The Hydrotreated Vegetable Oil Market is being driven by Supportive government measures
The Hydrotreated Vegetable Oil Market is expected to grow at a CAGR of 13.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 20.11 billion. The global hydrotreated vegetable oil (HVO) market is experiencing a noteworthy transition towards eco-friendly fuel alternatives, driven by stringent environmental regulations and the automotive industry's commitment to reducing carbon emissions. HVO, a biofuel derived from renewable raw materials like used vegetable oils, animal fats, and waste cooking oils, is gaining traction as a viable replacement for conventional petroleum-based diesel. In November 2024, Stellantis made headlines by announcing that its entire fleet of cars and light-duty commercial vehicles is now compatible with HVO diesel fuel. This significant industry development underscores the growing adoption of sustainable fuel options. The HVO production process, which includes hydrogenation, yields a cleaner fuel with reduced sulfur content and lower levels of aromatic compounds and pollutants.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
205 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.3% |
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Market growth 2025-2029 |
USD 20.11 billion |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
12.0 |
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Key countries |
US, Canada, UK, China, Japan, Germany, India, Brazil, France, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Hydrotreated Vegetable Oil (HVTO) market is witnessing significant growth due to the increasing demand for sustainable manufacturing and green chemistry. HVTO, also known as green diesel, is a low carbon emission bio-derived fuel that contributes to climate change mitigation. It is produced through green technology in bio-refineries, reducing the carbon footprint and promoting eco-friendly solutions. HVTO is used as an alternative fuel in transportation, replacing traditional diesel fuel and contributing to renewable fuel infrastructure. The market is driven by renewable fuel standards, biodiesel mandates, and clean diesel technology, all aimed at emissions reduction and sustainable mobility. HVTO is also used in the production of bio-based plastics, green materials, and green building materials, further promoting environmental sustainability and green innovation.
The Hydrotreated Vegetable Oil (HVO) market encompasses businesses engaged in the production of sustainable aviation fuels through the hydrotreating process, utilizing feedstocks such as palm oil. Technavio's market analysis calculates the HVO market size based on the consolidated revenue generated by these market participants. This market scope excludes providers of hydrotreating equipment and producers of palm oil for edible purposes. Key growth drivers for the HVO market include the reduction of greenhouse gas emissions in the aviation industry and the increasing demand for customer service differentiation through the provision of sustainable fuel options. The health benefits of HVO, including its lower carbon footprint and potential to decrease emissions, further bolster market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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