Dublin, June 07, 2024 (GLOBE NEWSWIRE) -- The "Hydrotreated Vegetable Oil Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Global Hydrotreated Vegetable Oil (HVO) Market is presently experiencing an upward trajectory and is expected to continue its steady growth with a Compound Annual Growth Rate (CAGR) of 4.76% through 2029. This significant growth is attributed to the increasing global demand for cleaner fuel alternatives as well as the combined forces of environmental consciousness, technological advancement, and supportive governmental policies.
A major driving force in market expansion is the automotive industry's shift towards sustainable fuel options, underpinned by stringent emission regulations and environmental concerns. As a renewable diesel fuel option, HVO diminishes greenhouse gas emissions significantly, while providing enhanced performance benefits over traditional diesel fuels. Similarly, the agriculture industry is embracing HVO for its capacity to lower emissions from farm machinery, marking a step towards sustainable farming practices. Feedstock availability and cost remain critical challenges for the HVO market, with the potential environmental impact of feedstock production also being scrutinized. However, the growing preference for renewable energy sources and the increasing adoption of biofuels as viable alternatives to fossil fuels indicate an overall positive trend for the HVO market.
Segmental Insights and Prospects
From a segmental perspective, used cooking oil is identified as the fastest-growing feedstock category. HVO produced from such waste material not only curtails production costs but also reinforces circular economic principles. In terms of end-user growth, the transportation sector is expected to see rapid expansion, leveraging HVO to meet emission reduction targets without necessitating engine upgrades or modifications. Regionally, the Asia Pacific market leads in HVO adoption, driven by energy demand from emerging economies and proactive government measures to ensure a sustainable future. As the world continues to pivot towards renewable energy, the HVO market showcases a path for energy security balanced with environmental responsibility.
Company Profiles and Regional Perspectives
The competitive landscape of the HVO market features a diverse array of companies that contribute to the market's growth. Regionally, detailed analyses reveal how various global markets are navigating the energy transition while leveraging the benefits of HVO.
A selection of companies mentioned in this report includes, but is not limited to:
- Eni S.p.A.
- St1 Nordic Oy
- Neste Oyj
- Valero Energy Corporation
- PT Pertamina (Persero)
- Repsol SA
- TotalEnergies SE
- UPM-Kymmene Corporation
- Renewable Energy Group, Inc.
- Green Biofuels Limited
Key Attributes
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023-2029 |
| Estimated Market Value (USD) in 2023 | $13.26 Billion |
| Forecasted Market Value (USD) by 2029 | $17.46 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/cczji4
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