HVO Fuel Market Set to Reach $61.01 Billion by 2030, Driven by Rising Demand for Sustainable Energy Solutions

Los Angeles, United State: QY Research recently published a research report titled, "Global HVO Fuel Market Research Report 2025". The research report is collated on the basis of historic and forecast data derived by using primary and secondary methodologies by researchers. The Global HVO Fuel Market is one of the fastest-growing markets and is expected to witness substantial growth in the forecast years. Readers are provided easy access to thorough analysis on the various aspects such as opportunities and restraints affecting the market. The HVO Fuel report clearly explains the trajectory this market will take in the forecast years 2025-2031.

The HVO Fuel research report has presented an analysis of various factors influencing the market's current growth. Drivers, restraints, and trends are elaborated to understand their positive or negative effects. This section is aimed at providing readers with a thorough information about the potential scope of various applications and segments. These estimates are based on the current trends and historic milestones.

According to the new market research report "HVO Fuel- Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031", published by QYResearch, the global HVO Fuel market size is projected to reach USD 61.01 billion by 2030, at a CAGR of 19.3% during the forecast period.

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According to QYResearch Top Players Research Center, the global key manufacturers of HVO Fuel include Neste, Diamond Green Diesel, Renewable Energy Group, TotalEnergies, Eni, Preem, BP, Cepsa, Repsol, Beijing Haixin Energy Technology, etc. In 2023, the global top five players had a share approximately 63.0% in terms of revenue.

Market Drivers:

Global energy transformation drives demand

As governments around the world strive to achieve carbon neutrality goals, the demand for clean energy is rising rapidly. As a low-carbon and sustainable alternative to diesel, HVO caters to this trend and provides a broad market space for it in the fields of transportation, industry and power generation.

Policy support and regulatory incentives

Regions such as the EU and the United States have introduced strict carbon emission regulations and renewable energy quota systems (such as the RED II directive and the LCFS standard), which have encouraged the production and use of HVO fuel. These policies provide stable legal and market support for the development of the industry.

Green demand from automakers

More and more automakers are developing and promoting vehicles suitable for using HVO fuel. HVO's plug-and-play characteristics make it an ideal choice for reducing carbon emissions during the transition period, especially in the field of heavy transportation.

Waste recycling and resource diversification

HVO can be produced using raw materials such as waste cooking oil, animal fats and non-edible vegetable oils, which promotes the recycling of waste and the enhancement of resource value, and is in line with the concept of circular economy.

Emission reduction needs and increased public awareness

The threat of climate change has prompted governments, businesses and consumers to increase their demand for low-carbon fuels. HVO fuel has significant carbon emission reduction capabilities during its life cycle, meeting emission reduction needs and winning the favor of consumers.

Restraint:

Fluctuating raw material supply

HVO production relies on raw materials such as vegetable oil, waste cooking oil and animal fat. The supply of these raw materials may be affected by climate change, fluctuations in crop yields and policy restrictions, resulting in fluctuations in production costs or raw material shortages, which in turn affects the stable supply of HVO fuel.

Intensified market competition

As the biofuel market continues to expand, HVO faces competition from other types of biofuels such as FAME (fatty acid methyl esters), synthetic diesel, etc. The continuous improvement of production technology for these alternative fuels may compress HVO's market share, especially in price-sensitive markets.

High production costs

Despite its obvious environmental advantages, HVO's production cost is still higher than traditional petroleum diesel, especially when raw material prices rise. High production costs may limit its popularity in price-sensitive markets, and stronger government subsidies or market incentives may be required to maintain competitiveness.

Delayed infrastructure construction

Although HVO is compatible with existing diesel engines, there is a lack of sufficient infrastructure to support the large-scale distribution and use of HVO worldwide, especially in developing countries. The delay in the construction of gas stations, storage facilities and transportation networks may limit the market penetration of HVO.

Technology maturity and market acceptance

As a relatively new technology, HVO still faces challenges in production process and technology maturity. Although HVO has good performance, there may still be certain obstacles for consumers, car owners and transportation companies to accept new fuels, especially in terms of market education and promotion.

Opportunity:

Renewable energy policy support

Many countries and regions have introduced policies and subsidies to support renewable fuels. For example, the EU's Renewable Energy Directive (RED II) has promoted the use of HVO in the transportation industry, while providing tax incentives, incentives, etc. The policy support provided by various countries to encourage the use of HVO will further accelerate its development.

Application in the transportation industry

HVO fuel can directly replace traditional diesel without large-scale modifications to existing engines, so it has wide application potential in the transportation industry. Especially in the fields of heavy trucks, public transportation, ships and industrial machinery, the substitution effect of HVO fuel is more obvious. As the global transportation industry gradually phases out traditional fuels, the market demand for HVO fuel will continue to increase.

Improve energy security

The production of HVO fuel relies on raw materials such as vegetable oil and waste grease, which are relatively abundant and can be provided through sustainable recycling of agricultural and industrial waste. Therefore, HVO fuel helps to reduce dependence on oil, improve energy self-supply capacity, and enhance energy security.

Promote circular economy

During the production of HVO fuel, waste grease (such as restaurant waste oil, animal fat, etc.) is recycled and reused, which promotes the recycling of resources. This not only meets environmental protection requirements, but also provides a new path for waste disposal and promotes the development of the circular economy.

Segment Analysis

The HVO Fuel research report briefs on segments such as product type and end users. The product type segment gives an understanding about various products available in the market. It also gives information on what is the scope and potential of each product. Also, the segment presents an elaborate information on end users. Understanding end users is of utmost importance as it aids in identifying marketable areas.

Details of HVO Fuel Market Segmentation: -

Segment by Type:

From Stand-Alone Biorefineries
From Co-Processing Plants

Segment by Application:

Automotive Fuels
Marine Fuel
Industrial Fuels
Others

Regional Analysis

The HVO Fuel research report studies the contribution of various regions in the market by understanding their political, technological, social, environmental, and economical status. Analysts have included data pertaining to every region, its manufacturers, production, and revenue. The regions studied in the market includes North America, Europe, Asia Pacific, South and Central America, South Asia, the Middle and Africa, South Korea, and others. This section is focuses on helping the reader analyse the potential of each region for making sound investments.

Segment by Region:

North America
Europe
Asia Pacific
South America
Middle East and Africa

Competitive Landscape

This section of the HVO Fuel Market report offers a thorough and comprehensive information about the various manufacturers in the market. The major manufacturers covered in the report hold significant share that demands a microscopic look. It provides vital information about various strategies implemented by these manufacturers to combat competition and expand their footprint in the market. It also surveys the current trends adopted by the manufacturers to innovate their product for the future. This HVO Fuel report is structured in such a way so as to help the reader understand the market and make business decisions accordingly.

Key Manufacturers Operating in the Global HVO Fuel Market are:

Neste
Diamond Green Diesel
Renewable Energy Group
UPM Biofuels
Eni
World Energy
TotalEnergies
Preem
Repsol
Cepsa
NextChem(Maire Tecnimont)
Axens
BP
Certas Energy
EcoCeres
Haixin Energy Technology
Junheng Industrial Group Biotechnology
Linyi Huibang Electronic Technology

The report can be used by players, stakeholders, and investors since it caters to all of them in a unique fashion. It offers special analysis on various competitive scenarios to help players to better compete in the global HVO Fuel market. In the competitive analysis section, it provides a detailed list of important mergers and acquisitions, collaborations, and partnerships that key players have signed when operating in the global HVO Fuel market. In the concluding part of the report, the analysts have provided powerful recommendations and suggestions to help players to ensure healthy growth in the global HVO Fuel market.

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Table of Contents

1 Market Overview
1.1 HVO Fuel Product Introduction
1.2 Global HVO Fuel Market Size Forecast
1.2.1 Global HVO Fuel Sales Value (2020-2031)
1.2.2 Global HVO Fuel Sales Volume (2020-2031)
1.2.3 Global HVO Fuel Sales Price (2020-2031)
1.3 HVO Fuel Market Trends & Drivers
1.3.1 HVO Fuel Industry Trends
1.3.2 HVO Fuel Market Drivers & Opportunity
1.3.3 HVO Fuel Market Challenges
1.3.4 HVO Fuel Market Restraints
1.4 Assumptions and Limitations
1.5 Study Objectives
1.6 Years Considered

2 Competitive Analysis by Company
2.1 Global HVO Fuel Players Revenue Ranking (2024)
2.2 Global HVO Fuel Revenue by Company (2020-2025)
2.3 Global HVO Fuel Players Sales Volume Ranking (2024)
2.4 Global HVO Fuel Sales Volume by Company Players (2020-2025)
2.5 Global HVO Fuel Average Price by Company (2020-2025)
2.6 Key Manufacturers HVO Fuel Manufacturing Base and Headquarters
2.7 Key Manufacturers HVO Fuel Product Offered
2.8 Key Manufacturers Time to Begin Mass Production of HVO Fuel
2.9 HVO Fuel Market Competitive Analysis
2.9.1 HVO Fuel Market Concentration Rate (2020-2025)
2.9.2 Global 5 and 10 Largest Manufacturers by HVO Fuel Revenue in 2024
2.9.3 Global Top Manufacturers by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in HVO Fuel as of 2024)
2.10 Mergers & Acquisitions, Expansion

3 Segmentation by Type
3.1 Introduction by Type
3.1.1 From Stand-Alone Biorefineries
3.1.2 From Co-Processing Plants
3.2 Global HVO Fuel Sales Value by Type
3.2.1 Global HVO Fuel Sales Value by Type (2020 VS 2024 VS 2031)
3.2.2 Global HVO Fuel Sales Value, by Type (2020-2031)
3.2.3 Global HVO Fuel Sales Value, by Type (%) (2020-2031)
3.3 Global HVO Fuel Sales Volume by Type
3.3.1 Global HVO Fuel Sales Volume by Type (2020 VS 2024 VS 2031)
3.3.2 Global HVO Fuel Sales Volume, by Type (2020-2031)
3.3.3 Global HVO Fuel Sales Volume, by Type (%) (2020-2031)
3.4 Global HVO Fuel Average Price by Type (2020-2031)

4 Segmentation by Application
4.1 Introduction by Application
4.1.1 Automotive Fuels
4.1.2 Marine Fuel
4.1.3 Industrial Fuels
4.1.4 Others
4.2 Global HVO Fuel Sales Value by Application
4.2.1 Global HVO Fuel Sales Value by Application (2020 VS 2024 VS 2031)
4.2.2 Global HVO Fuel Sales Value, by Application (2020-2031)
4.2.3 Global HVO Fuel Sales Value, by Application (%) (2020-2031)
4.3 Global HVO Fuel Sales Volume by Application
4.3.1 Global HVO Fuel Sales Volume by Application (2020 VS 2024 VS 2031)
4.3.2 Global HVO Fuel Sales Volume, by Application (2020-2031)
4.3.3 Global HVO Fuel Sales Volume, by Application (%) (2020-2031)
4.4 Global HVO Fuel Average Price by Application (2020-2031)

5 Segmentation by Region
5.1 Global HVO Fuel Sales Value by Region
5.1.1 Global HVO Fuel Sales Value by Region: 2020 VS 2024 VS 2031
5.1.2 Global HVO Fuel Sales Value by Region (2020-2025)
5.1.3 Global HVO Fuel Sales Value by Region (2026-2031)
5.1.4 Global HVO Fuel Sales Value by Region (%), (2020-2031)
5.2 Global HVO Fuel Sales Volume by Region
5.2.1 Global HVO Fuel Sales Volume by Region: 2020 VS 2024 VS 2031
5.2.2 Global HVO Fuel Sales Volume by Region (2020-2025)
5.2.3 Global HVO Fuel Sales Volume by Region (2026-2031)
5.2.4 Global HVO Fuel Sales Volume by Region (%), (2020-2031)
5.3 Global HVO Fuel Average Price by Region (2020-2031)
5.4 North America
5.4.1 North America HVO Fuel Sales Value, 2020-2031
5.4.2 North America HVO Fuel Sales Value by Country (%), 2024 VS 2031
5.5 Europe
5.5.1 Europe HVO Fuel Sales Value, 2020-2031
5.5.2 Europe HVO Fuel Sales Value by Country (%), 2024 VS 2031
5.6 Asia Pacific
5.6.1 Asia Pacific HVO Fuel Sales Value, 2020-2031
5.6.2 Asia Pacific HVO Fuel Sales Value by Region (%), 2024 VS 2031
5.7 South America
5.7.1 South America HVO Fuel Sales Value, 2020-2031
5.7.2 South America HVO Fuel Sales Value by Country (%), 2024 VS 2031
5.8 Middle East & Africa
5.8.1 Middle East & Africa HVO Fuel Sales Value, 2020-2031
5.8.2 Middle East & Africa HVO Fuel Sales Value by Country (%), 2024 VS 2031

6 Segmentation by Key Countries/Regions
6.1 Key Countries/Regions HVO Fuel Sales Value Growth Trends, 2020 VS 2024 VS 2031
6.2 Key Countries/Regions HVO Fuel Sales Value
6.2.1 Key Countries/Regions HVO Fuel Sales Value, 2020-2031
6.2.2 Key Countries/Regions HVO Fuel Sales Volume, 2020-2031
6.3 United States
6.3.1 United States HVO Fuel Sales Value, 2020-2031
6.3.2 United States HVO Fuel Sales Value by Type (%), 2024 VS 2031
6.3.3 United States HVO Fuel Sales Value by Application, 2024 VS 2031
6.4 Europe
6.4.1 Europe HVO Fuel Sales Value, 2020-2031
6.4.2 Europe HVO Fuel Sales Value by Type (%), 2024 VS 2031
6.4.3 Europe HVO Fuel Sales Value by Application, 2024 VS 2031
6.5 China
6.5.1 China HVO Fuel Sales Value, 2020-2031
6.5.2 China HVO Fuel Sales Value by Type (%), 2024 VS 2031
6.5.3 China HVO Fuel Sales Value by Application, 2024 VS 2031
6.6 Japan
6.6.1 Japan HVO Fuel Sales Value, 2020-2031
6.6.2 Japan HVO Fuel Sales Value by Type (%), 2024 VS 2031
6.6.3 Japan HVO Fuel Sales Value by Application, 2024 VS 2031
6.7 South Korea
6.7.1 South Korea HVO Fuel Sales Value, 2020-2031
6.7.2 South Korea HVO Fuel Sales Value by Type (%), 2024 VS 2031
6.7.3 South Korea HVO Fuel Sales Value by Application, 2024 VS 2031
6.8 Southeast Asia
6.8.1 Southeast Asia HVO Fuel Sales Value, 2020-2031
6.8.2 Southeast Asia HVO Fuel Sales Value by Type (%), 2024 VS 2031
6.8.3 Southeast Asia HVO Fuel Sales Value by Application, 2024 VS 2031
6.9 India
6.9.1 India HVO Fuel Sales Value, 2020-2031
6.9.2 India HVO Fuel Sales Value by Type (%), 2024 VS 2031
6.9.3 India HVO Fuel Sales Value by Application, 2024 VS 2031

7 Company Profiles
7.1 Neste
7.1.1 Neste Company Information
7.1.2 Neste Introduction and Business Overview
7.1.3 Neste HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.1.4 Neste HVO Fuel Product Offerings
7.1.5 Neste Recent Development
7.2 Diamond Green Diesel
7.2.1 Diamond Green Diesel Company Information
7.2.2 Diamond Green Diesel Introduction and Business Overview
7.2.3 Diamond Green Diesel HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.2.4 Diamond Green Diesel HVO Fuel Product Offerings
7.2.5 Diamond Green Diesel Recent Development
7.3 Renewable Energy Group
7.3.1 Renewable Energy Group Company Information
7.3.2 Renewable Energy Group Introduction and Business Overview
7.3.3 Renewable Energy Group HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.3.4 Renewable Energy Group HVO Fuel Product Offerings
7.3.5 Renewable Energy Group Recent Development
7.4 UPM Biofuels
7.4.1 UPM Biofuels Company Information
7.4.2 UPM Biofuels Introduction and Business Overview
7.4.3 UPM Biofuels HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.4.4 UPM Biofuels HVO Fuel Product Offerings
7.4.5 UPM Biofuels Recent Development
7.5 Eni
7.5.1 Eni Company Information
7.5.2 Eni Introduction and Business Overview
7.5.3 Eni HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.5.4 Eni HVO Fuel Product Offerings
7.5.5 Eni Recent Development
7.6 World Energy
7.6.1 World Energy Company Information
7.6.2 World Energy Introduction and Business Overview
7.6.3 World Energy HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.6.4 World Energy HVO Fuel Product Offerings
7.6.5 World Energy Recent Development
7.7 TotalEnergies
7.7.1 TotalEnergies Company Information
7.7.2 TotalEnergies Introduction and Business Overview
7.7.3 TotalEnergies HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.7.4 TotalEnergies HVO Fuel Product Offerings
7.7.5 TotalEnergies Recent Development
7.8 Preem
7.8.1 Preem Company Information
7.8.2 Preem Introduction and Business Overview
7.8.3 Preem HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.8.4 Preem HVO Fuel Product Offerings
7.8.5 Preem Recent Development
7.9 Repsol
7.9.1 Repsol Company Information
7.9.2 Repsol Introduction and Business Overview
7.9.3 Repsol HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.9.4 Repsol HVO Fuel Product Offerings
7.9.5 Repsol Recent Development
7.10 Cepsa
7.10.1 Cepsa Company Information
7.10.2 Cepsa Introduction and Business Overview
7.10.3 Cepsa HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.10.4 Cepsa HVO Fuel Product Offerings
7.10.5 Cepsa Recent Development
7.11 NextChem(Maire Tecnimont)
7.11.1 NextChem(Maire Tecnimont) Company Information
7.11.2 NextChem(Maire Tecnimont) Introduction and Business Overview
7.11.3 NextChem(Maire Tecnimont) HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.11.4 NextChem(Maire Tecnimont) HVO Fuel Product Offerings
7.11.5 NextChem(Maire Tecnimont) Recent Development
7.12 Axens
7.12.1 Axens Company Information
7.12.2 Axens Introduction and Business Overview
7.12.3 Axens HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.12.4 Axens HVO Fuel Product Offerings
7.12.5 Axens Recent Development
7.13 BP
7.13.1 BP Company Information
7.13.2 BP Introduction and Business Overview
7.13.3 BP HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.13.4 BP HVO Fuel Product Offerings
7.13.5 BP Recent Development
7.14 Certas Energy
7.14.1 Certas Energy Company Information
7.14.2 Certas Energy Introduction and Business Overview
7.14.3 Certas Energy HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.14.4 Certas Energy HVO Fuel Product Offerings
7.14.5 Certas Energy Recent Development
7.15 EcoCeres
7.15.1 EcoCeres Company Information
7.15.2 EcoCeres Introduction and Business Overview
7.15.3 EcoCeres HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.15.4 EcoCeres HVO Fuel Product Offerings
7.15.5 EcoCeres Recent Development
7.16 Haixin Energy Technology
7.16.1 Haixin Energy Technology Company Information
7.16.2 Haixin Energy Technology Introduction and Business Overview
7.16.3 Haixin Energy Technology HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.16.4 Haixin Energy Technology HVO Fuel Product Offerings
7.16.5 Haixin Energy Technology Recent Development
7.17 Junheng Industrial Group Biotechnology
7.17.1 Junheng Industrial Group Biotechnology Company Information
7.17.2 Junheng Industrial Group Biotechnology Introduction and Business Overview
7.17.3 Junheng Industrial Group Biotechnology HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.17.4 Junheng Industrial Group Biotechnology HVO Fuel Product Offerings
7.17.5 Junheng Industrial Group Biotechnology Recent Development
7.18 Linyi Huibang Electronic Technology
7.18.1 Linyi Huibang Electronic Technology Company Information
7.18.2 Linyi Huibang Electronic Technology Introduction and Business Overview
7.18.3 Linyi Huibang Electronic Technology HVO Fuel Sales, Revenue, Price and Gross Margin (2020-2025)
7.18.4 Linyi Huibang Electronic Technology HVO Fuel Product Offerings
7.18.5 Linyi Huibang Electronic Technology Recent Development

8 Industry Chain Analysis
8.1 HVO Fuel Industrial Chain
8.2 HVO Fuel Upstream Analysis
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.2.3 Manufacturing Cost Structure
8.3 Midstream Analysis
8.4 Downstream Analysis (Customers Analysis)
8.5 Sales Model and Sales Channels
8.5.1 HVO Fuel Sales Model
8.5.2 Sales Channel
8.5.3 HVO Fuel Distributors

9 Research Findings and Conclusion

10 Appendix
10.1 Research Methodology
10.1.1 Methodology/Research Approach
10.1.1.1 Research Programs/Design
10.1.1.2 Market Size Estimation
10.1.1.3 Market Breakdown and Data Triangulation
10.1.2 Data Source
10.1.2.1 Secondary Sources
10.1.2.2 Primary Sources
10.2 Author Details
10.3 Disclaimer

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