Hydrotreated Vegetable Oil Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors Of Hydrotreated Vegetable Oil Market
The hydrotreated vegetable oil market size was valued at USD 16.27 billion in 2022, and the market is now 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 of 2024-2032.
The COVID-19 pandemic has significantly disrupted business operations and shaken the economies of many fast-developing nations. Nations worldwide have skilled a surge in affected populations, main industry experts to adopt countermeasures. The pandemic caused a magnificent inventory surplus in international oil stocks and a good sized drop in mobility and road transport, lowering the call for for HVO.
Hydrotreated vegetable oils (HVO) are emerging as an alternative to biodiesel, extensively adopted across industries for his or her environmental benefits. Rising environmental concerns and the need to lessen carbon emissions are driving call for renewable diesel, main to boom in the international HVO market. Renewable diesel is well matched with all diesel engines, burns purifier, and gives over 50% discount in greenhouse gases in comparison to petroleum-based totally diesel. Its 80% lower lifecycle emissions and efficiency benefits are supporting multiplied adoption throughout diverse industries.
The aviation enterprise is below strain to reduce carbon emissions and is popping to sustainable alternatives to petroleum-primarily based jet gas. Hydrotreated vegetable oils (HVO) are rising as a key sustainable aviation gasoline, with initiatives like the FAA's Destination 2025 promoting purifier jet fuels. Approved alternative jet fuels, such as Fischer–Tropsch and HVO, assist the shift closer to sustainability, boosting the worldwide HVO market inside the coming years.
Comprehensive Analysis of Hydrotreated Vegetable Oil Market
The hydrotreated vegetable oil market growth is rising at an exponential rate due to its market segmentation. This marketplace enlargement successfully affords an in-depth local exam thinking about the dominant deliver and demand forces that effect the enterprise. These segmentations are methodically segregated by type analysis and by application analysis. By type analysis include, Pure HVO and Co-processing. By application analysis include transportation, industrial power generators, and others.
The Europe region lead the hydrotreated vegetable oil market share by benefitting a market size of USD 8.28 billion in 2022 due to growing quotas and new capability additions should see HVO.
The pinnacle players inside the market play a critical function in the enterprise assuring market growth and placing marketplace requirements. These players include, Key players in the hydrotreated vegetable oils (HVO) market include Neste (Finland), Valero Energy (U.S.), World Energy (U.S.), Eni (Italy), Cepsa (Spain), Total (France), REG (U.K.), Preem (Sweden), UPM Biofuels (Finland), and Repsol (Spain). T-hese market players provide a level-playing competitive landscape.
In December 2022, Cepsa invested around USD 3.15 billion in European green hydrogen initiatives. The mission will produce 300,000 heaps of hydrogen/according to 12 months, if you want to be used to power the business enterprise's refineries & neighborhood heavy shipping and haulage.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 12.95% from 2023 to 2030
Unit Value (USD Billion), Volume (K Tons)
Segmentation By Type, By Application, and By Region
Segmentation By Type
Pure HVO
Co-processing
By Application
Transportation
Industrial Power Generators
Others
By Region
North America (By Type, By Application, and By Country)
- U.S.
- Canada
Europe (By Type, By Application, and By Country)
- France
- Germany
- Italy
- U.K.
- Austria
- Netherlands
- Spain
- Finland
- Rest of Europe
Asia Pacific (By Type, By Application, and By Country)
- China
- Indonesia
- Rest of Asia Pacific
Rest of the World (By Type, By Application, and By Country)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insight on Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Hydrotreated Vegetable Oil Market
- 5. Global Hydrotreated Vegetable Oil Market (USD Billion, K Tons) Analysis, Insights, and Forecast, 2019-2030
- 5.1. Key Findings
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Pure HVO
- 5.2.2. Co-Processing
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Transportation
- 5.3.2. Industrial Power Generators
- 5.3.3. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Rest of the World
- 6. North America Hydrotreated Vegetable Oil Market (USD Billion, K Tons) Analysis, Insights, and Forecast, 2019-2030
- 6.1. Key Findings
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Pure HVO
- 6.2.2. Co-Processing
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Transportation
- 6.3.2. Industrial Power Generators
- 6.3.3. Others
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
- 7. Europe Hydrotreated Vegetable Oil Market (USD Billion, K Tons) Analysis, Insights, and Forecast, 2019-2030
- 7.1. Key Findings
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Pure HVO
- 7.2.2. Co-Processing
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Transportation
- 7.3.2. Industrial Power Generators
- 7.3.3. Others
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. UK
- 7.4.2. Germany
- 7.4.3. Italy
- 7.4.4. France
- 7.4.5. Austria
- 7.4.6. Netherland
- 7.4.7. Spain
- 7.4.8. Finland
- 7.4.9. Rest of Europe
- 8. Asia Pacific Hydrotreated Vegetable Oil Market (USD Billion, K Tons) Analysis, Insights, and Forecast, 2019-2030
- 8.1. Key Findings
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Pure HVO
- 8.2.2. Co-Processing
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Transportation
- 8.3.2. Industrial Power Generators
- 8.3.3. Others
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. China
- 8.4.2. Indonesia
- 8.4.3. Rest of Asia Pacific
- 9. Rest of the World Hydrotreated Vegetable Oil Market (USD Billion, K Tons) Analysis, Insights, and Forecast, 2019-2030
- 9.1. Key Findings
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Pure HVO
- 9.2.2. Co-Processing
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Transportation
- 9.3.2. Industrial Power Generators
- 9.3.3. Others
- 10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2022
- 10.2. Company Profile
- 10.2.1. Neste
- 10.2.1.1. Business Overview
- 10.2.1.2. Product, Application, & Services
- 10.2.1.3. Recent Developments
- 10.2.1.4. Financials (Based on Availability)
- 10.2.2. Valero Energy
- 10.2.2.1. Business Overview
- 10.2.2.2. Product, Application, & Services
- 10.2.2.3. Recent Developments
- 10.2.2.4. Financials (Based on Availability)
- 10.2.3. World Energy
- 10.2.3.1. Business Overview
- 10.2.3.2. Product, Application, & Services
- 10.2.3.3. Recent Developments
- 10.2.3.4. Financials (Based on Availability)
- 10.2.4. Eni
- 10.2.4.1. Business Overview
- 10.2.4.2. Product, Application, & Services
- 10.2.4.3. Recent Developments
- 10.2.4.4. Financials (Based on Availability)
- 10.2.5. Cepsa
- 10.2.5.1. Business Overview
- 10.2.5.2. Product, Application, & Services
- 10.2.5.3. Recent Developments
- 10.2.5.4. Financials (Based on Availability)
- 10.2.6. Total
- 10.2.6.1. Business Overview
- 10.2.6.2. Product, Application, & Services
- 10.2.6.3. Recent Developments
- 10.2.6.4. Financials (Based on Availability)
- 10.2.7. REG
- 10.2.7.1. Business Overview
- 10.2.7.2. Product, Application, & Services
- 10.2.7.3. Recent Developments
- 10.2.7.4. Financials (Based on Availability)
- 10.2.8. Preem
- 10.2.8.1. Business Overview
- 10.2.8.2. Product, Application, & Services
- 10.2.8.3. Recent Developments
- 10.2.8.4. Financials (Based on Availability)
- 10.2.9. UPM Biofuels
- 10.2.9.1. Business Overview
- 10.2.9.2. Product, Application, & Services
- 10.2.9.3. Recent Developments
- 10.2.9.4. Financials (Based on Availability)
- 10.2.10. Repsol
- 10.2.10.1. Business Overview
- 10.2.10.2. Product, Application, & Services
- 10.2.10.3. Recent Developments
- 10.2.10.4. Financials (Based on Availability)
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