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Global Hydrotreated Vegetable Oil Market Size, Growth, Industry Trends | Emergen Research
The global Hydrotreated Vegetable Oil (HVO) Market is projected to grow from USD 7.1 billion in 2024 to USD 14.5 billion by 2032, at a CAGR of 9.4% during the forecast period. This growth is primarily driven by the increasing demand for renewable fuels, rising environmental concerns, and stringent government regulations aimed at reducing carbon emissions. HVO, a type of renewable diesel made by hydro processing vegetable oils and animal fats, is gaining popularity due to its high performance, low emissions, and compatibility with existing diesel engines and infrastructure.As the world moves toward more sustainable energy sources, HVO has emerged as a cleaner alternative to traditional petroleum-based diesel. It is produced through the hydrogenation of vegetable oils, such as palm oil, soy oil, and rapeseed oil, which significantly reduces greenhouse gas emissions, particulate matter, and other harmful pollutants. Additionally, HVO is free from sulfur and aromatic compounds, making it more environmentally friendly than fossil-based fuels.
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Market Drivers:
Renewable Energy Transition: The global push toward reducing reliance on fossil fuels and transitioning to renewable energy sources is a key driver of the HVO market. Governments worldwide are incentivizing the production and use of renewable fuels through mandates, subsidies, and favorable policies, such as the Renewable Energy Directive (RED II) in the EU and the Renewable Fuel Standard (RFS) in the U.S.
Environmental Concerns: With increasing awareness of climate change and air pollution, there is a growing demand for cleaner fuels. HVO offers a sustainable alternative to conventional diesel, reducing carbon emissions, air pollution, and reliance on non-renewable resources. This makes it an attractive option for industries and consumers seeking to reduce their carbon footprints.
Compatibility with Existing Infrastructure: Unlike biodiesel, which can require engine modifications or the construction of new infrastructure, HVO is a drop-in fuel, meaning it can be used in existing diesel engines and infrastructure without any modifications. This ease of adoption is driving the growth of the HVO market, particularly in regions with established diesel infrastructure.
Biofuel Adoption: The demand for biofuels, including HVO, is growing rapidly due to the increasing use of renewable energy sources in the transportation sector. As countries and industries work toward meeting renewable energy and carbon neutrality targets, the adoption of biofuels is expected to rise, driving further growth in the HVO market.
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Market Challenges:
Despite its significant potential, the HVO market faces several challenges. The cost of producing HVO is relatively high compared to conventional diesel, which can limit its adoption in price-sensitive markets. The availability and cost of feedstocks, such as vegetable oils and animal fats, can also fluctuate, affecting production costs and supply chain stability.
Additionally, the competition from other renewable fuels, such as biodiesel and ethanol, presents a challenge to the growth of the HVO market. While HVO offers several advantages over biodiesel, the higher production costs and feedstock availability issues may limit its scalability compared to other biofuels.
Furthermore, concerns regarding the environmental impact of large-scale feedstock production, such as deforestation and land use change, need to be addressed to ensure the sustainability of HVO as a biofuel.
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Segment Insights:
Transportation: The transportation sector, particularly the trucking and heavy-duty vehicle segments, is the largest consumer of HVO. As more regions adopt stringent emissions standards for diesel vehicles, the demand for cleaner fuels like HVO is increasing. HVO's ability to be used as a drop-in fuel in existing diesel engines makes it an ideal solution for reducing emissions from the transportation industry.
Aviation: There is growing interest in the use of HVO in the aviation sector as part of the transition to sustainable aviation fuels (SAFs). HVO, when blended with other biofuels, can be used in jet engines, helping reduce aviation's carbon footprint. The aviation industry's increasing focus on sustainability is expected to drive the demand for HVO in the coming years.
Marine: The marine industry is also exploring HVO as a potential fuel source to reduce its carbon emissions. As maritime regulations become stricter in terms of sulfur content and carbon emissions, HVO presents an attractive alternative for the industry.
Industrial and Power Generation: HVO is being adopted in stationary power generation and industrial applications as a cleaner alternative to fossil fuels. Its use in generators, boilers, and other heavy machinery is contributing to reducing the carbon footprint of industries and power plants.
The HVO market is expected to continue growing, driven by the global transition to renewable energy, the need for sustainable fuels in multiple industries, and the environmental benefits offered by HVO as a drop-in replacement for conventional diesel.
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Key Companies in the Global Hydrotreated Vegetable Oil Market include:
Neste Corporation
TotalEnergies SE
REG (Renewable Energy Group)
Eni S.p.A.
Chevron Corporation
ExxonMobil Corporation
BP plc
Philips 66
Diamond Green Diesel
Kraton Polymers
Hydrotreated Vegetable Oil Market Latest Industry Updates:
In March 2024, Neste Corporation expanded its HVO production capacity at its refinery in Rotterdam, further strengthening its position in the global market and meeting growing demand for renewable diesel.
In September 2025, Chevron Corporation entered into a joint venture with a leading biofuel producer to increase the supply of HVO to the North American market, aiming to meet the rising demand for low-carbon fuel alternatives.
Hydrotreated Vegetable Oil Market Segmentation Analysis:
By Application (Revenue, USD Million; 2024-2032)
Transportation
Aviation
Marine
Industrial and Power Generation
Others
By Feedstock (Revenue, USD Million; 2024-2032)
Vegetable Oils
Animal Fats
Used Cooking Oils
Other Feedstocks
By Region (Revenue, USD Million; 2024-2032)
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Benelux
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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