Future Market Insights (FMI) predicts a significant leap
in the hydrotreated vegetable oil (HVO) market. HVO's eco-friendly
credentials, particularly its use as a 'green biodiesel' blend or
complete replacement for traditional fuels like diesel, kerosene,
and gasoline, are driving its popularity. Stringent environmental
regulations are further propelling market growth as key players
scramble to expand their eco-friendly product portfolios and
capitalize on HVO's potential.
NEWARK, Del., April 29, 2024 /PRNewswire/ --
The hydrotreated vegetable oil market value is
expected to rise from US$ 21.2
billion in 2024 to US$ 70.0
billion by 2034. This market is analyzed to surge ahead
at a CAGR of 12.70% over the next decade.
Download the Sample PDF report to explore key market
insights and trends:
https://www.futuremarketinsights.com/reports/sample/rep-gb-19552
Surging demand for HVO, also known as 'green biodiesel' is
achieving new milestones due to its environment-friendly
characteristics. The use of hydrotreated vegetable oil is
increasing in the blended or pure form in diesel engines as a
substitute to traditional fuels like kerosene, gasoline, and
diesel.
Key players are rushing to gain a foothold in this market due to
the immense popularity of HVO fueled by stringent environmental
laws. As a result, players are aspiring to increase their
eco-friendly product portfolio.
The deployment of hydrotreated vegetable oil (HVO) to back power
generation is attaining a foothold in developed countries like
the United States, United Kingdom, etc. HVO fuel is extensively
employed by utilities to distribute energy around the clock during
public safety power cutoffs. Companies in these regions are
actively using renewable fuels like HVO to switch to a lower-carbon
future.
In Asian countries like South
Korea, Japan, and
Australia, production of HVO is
expected to reduce dependence on oil imports. Additionally, this
fuel is expected to be a core source of revenue generation.
"Industry participants are tapping into emerging
opportunities produced by growing environmental concerns. Active
participation of end users and players to facilitate the use of HVO
in various applications is expected to fuel market growth,"
says Nandini Roy
Choudhury (Client Partner for Food &
Beverages at Future Market Insights, Inc.).
Key Takeaways from the Hydrotreated Vegetable Oil Market
Report
- The hydrotreated vegetable oil market had acquired a
remuneration of US$ 18.3 billion by
2023. During the historical period, the market grew at a CAGR of
16.2%.
- Based on type, the pure HVO is a leading segment, expanding at
a CAGR of 12.5% over the forecast period.
- By application, the transportation segment has attained a share
of 43% in 2023.
- The United States hydrotreated
vegetable oil market, by the end of 2034, is expected to account
for US$ 12.5 billion by the end of
the forecast timeframe. The market is projected to expand at a 13%
CAGR in the next ten years.
- Based on the growth rate, the market in South Korea is expected to expand at a
stupendous rate of 15% over the projected period.
- On the basis of value, China's
hydrotreated vegetable oil industry is projected to attain
US$ 11 billion.
Purchase now and gain full access to
the Hydrotreated Vegetable Oil Industry report, featuring
comprehensive Market Forecast, Company Share Analysis, Competition
Intelligence, DROT Analysis, Market Dynamics and Challenges, and
Strategic Growth Initiatives.
News Coverage of Hydrotreated Vegetable Oil
Market
- In August 2023, ACCIONA
introduced a unique initiative for the Fargo-Moorhead flood diversion plan in
the United States. It is the first
time that the firm is using renewable biofuels produced from
hydrotreated vegetable waste oil to support the heavy machinery
used for civil works. This project is executed by the Fargo-Moorhead project combined with North
American Construction Group and Shikun & Binui USA.
- In September 2021,
mega-corporations of South Korea
like Dansuk Industrial and LG Chem planned to make a joint
investment to launch a sustainable aviation fuel (SAF) and
hydrotreated vegetable oil (HVO) plant at the Daeson location.
- In September 2023, Italy-based Eni Sustainable Mobility (SM), and
South Korea based LG Chem Ltd.
tentatively agreed to construct a production plant of hydrotreated
vegetable oil in South Korea.
About the Author:
Nandini Roy
Choudhury (Client Partner for Food & Beverages at
Future Market Insights, Inc.) has 7+ years of management consulting
experience. She advises industry leaders and explores off-the-eye
opportunities and challenges. She puts processes and operating
models in place to support their business objectives.
She has exceptional analytical skills and often brings thought
leadership to the table.
Nandini has vast functional expertise in key niches, including
but not limited to food ingredients, nutrition & health
solutions, animal nutrition, and marine nutrients. She is also
well-versed in the pharmaceuticals, biotechnology, retail, and
chemical sectors, where she advises market participants to develop
methodologies and strategies that deliver results. Another feather
to her cap manifests in the form of process automation. She is
vocal about bringing automation to the fore to bring a
360-degrees-round revolution in manufacturing sector.
Her core expertise lies in corporate growth strategy, sales and
marketing effectiveness, acquisitions and post-merger integration
and cost reduction. Nandini has an MBA in Finance from MIT School
of Business. She also holds a Bachelor's Degree in Electrical
Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in
journals including Beverage Industry, Bloomberg, and Wine Industry
Advisor.
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About Future Market Insights (FMI)
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