Hydrotreated Vegetable Oil Market Earnings Margins, Value Of Production & Consumption Demand Figures 2024 to 2034
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.
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.
Information Source:
https://www.futuremarketinsights.com/reports/hydrotreated-vegetable-oil-market
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.
"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.).
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.
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