Home > Chemicals & Materials > Biobased Chemicals > Biobased Chemical Feedstocks > Hydrotreated Vegetable Oil Market

Hydrotreated Vegetable Oil Market Trends

Report ID: GMI11238
Published Date: Sep 2024
Report Format: PDF

Download Free Sample

Hydrotreated Vegetable Oil Market Trends

The hydrotreated vegetable oil (HVO) market has evolved significantly in recent years. Currently, there is a growing focus on using HVO in various sectors beyond transportation, such as aviation and marine fuels, highlighting its versatility and sustainability benefits. In the past, HVO was used mainly in niche applications due to high production costs, but advancements in technology have gradually reduced these costs. Looking ahead, the market is expected to grow faster due to increasing regulatory pressures on carbon emissions and rising corporate investments in green technologies. This trend will likely expand HVO's application scope and enhance its market appeal.

Authors: Kiran Pulidindi , Manish Dhiman

Frequently Asked Questions (FAQ) :

Market size for hydrotreated vegetable oil was USD 24.2 billion in 2023 and is expected to register over 13.3% CAGR from 2024-2032 due to the rising use of HVO as a direct substitute for traditional diesel, capitalizing on its seamless compatibility with current engines and infrastructure worldwide.

Hydrotreated vegetable oil industry from the food and feed crops segment is expected to register 12.7% CAGR from 2024-2032 due to their widespread availability and suitability for large-scale production.

Europe industry held a major share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to rigorous environmental regulations and robust backing for renewable fuels in the region.

ALFA LAVAL, Cepsa, Desmet, DIAMOND GREEN DIESEL, Neste, Preem, Repsol, Shell, TotalEnergies, UPM Biofuels, Valero Energy, and World Energy, are some of the major hydrotreated vegetable oil companies worldwide.