom, etc. HVO fuel is extensively employed by utilities to distribute energy around the clock during public safety power cutoffs. Companies in these regions are actively using renewable fuels like HVO to switch to a lower-carbon future.
In Asian countries like South Korea, Japan, and Australia, production of HVO is expected to reduce dependence on oil imports. Additionally, this fuel is expected to be a core source of revenue generation.
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.
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Market Segmentation of Hydrotreated Vegetable Oil
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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