Hydrotreated Vegetable Oil Market Size is valued at USD 28.87 billion in 2024 and is predicted to reach USD 195.83 billion by the year 2034 at a 21.2% CAGR during the forecast period for 2025-2034.
A renewable diesel known as hydrotreated vegetable oil (HVO) is made from a variety of vegetable oils and fats that contain triglycerides and fatty acids. Green diesel fuels produced by hydrogenation and hydrocracking of feedstocks such as tall oil, rapeseed oil, leftover cooking oil, and animal fats are referred to as HVO. HVO is totally free of aromatic hydrocarbons, oxygen, and sulfur. Due to the expanding worldwide automotive market, hydrotreated vegetable oil has been adopted more quickly than conventional fuels. Because it offers cheaper maintenance costs due to a decreased risk of degradation and is simple to mix in all quantities with ordinary diesel, the automotive sector employs HVO on a greater scale. The automotive industry is expected to use HVO more frequently in the following years due to its better mileage, less carbon and greenhouse gas emissions, and decreased reliance on non-renewable fossil fuels.
However, the COVID-19 pandemic has maintained a significant impact on companies all across the world. Several countries with rapid economic growth have also experienced economic instability as a result of this crisis. Due to the lack of treatments or vaccines for the viral infection, numerous industry experts and participants have been forced to implement various mitigation strategies. Additionally, the global economy suffered greatly from a sharp decline in mobility and reduced road transport due to the coronavirus outbreak.
The Hydrotreated Vegetable Oil Market is segmented based on application, end-user, feedstock, and technology. The market is segmented as Renewable Diesel and Sustainable Aviation Fuel (SAF) based on application. The end-user segment includes Transportation, Agricultural Machinery, Industrial, and Others (Residential Buildings, Commercial Buildings, and Data Centers). By feedstock type, the market is segmented into Edible Vegetable Oils, Crude Palm Oil, Used Cooking Oil, Tall Oil, Animal Fats, and Others (Non-Edible Vegetable Oil, Sludge Palm Oil Mill Effluent, and Refining Byproducts). The technology type segment includes Standalone Hydrotreating Technology and Co-Processing Technology.
The Renewable Diesel category is expected to hold a significant share of the global Hydrotreated Vegetable Oil Market in 2022. This is because it has a lower impact on the environment than conventional fuel. Pure HVO is made from renewable raw resources; therefore, no additional carbon dioxide (CO2) is released into the atmosphere during production. Co-processing up to 10% renewable feedstock (such as animal fats, leftover cooking oil, and vegetable oil) in an existing hydrotreating plant for little to no capital expenditure is expected to be the starting point for many refiners' biofuel journeys. Before dedicated machines are developed for 100% biofeeds, this might be a low- to no-capital-cost solution for generating hydrotreated vegetable oil (HVO), potentially bridging the gap and meeting standards.
The Transportation component is projected to grow at a rapid rate in the global Hydrotreated Vegetable Oil Market owing to more people choosing to use vehicles that emit no pollutants. The HVO promises a more sustainable fuel that can now be utilised in Euro 6 standard diesel engines and can cut a truck's emissions by up to 90%. HVO might serve as a beacon for road transport businesses as emissions rules are allegedly expected to become stricter.
The North America Hydrotreated Vegetable Oil Market is expected to report the highest market share in terms of revenue in the near future. This can be attributed to the governmental restrictions on the use of renewable energy sources. With the support of numerous regulations that encourage HVO investments, such as the costs associated with Renewable Identification Numbers, Renewable Fuel Standards, biodiesel blender credits, and LCFS credits, HVO is expected to experience rapid growth in the United States. Moreover, some of the significant market contributors to the Asia-Pacific region include Malaysia, China, India, and Indonesia. The price differential between palm oil and crude for biodiesel has increased as prices are at their most significant level in the forecast period.
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Report Attribute |
Specifications |
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Market Size Value In 2024 |
USD 28.87 Bn |
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Revenue Forecast In 2034 |
USD 195.83 Bn |
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Growth Rate CAGR |
CAGR of 21.2% from 2025 to 2034 |
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Quantitative Units |
Representation of revenue in US$ Bn, Volume (KT) and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Application, End-User, Feedstock, And Technology |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; South Korea; South East Asia |
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Competitive Landscape |
Eni S.p.A., St1 Oy, Neste, Valero Energy Corporation, PT Pertamina, Repsol, TotalEnergies, UPM, Phillips 66, Chevron Renewable Energy Group, Inc., Green Biofuels Limited, Petrobras, ECB Group, Preem AB, and Colabit Sweden AB. |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Hydrotreated Vegetable Oil Market Snapshot
Chapter 4. Global Hydrotreated Vegetable Oil Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: By Feedstock Type Estimates & Trend Analysis
5.1. By Feedstock Type, & Market Share, 2024 & 2034
5.2. Market Size (Value US$ Mn & Volume (KT)) & Forecasts and Trend Analyses, 2021 to 2034 for the following By Feedstock Type:
5.2.1. Edible Vegetable Oils
5.2.2. Crude Palm Oil
5.2.3. Used Cooking Oil
5.2.4. Tall Oil
5.2.5. Animal Fats
5.2.6. Others
Chapter 6. Market Segmentation 2: By Technology Type Estimates & Trend Analysis
6.1. By Technology Type & Market Share, 2024 & 2034
6.2. Market Size (Value US$ Mn & Volume (KT)) & Forecasts and Trend Analyses, 2021 to 2034 for the following By Technology Type:
6.2.1. Standalone Hydrotreating Technology
6.2.2. Co-Processing Technology
Chapter 7. Market Segmentation 3: By Application Estimates & Trend Analysis
7.1. By Application & Market Share, 2024 & 2034
7.2. Market Size (Value US$ Mn & Volume (KT)) & Forecasts and Trend Analyses, 2021 to 2034 for the following By Application:
7.2.1. Renewable Diesel
7.2.2. Sustainable Aviation Fuel (SAF)
Chapter 8. Market Segmentation 4: By End-User Estimates & Trend Analysis
8.1. By End-User & Market Share, 2024 & 2034
8.2. Market Size (Value US$ Mn & Volume (KT)) & Forecasts and Trend Analyses, 2021 to 2034 for the following By End-User:
8.2.1. Transportation
8.2.2. Agricultural Machinery
8.2.3. Industrial
8.2.4. Others
Chapter 9. Hydrotreated Vegetable Oil Market Segmentation 5: Regional Estimates & Trend Analysis
9.1. North America
9.1.1. North America Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) estimates and forecasts By Feedstock Type, 2021-2034
9.1.2. North America Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) estimates and forecasts By Technology Type, 2021-2034
9.1.3. North America Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) estimates and forecasts By Application, 2021-2034
9.1.4. North America Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) estimates and forecasts By End-User, 2021-2034
9.1.5. North America Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) estimates and forecasts by country, 2021-2034
9.2. Europe
9.2.1. Europe Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By Feedstock Type, 2021-2034
9.2.2. Europe Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By Technology Type, 2021-2034
9.2.3. Europe Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By Application, 2021-2034
9.2.4. Europe Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By End-User, 2021-2034
9.2.5. Europe Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) by country, 2021-2034
9.3. Asia Pacific
9.3.1. Asia Pacific Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By Feedstock Type, 2021-2034
9.3.2. Asia Pacific Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By Technology Type, 2021-2034
9.3.3. Asia Pacific Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By Application, 2021-2034
9.3.4. Asia Pacific Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By End-User, 2021-2034
9.3.5. Asia Pacific Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) by country, 2021-2034
9.4. Latin America
9.4.1. Latin America Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By Feedstock Type, 2021-2034
9.4.2. Latin America Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By Technology Type, 2021-2034
9.4.3. Latin America Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By Application, 2021-2034
9.4.4. Latin America Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By End-User, 2021-2034
9.4.5. Latin America Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) by country, 2021-2034
9.5. Middle East & Africa
9.5.1. Middle East & Africa Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By Feedstock Type, 2021-2034
9.5.2. Middle East & Africa Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By Technology Type, 2021-2034
9.5.3. Middle East & Africa Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By Application, 2021-2034
9.5.4. Middle East & Africa Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) By End-User, 2021-2034
9.5.5. Middle East & Africa Hydrotreated Vegetable Oil Market revenue (US$ Million) & Volume (KT) by country, 2021-2034
Chapter 10. Competitive Landscape
10.1. Major Mergers and Acquisitions/Strategic Alliances
10.2. Company Profiles
10.2.1. Eni S.p.A.
10.2.2. St1 Oy
10.2.3. Neste
10.2.4. Valero Energy Corporation
10.2.5. PT Pertamina
10.2.6. Repsol
10.2.7. TotalEnergies
10.2.8. UPM
10.2.9. Phillips 66
10.2.10. Chevron Renewable Energy Group, Inc.
10.2.11. Green Biofuels Limited
10.2.12. Petrobras
10.2.13. ECB Group
10.2.14. Preem AB
10.2.15. Colabit Sweden AB
By Application-
By End-User-
By Feedstock Type-
By Technology Type-
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
