Pune, India, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The hydrotreated vegetable oil market size was valued at USD 16.27 billion in 2022. The global market is projected to grow from USD 17.76 billion in 2023 to USD 35.19 billion by 2030, exhibiting a CAGR of 12.95% during the forecast period.
Hydrotreated Vegetable Oil (HVO) is a renewable diesel produced with various vegetable oils and fats consisting of triglycerides and fatty acids. The word HVO is used for green diesel fuels derived from hydrocracking and hydrogenation of feedstocks, including rapeseed oil, animal fats, tall oil, and waste cooking oil. HVO is free from oxygen, sulfur, as well as aromatic hydrocarbons. It has a high cetane number and is the second-largest renewable diesel substitute globally.
Fortune Business Insights™ in its research report titled “Hydrotreated Vegetable Oil Market, 2023-2030.”
KEY INDUSTRY DEVELOPMENTS:
World Energy introduced its engineering plants to convert its assets and launch a new Sustainable Aviation Fuel (SAF) hub. This will also allow the company to produce 250 mn gallons of SAF annually by 2025.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 12.95 % |
| 2030 Value Projection | USD 35.19 billion |
| Base Year | 2022 |
| Oil-Free Screw Compressor Market Share in 2022 | USD 16.27 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 180 |
| Segments covered | By Type, By Application, and By Region |
| Hydrotreated Vegetable Oil Market Growth Drivers | Increasing Demand for Renewable Diesel Owing to its Significant Advantages Boost the Market Growth |
| Growing Usage of Hydrotreated Vegetable Oil in the Automotive Industry Enhances the Global Market |
Report Coverage:
The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants to strengthen their market presence.
COVID-19 Impact:
Pandemic Caused a Decrease in Demand for HVO due to Reduced Road Transport
The sudden outbreak of COVID-19 has negatively impacted commercial operations globally. The result of this outbreak has shaken the economies of several fast-growing countries. The unavailability of vaccines or cures against viral infection has prompted many industry players and experts to accept multiple countermeasures to mitigate the effects continuously.
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Drivers and Restraints:
Increasing Usage of Hydrotreated Vegetable Oil in the Automotive Industry Improves the Market Growth
Hydrotreated Vegetable Oil is said to be a sustainable alternative to petroleum diesel as it has a similar composition as fossil diesel fuels. The automotive industry highly uses HVO as the hydrotreated production process lowers fuel maintenance and impurities and ensures safer handling. The demand for HVO is increasing due to its lower maintenance costs due to less risk of degradation and can be easily mixed in all proportions with regular diesel.
Higher costs linked with preparing hydrotreated vegetable oil thus hamper market growth globally. However, many regions firmly seek to lower greenhouse gas emissions, offering cost-offsetting legislation to decrease the higher production and permit fleet managers to purchase it for less than conventional diesel. Hence, hydrotreated vegetable oil share is anticipated to impact the market negatively.
Market Segmentation:
Pure HVO to Dominate Market Growth to Lesser Environmental Impact
Based on type, the hydrotreated vegetable oil market is divided into Pure HVO and Co-processing. The Pure HVO segment dominates the market share due to its minimal environmental impact than traditional fuel. Pure HVO is made from renewable raw materials, which do not pollute the atmosphere as they do not release any new carbon dioxide (CO2).
PV Power Station Application Segment Holds the Dominant Market Share in Increasing Power Generation from Solar PV
Based on application, the hydrotreated vegetable oil market is segmented into industrial power generators, transportation, and others. The dominant share is held by the transportation segment due to the increasing adoption of emissions-free vehicles. The industrial power generators segment is driving owing to its higher oxygen stability.
The Hydrotreated Vegetable Oil market is studied across the following regions: North America, Europe, Asia Pacific, and the Rest of the World.
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Regional Analysis:
North America to Lead Market Growth Owing to Increasing Regulations towards Adopting Renewable Energy Sources
North America to dominate the market and is anticipated to propel owing to government regulations regarding adopting renewable energy sources. HVO is projected to grow strongly in the U.S., backed by many policies that foster HVO investments, including Renewable Identification Numbers prices, Renewable Fuel Standards, biodiesel blender credits, and LCFS credits.
Countries like Malaysia, China, India, and Indonesia are some of the key market contributors to the Asia-Pacific. Palm oil prices, at their highest in nearly a decade, have widened the price premium over crude for biodiesel.
Competitive Landscape:
Companies Investing in Partnerships and Mergers & Acquisitions to Foster Competitive Edge
The global hydrotreated vegetable oil market is highly competitive, with key players who account for the majority of the stakes in the market globally and at domestic levels. Moreover, the hydrotreated vegetable oil is escalating owing to co-processing technology is the best approach to increase efficiency and power output to their highest levels.
List of the Companies Operating in the Market:
- Neste (Finland)
- Valero Energy (U.S.)
- World Energy (U.S.)
- Eni (Italy)
- Cepsa (Spain)
- Total (France)
- REG (U.K.)
- Preem (Sweden)
- UPM Biofuels (Finland)
- Repsol (Spain)
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Hydrotreated Vegetable Oil Market
- Global Hydrotreated Vegetable Oil Market (USD Billion, K Tons) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Pure HVO
- Co-Processing
- Market Analysis, Insights and Forecast – By Application
- Transportation
- Industrial Power Generators
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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