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Hydrotreated Vegetable Oil Market Size

  • Report ID: GMI11238
  • Published Date: Sep 2024
  • Report Format: PDF

Hydrotreated Vegetable Oil Market Size

Hydrotreated Vegetable Oil Market was valued at around USD 24.2 billion in 2023 and is expected to register a CAGR of over 13.3% between 2024 and 2032. Hydrotreated vegetable oil (HVO), a renewable fuel sourced from vegetable oils and animal fats, is produced through cutting-edge hydrogenation processes.

 

The automotive industry is increasingly embracing HVO as a direct substitute for traditional diesel, capitalizing on its seamless compatibility with current engines and infrastructure. This shift not only supports the industry's sustainability objectives but also responds to regulatory mandates aimed at curbing emissions. With ongoing advancements in HVO production technology enhancing its performance and viability, and with the global appetite for renewable energy solutions on the rise, HVO is poised to play a pivotal role in addressing the world's environmental and energy challenges.
 

The hydrotreated vegetable oil (HVO) market faces challenges due to high production costs and strong competition from other renewable fuels. Producing HVO requires advanced technology and large investments in infrastructure, making it more expensive than traditional fossil fuels. These high costs can prevent widespread use, especially in markets sensitive to price changes. Additionally, HVO competes with other renewable fuels like biodiesel and ethanol, which also aim to capture market share in the shift to sustainable energy. These alternative fuels may have lower production costs or established supply chains, increasing competition and affecting HVO’s market growth. Therefore, managing production costs and standing out from competing renewable options are crucial for HVO to expand its market presence and gain broader acceptance in various sectors.

Authors: Kiran Pulidindi , Manish Dhiman

Frequently Asked Questions (FAQ) :

Market size for hydrotreated vegetable oil was USD 24.2 billion in 2023 and is expected to register over 13.3% CAGR from 2024-2032 due to the rising use of HVO as a direct substitute for traditional diesel, capitalizing on its seamless compatibility with current engines and infrastructure worldwide.

Hydrotreated vegetable oil industry from the food and feed crops segment is expected to register 12.7% CAGR from 2024-2032 due to their widespread availability and suitability for large-scale production.

Europe industry held a major share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to rigorous environmental regulations and robust backing for renewable fuels in the region.

ALFA LAVAL, Cepsa, Desmet, DIAMOND GREEN DIESEL, Neste, Preem, Repsol, Shell, TotalEnergies, UPM Biofuels, Valero Energy, and World Energy, are some of the major hydrotreated vegetable oil companies worldwide.

Hydrotreated Vegetable Oil Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 12
  • Tables & Figures: 240
  • Countries covered: 18
  • Pages: 310
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