SAN FRANCISCO, U.S., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Hydrotreated Vegetable Oil (HVO) Market By Type (Pure HVO And Co-Processing), By Application (Transportation, Industrial Power Generators, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global Hydrotreated Vegetable Oil (HVO) Market size was valued at about USD 14.5 billion in 2022. The market is expected to grow at a CAGR of 15% and is anticipated to reach a value of USD 44.3 billion by 2030.”
Hydrotreated Vegetable Oil (HVO) Market Overview:
Hydrogenated vegetable oil (HVO) is a renewable form of diesel that can be produced from a variety of vegetable oils and lipids, including triglycerides and fatty acids. The term "HVO" refers to renewable diesel fuels produced by hydrocracking and hydrogenation of various feedstocks, such as tall oil, rapeseed oil, used cooking oil, and animal lipids. HVO is also known as Hydro-processed Esters and Fatty Acids, or HEFA. Its chemical composition is comparable to fossil petroleum in general. It differs from fossil diesel in several respects, including energy content and density. HVO has a high cetane number and lacks oxygen, sulfur, and aromatic hydrocarbons. It is blended with fossil diesel sold as mixtures at gas stations and is the second-largest renewable diesel alternative on the planet.
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
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Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 14.5 Billion |
| Market Forecast in 2030 | USD 44.3 Billion |
| Growth Rate | CAGR of 15% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | UPM Biofuels, World Energy, Valero Energy, Preem, Cepsa, Total, REG, Eni, Neste, Repsol, ALFA LAVAL, Crown Oil Ltd, Desmet, Shell, Hyster-Yale Group, Inc., Interion Pte Ltd, Singapore, Targray, Advanced BioFuels USA, Watson Fuels, Rapid Energy Ltd, Clonminam Industrial, ADM, Certas Energy, and others. |
| Segments Covered | By Type, By Application, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
Key Insights from Primary Research
- The Hydrotreated Vegetable Oil (HVO) industry is driven by several factors such as growing government initiatives to reduce CO2 emissions and the increasing automobile sector.
- Based on the type, the Pure HVO segment is expected to dominate the market.
- Based on the application, the transportation segment is expected to capture the largest market share over the forecast period.
- Based on region, North America is expected to dominate the market during the forecast period.
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Hydrotreated Vegetable Oil (HVO) Market: Growth Drivers
- Growing government initiatives drive market growth
Government initiatives to reduce carbon emissions are a factor in the growth of the hydrotreated vegetable oil (HVO) industry. Increasing demand for renewable energy sources and alternative fuels is a consequence of numerous nations establishing aggressive carbon footprint reduction targets. The government is establishing regulations and incentives to promote the use of renewable diesel substitutes and biofuels in the transportation sector, which utilizes a significant amount of HVO. Increasing demand for HVO, a sustainable and environmentally friendly alternative to conventional diesel, is a result of the need to resolve environmental concerns and reduce reliance on fossil fuels.
Hydrotreated Vegetable Oil (HVO) Market: Restraints
- Feedstock availability and competition limit the market growth
The availability and competition for feedstock sources such as vegetable oils and animal lipids may influence the production of HVO. The prices and availability of acceptable feedstocks are subject to change, and competition with other sectors of the economy, such as the food and chemical industries, may increase prices and reduce the supply. Thus, the availability of feedstock and competition are anticipated to restrain the growth of the hydrotreated vegetable oil market over the forecast period.
Hydrotreated Vegetable Oil (HVO) Market: Segmentation
The global Hydrotreated Vegetable Oil (HVO) industry is segmented based on type, application, and region.
Based on the type, the global hydrotreated vegetable oil market is bifurcated into Pure HVO and Co-processing. The Pure HVO segment is expected to dominate the market during the forecast period owing to its favorable properties. Pure HVO has a high energy density, which implies it has a lot of energy per unit volume or weight.
Based on the application, the hydrotreated vegetable oil industry is bifurcated into transportation, industrial power generators, and others. The transportation segment is expected to capture the largest market share over the forecast period. HVO is utilized in diesel engines, including those found in automobiles, trucks, buses, trains, ships, and even off-road vehicles and equipment, as a direct replacement for standard diesel fuel.
Browse the full “Hydrotreated Vegetable Oil (HVO) Market By Type (Pure HVO And Co-Processing), By Application (Transportation, Industrial Power Generators, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Emerging Trends, Demand, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/hydrotreated-vegetable-oil-hvo-market
Regional Analysis:
- North America is anticipated to dominate market growth during the forecast period
During the forecast period, North America is anticipated to dominate the global hydrotreated vegetable oil market. The region's market expansion is attributable to the expansion of environmental regulations. In North America, especially in the United States and Canada, there has been a growing emphasis on reducing greenhouse gas emissions from transportation. Several federal and state/provincial laws, such as the Renewable Fuel Standard (RFS) in the United States and provincial mandates in Canada, have encouraged the use of renewable fuels, including HVO, in order to meet emission reduction goals.
In order to qualify for a net-zero economy by 2050, US emissions must be reduced by 50 to 52% by 2030, per the President's climate commitments.
Competitive Players:
The report contains qualitative and quantitative research on the global Hydrotreated Vegetable Oil (HVO) market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Hydrotreated Vegetable Oil (HVO) market include;
- UPM Biofuels
- World Energy
- Valero Energy
- Preem
- Cepsa
- Total
- REG
- Eni
- Neste
- Repsol
- ALFA LAVAL
- Crown Oil Ltd
- Desmet
- Shell
- Hyster-Yale Group Inc.
- Interion Pte Ltd
- Singapore
- Targray
- Advanced BioFuels USA
- Watson Fuels
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The global Hydrotreated Vegetable Oil (HVO) market is segmented as follows:
By Type
- Pure HVO
- Co-processing
By Application
- Transportation
- Industrial Power Generators
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Hydrotreated Vegetable Oil (HVO) industry?
- What are the main driving factors propelling the Hydrotreated Vegetable Oil (HVO) Market forward?
- What are the leading companies in the Hydrotreated Vegetable Oil (HVO) Industry?
- What segments does the Hydrotreated Vegetable Oil (HVO) Market cover?
- How can I receive a free copy of the Hydrotreated Vegetable Oil (HVO) Market sample report and company profiles?
Key Offerings:
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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