Hydrotreated Vegetable Oil Market to Reach Revenue of US$ 23.6 Bn by 2031 | TMR Study
WILMINGTON, DE / ACCESSWIRE / June 23, 2023 / Transparency Market Research Inc. - The Global Hydrotreated Vegetable Oil Market was valued at US$ 9.5 Bn in 2022 and is projected to expand at a CAGR of 10.6% from 2023 to 2031.
Rise in demand for high-quality diesel substitute to be used in the automotive industry, especially in the existing internal combustion engines, is propelling R&D in hydrotreated vegetable oil (HVO) industry. Globally, increase in need to intensify efforts to reduce greenhouse gas (GHG) emissions has encouraged the development of new generation of bio-sourced fuels, which is broadening market outlook.
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Key Findings of Study
- Surge in Demand for Renewable Diesel Fuel in Automotive Industry: Rise in demand for renewable aviation fuel is anticipated to bolster market growth in the next few years. Surge in usage of HVO as bio jet fuel is expected to create significant opportunities for companies in the market. Implementation of diesel fuel standards, especially EN 590 and ASTM D 975, supports high blending ratios of HVO.
An increase in adoption of advanced manufacturing process for HVO is likely to pave the way for production of fossil fuel with higher percentage of bio-based feeds or renewable feedstock, such as rapeseed, oil, waste cooking oil, tall oil, and animal fats. Increase in focus on development of new generation of biodiesel that meet the latest sustainability criteria covered by the EU Renewable Energy Directive (RED) is anticipated to augment market size in the near future. - Rise in Adoption of Sustainable Fuel to Meet Renewable Energy Mandates: Rapid increase in efforts to decarbonize power and transportation sectors is anticipated to spur commercialization of biodiesel and bolster market growth. Rise in implementation of biofuel blending mandates in several countries is expected to propel market development. An instance is increase in adherence to Renewable Fuel Standard obligations in the U.S. is bolstering adoption of various biomass-based diesels, including hydrogenation-derived renewable diesel or hydrotreated vegetable oil (HVO). Significant preference for HVO over fatty acid methyl esters (FAMEs)-based oil can be ascribed to lower NOx emissions.
Key Growth Drivers of the Hydrotreated Vegetable Oil Market
- Rise in efforts by governments in several countries to decarbonize the transport sector is a key factor driving the hydrotreated vegetable oil market. Consistent increase in demand for renewable diesel in road transport to meet Net Zero Emissions target of the global energy sector in the next few decades is likely to spur market development. Surge in demand for sustainable aviation fuels is another trend anticipated to drive the market.
- Increase in utilization of waste and residue resources to produce new generation of biofuels is likely to drive the market. Constantly evolving renewable energy mandates in several countries is expected to boost the market.
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Regional Growth Dynamics
- The market in North America is anticipated to witness significant revenue growth during the forecast period. Rapid development of renewable energy standards and biodiesel norms in the U.S. and Canada is expected to propel the market in North America. As per market trends, California is expected to witness rapid increase in production of HVO in the next few years. Surge in demand for sustainably-sourced diesel for the transportation sector, especially for heavy vehicles, in the region is creating substantial business opportunities for companies in the market.
- The market in Asia Pacific is projected to record significant growth in the near future. Rise in government efforts to decarbonize transportation is anticipated to propel the market in the region.
- Europe is a lucrative market for hydrotreated vegetable oil. Steady advancement in the production processes of blended fossil fuel and rise in production of HVO in several countries of Europe are anticipated to augment market size in the region.
Competition Landscape
The market is dominated by a large number of companies of varying sizes, which has led to a highly fragmented competition landscape. Most leading players are stepping up initiatives to leverage extensive R&D activities to unveil latest generation of blended fuels in order to stay ahead of competition.
Prominent companies in the hydrotreated vegetable oil industry are
- Neste
- TotalEnergies
- Eni S.p.A.
- Chevron
- Preem Ab
- St1 Oy
- ConocoPhilips
- Diamond Green Diesel
- Repsol
- Green Biofuels Ltd.
- Cepsa
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Global Hydrotreated Vegetable Oil Market Segmentation
The global hydrotreated vegetable oil market is segmented based on
Feedstock
- Vegetable Oil
- Rapeseed
- Sunflower
- Soybean
- Palm Oil
- Others
- Non-food Oil
- Jatropha
- Algae Oil
- Others
- Animal fats
- Others
Application
- Automotive
- Power Generation
- Heat Generation
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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