Hydrotreated Vegetable Oil Market Research Report 2023 - InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Hydrotreated Vegetable Oil Market Size, Share & Trends Analysis Report By application (Renewable Diesel and Sustainable Aviation Fuel (SAF)), end-user (Transportation, Agricultural Machinery, Industrial), feedstock (Edible Vegetable Oils, Crude Palm Oil, Used Cooking Oil, Tall Oil, Animal Fats), and technology (Standalone Hydrotreating Technology and Co-Processing Technology), Region, Market Outlook And Industry Analysis 2031"

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The global Hydrotreated Vegetable Oil Market is estimated to reach over USD 111.46 billion by 2031, exhibiting a CAGR of 21.1% during the forecast period.?

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The composition of hydrotreated vegetable oil appears identical to that of fossil diesel fuels, making it a sustainable substitute for petroleum diesel. HVO is widely used in the automotive sector since its hydrotreated production method reduces fuel maintenance requirements and contaminants while also ensuring safer handling. HVO is becoming increasingly popular due to its cheaper maintenance costs, decreased danger of degradation, and ease of mixing in any ratio with conventional diesel. As a result, the growing use of HVO as a renewable fuel in existing diesel engine cars (pure or blended) is propelling the global industry. It can be used in any diesel engine in any concentration with minimal changes, and the high cetane number ensures that vehicles perform all year.

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The automotive sector extensively uses HVO because the hydrotreated manufacturing process removes contaminants, reduces fuel maintenance, and provides safer handling. The worldwide automotive industry's rapid growth adds to the increased use of this oil. The growing population, advanced car manufacturing technology, and microeconomic development have all strengthened the automobile industry, resulting in increased demand for this oil.

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List of Prominent Players in the Hydrotreated Vegetable Oil Market:

·?????? Annam Brands

·?????? St1 Nordic Oy

·?????? Neste

·?????? Valero Energy Ltd (UK)

·?????? PT Pertamina (Persero)

·?????? Repsol

·?????? TotalEnergies

·?????? UPM

·?????? Phillips 66

·?????? Chevron Renewable Energy Group

·?????? Green Biofuels Limited

·?????? Petrobras

·?????? ECB Group

·?????? Preem AB

·??????Colabit Sweden AB

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Market Dynamics:

Drivers-

The global industry is likewise being driven by the rising use of HVO as a renewable fuel in current diesel engine vehicles (pure or blended). Without requiring any changes, it may be utilized in any concentration in a diesel engine, and the high cetane number gives the vehicle year-round performance. Because the hydrotreated production method removes contaminants, reduces fuel maintenance, and provides safer handling, the automotive industry employs HVO extensively. The global automotive industry's explosive expansion plays a part in the rising use of this oil. The need for this oil has increased due to the booming automotive industry, advanced car production technology, and microeconomic development.

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Challenges:

The higher production costs for hydrotreated vegetable oil limit market expansion globally. To counteract the greater manufacturing costs, several regions have, however, prioritised reducing greenhouse gas emissions. Thus, the project can lessen the negative effects of renewable diesel production and enable fleet managers to acquire it for less than traditional fuel. Additionally, the various feedstocks now used to produce renewable diesel raise some environmental issues. For instance, producing renewable diesel from palm oil generated a few land issues, such as deforestation and the destruction of natural habitats, which restrained the market's expansion.

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Regional Trends:

The North America Hydrotreated Vegetable Oil Market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. Due to rising consumer demand for cleaner, more environmentally friendly transportation fuels, the HVO market in North America has been expanding recently. Regulations designed to cut carbon emissions and promote renewable energies are partially to blame for this growth. The demand for cleaner transport fuels is predicted to expand in North America as a result of concerns about sustainability and the environment. More specifically, the need for cleaner and more environmentally friendly transportation fuels has been fueling growth in the HVO market in the Asia-Pacific region.

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Recent Developments:

·?????? In Sept 2023, Petrochemical manufacturer LG Chem and Eni (ENI.MI) are investigating the possibility of building a biorefinery in South Korea. In the next years, Eni thinks biofuels derived from vegetable oil, leftover cooking oil, and grease will be crucial to the decarbonization of the truck, aircraft, and shipping industries.

·?????? In Nov 2022, Crimson Renewable Energy Holdings, LLC agreed to sell its used cooking oil (UCO) collection and aggregation business and affiliated assets to Neste. This acquisition bolsters Neste's operations and presence in the United States. Neste acquires a prominent UCO collection and recycling enterprise on the West Coast of the United States, including the collection, logistics, and storage of UCO in California, Oregon, and Washington.

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Segmentation of Hydrotreated Vegetable Oil Market-

By Application-

·?????? Renewable Diesel

·?????? Sustainable Aviation Fuel (SAF)

By End-User-

·?????? Transportation

o?? Automotive

§? Passenger Cars

§? Heavy Trucks and Heavy Buses

o?? Maritime

o?? Aviation

·?????? Agricultural Machinery

·?????? Industrial

o?? Mining

o?? Construction

o?? Others (Manufacturing and Oil and Gas)

·?????? Others (Residential Buildings, Commercial Buildings, and Data Centers)

By Feedstock Type-

·?????? Edible Vegetable Oils

·?????? Crude Palm Oil

·?????? Used Cooking Oil

·?????? Tall Oil

·?????? Animal Fats

·?????? Others (Non-Edible Vegetable Oil, Sludge Palm Oil Mill Effluent, and Refining Byproducts)

By Technology Type-

·?????? Standalone Hydrotreating Technology

·?????? Co-Processing Technology

By Region-

North America-

·?????? The US

·?????? Canada

·?????? Mexico

Europe-

·?????? Germany

·?????? The UK

·?????? France

·?????? Italy

·?????? Spain

·?????? Rest of Europe

Asia-Pacific-

·?????? China

·?????? Japan

·?????? India

·?????? South Korea

·?????? South East Asia

·?????? Rest of Asia Pacific

Latin America-

·?????? Brazil

·?????? Argentina

·?????? Rest of Latin America

?Middle East & Africa-

·?????? GCC Countries

·?????? South Africa

·?????? Rest of Middle East and Africa

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