Hydrotreated Vegetable Oil Market Key Players Analysis - Eni S.p.A., St1 Oy, Neste, Valero Energy Corporation, PT Pertamina.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Hydrotreated Vegetable Oil Market Size, Share & Trends Analysis Report By application (Renewable Diesel and Sustainable Aviation Fuel (SAF)), end-user (Transportation, Agricultural Machinery, Industrial), feedstock (Edible Vegetable Oils, Crude Palm Oil, Used Cooking Oil, Tall Oil, Animal Fats), and technology (Standalone Hydrotreating Technology and Co-Processing Technology), Region, Market Outlook And Industry Analysis 2031"

The global Hydrotreated Vegetable Oil Market is estimated to reach over USD 111.46 billion by 2031, exhibiting a CAGR of 21.1% during the forecast period.

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Hydrotreated Vegetable Oil (HVO) exhibits a composition identical to that of conventional fossil diesel fuels, positioning it as a sustainable alternative to petroleum diesel. HVO is increasingly utilized within the automotive industry, owing to its hydrotreated production process that minimizes fuel maintenance, reduces contaminants, and enhances safety during handling. Its growing popularity is driven by benefits such as lower maintenance costs, a reduced risk of fuel degradation, and its ability to blend seamlessly with traditional diesel in any proportion. Consequently, the rising adoption of HVO as a renewable fuel, whether pure or blended, in existing diesel engines is driving the expansion of the global market. HVO can be used in diesel engines at any concentration with minimal modifications, while its high cetane number ensures consistent vehicle performance throughout the year.

The automotive industry extensively utilizes HVO due to the hydrotreated production process, which eliminates contaminants, reduces maintenance requirements, and facilitates safer handling. The rapid growth of the global automotive sector has further accelerated the demand for this oil. Factors such as population growth, advancements in automobile manufacturing technologies, and microeconomic development have contributed to the expansion of the automotive industry, thereby boosting the demand for HVO.

List of Prominent Players in the Hydrotreated Vegetable Oil Market:
• Eni S.p.A.
• St1 Oy
• Neste
• Valero Energy Corporation
• PT Pertamina
• Repsol
• TotalEnergies
• UPM
• Phillips 66
• Chevron Renewable Energy Group, Inc.
• Green Biofuels Limited
• Petrobras
• ECB Group
• Preem AB
• Colabit Sweden AB

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Market Dynamics:
Drivers:
The global market for Hydrotreated Vegetable Oil (HVO) is being significantly driven by the increasing adoption of HVO as a renewable fuel in both pure and blended forms in current diesel engine vehicles. HVO can be utilized in any concentration in diesel engines without requiring modifications, and its high cetane number ensures optimal vehicle performance throughout the year. The hydrotreated production process, which eliminates contaminants, reduces fuel maintenance needs, and enhances safety, makes HVO highly favored within the automotive sector. The rapid growth of the global automotive industry further contributes to the rising demand for HVO, supported by advancements in car manufacturing technologies, a growing vehicle fleet, and microeconomic development.

Challenges:
The relatively high production costs associated with Hydrotreated Vegetable Oil present a significant challenge to global market growth. However, several regions have focused on mitigating these costs by prioritizing the reduction of greenhouse gas emissions. This approach aims to minimize the environmental impact of renewable diesel production and make it a more cost-effective alternative for fleet managers compared to conventional fuels. Additionally, concerns related to the environmental impact of the feedstocks used in renewable diesel production, such as palm oil, have raised issues such as deforestation and habitat destruction, further limiting market growth.

Regional Trends:
The North American HVO market is anticipated to capture a substantial share of the global market in terms of revenue and is expected to experience significant growth in the near future. This growth is primarily driven by the increasing consumer demand for cleaner, more environmentally sustainable transportation fuels. The market expansion in North America is largely attributed to regulations aimed at reducing carbon emissions and promoting renewable energy sources. Similarly, the demand for cleaner and more eco-friendly transport fuels is fostering the growth of the HVO market in the Asia-Pacific region, driven by heightened environmental concerns and a shift towards sustainable fuel options.

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Recent Developments:
• In Sept 2023, Petrochemical manufacturer LG Chem and Eni (ENI.MI) are investigating the possibility of building a biorefinery in South Korea. In the next years, Eni thinks biofuels derived from vegetable oil, leftover cooking oil, and grease will be crucial to the decarbonization of the truck, aircraft, and shipping industries.
• In Nov 2022, Crimson Renewable Energy Holdings, LLC agreed to sell its used cooking oil (UCO) collection and aggregation business and affiliated assets to Neste. This acquisition bolsters Neste's operations and presence in the United States. Neste acquires a prominent UCO collection and recycling enterprise on the West Coast of the United States, including the collection, logistics, and storage of UCO in California, Oregon, and Washington.

Segmentation of Hydrotreated Vegetable Oil Market-
By Application-
• Renewable Diesel
• Sustainable Aviation Fuel (SAF)
By End-User-
• Transportation
o Automotive
 Passenger Cars
 Heavy Trucks and Heavy Buses
o Maritime
o Aviation
• Agricultural Machinery
• Industrial
o Mining
o Construction
o Others (Manufacturing and Oil and Gas)
• Others (Residential Buildings, Commercial Buildings, and Data Centers)
By Feedstock Type-
• Edible Vegetable Oils
• Crude Palm Oil
• Used Cooking Oil
• Tall Oil
• Animal Fats
• Others (Non-Edible Vegetable Oil, Sludge Palm Oil Mill Effluent, and Refining Byproducts)
By Technology Type-
• Standalone Hydrotreating Technology
• Co-Processing Technology
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.