수소화 식물성 오일 시장 규모, 점유율, 성장 및 산업 분석 : 유형별, 용도별, 지역별 인사이트 및 예측(2026-2034년)

Growth Factors of hydrotreated vegetable oil (HVO) Market

The global hydrotreated vegetable oil (HVO) market was valued at USD 21.36 billion in 2025 and is projected to grow from USD 23.53 billion in 2026 to USD 45.00 billion by 2034, registering a CAGR of 8.44% during the forecast period. Europe dominated the global market with a 49.70% share in 2025, generating USD 10.97 billion. The U.S. HVO market is projected to reach USD 14.92 billion by 2032, reflecting strong regional growth.

Hydrotreated vegetable oil is a renewable diesel derived from hydrogenation and hydrocracking of feedstocks such as tall oil, rapeseed oil, waste cooking oil, and animal fats. HVO is sulfur-free, oxygen-free, and aromatic-free, with a high cetane number, making it a premium renewable diesel substitute. It is blended with fossil diesel and distributed at fuel stations. Production integrates seamlessly into refining operations, generating diesel, LPG, naphtha, and sustainable aviation fuel (SAF).

COVID-19 Impact

The COVID-19 pandemic led to reduced road mobility and transportation activity, causing a temporary decline in HVO demand. Global oil inventories increased significantly due to reduced consumption, impacting renewable diesel blending rates. Lower transport fuel consumption during 2020-2021 slowed short-term growth; however, recovery in mobility and stricter decarbonization goals restored demand momentum post-pandemic.

Market Trends

Growing Adoption in Aviation

A key trend shaping the HVO market is its expanding use in the aviation sector. Under ASTM D7566-14 standards, sustainable aviation fuels can include up to 50% bio-based components, including HVO-derived HEFA fuels. The Federal Aviation Administration's Destination 2025 initiative aims to scale renewable jet fuel production toward 1 billion gallons annually. Refineries are increasing SAF production capacity, with companies such as World Energy targeting 250 million gallons of SAF annually by 2025. These initiatives are strengthening HVO's role in decarbonizing aviation.

Market Growth Factors

Rising Demand for Renewable Diesel

HVO provides over 50% reduction in greenhouse gas emissions compared to petroleum diesel and up to 80% lower lifecycle emissions, making it a preferred alternative across industries. Renewable diesel is fully compatible with existing diesel engines and infrastructure without modifications. Its superior cold-weather performance, long-term storability, and lower maintenance requirements increase fleet adoption in transportation, agriculture, construction, and events sectors.

Automotive Industry Expansion

The transportation sector dominates demand, as HVO can reduce truck emissions by up to 90%, particularly in Euro 6 diesel vehicles. Rapid growth in global vehicle production and stricter emission standards are driving renewable diesel consumption. HVO's high cetane number and paraffinic composition improve engine efficiency while reducing particulate filter regeneration frequency and maintenance costs.

Restraining Factors

Competition from biodiesel (FAME) remains a key challenge due to lower production costs. Hydrotreating equipment requires higher capital investment compared to biodiesel production. Additionally, renewable diesel production costs can translate into higher retail prices. Environmental concerns related to certain feedstocks, such as palm oil-linked deforestation, may also restrict growth in specific regions.

Segmentation Analysis

By Type

The Pure HVO segment holds the dominant market share due to its lower environmental impact compared to fossil diesel. It is produced entirely from renewable feedstocks and does not introduce new CO2 into the atmosphere. Co-processing up to 10% renewable feedstock in existing hydrotreating units offers a low-capital transitional pathway for refiners.

By Application

The transportation segment leads the market due to increasing adoption of low-emission fuels. Industrial power generators are also witnessing growth, as HVO offers higher oxygen stability and cleaner combustion for diesel generator applications.

Regional Analysis

Europe

Europe led the market with USD 10.97 billion in 2025, accounting for 49.70% share. Renewable Energy Directive II (RED II) mandates and production expansions are projected to increase HVO and biodiesel output by 40 kb/d to 320 kb/d. Strong policy frameworks and blending mandates continue to drive demand.

North America

North America is witnessing strong growth supported by the Renewable Fuel Standard (RFS), Renewable Identification Numbers (RINs), and Low Carbon Fuel Standard (LCFS) credits. The U.S. market is projected to reach USD 14.92 billion by 2032, reflecting expanding refinery capacity and policy-driven incentives.

Asia Pacific

China, India, Malaysia, and Indonesia are key contributors. Malaysian biodiesel production is projected to reach 40 kb/d by 2026, supported by a B20 blending mandate. High palm oil prices and renewable mandates are influencing regional production economics.

Competitive Landscape

Major players include Neste, Valero Energy, World Energy, Eni, Cepsa, Total, REG, Preem, UPM Biofuels, and Repsol. Companies are focusing on mergers, acquisitions, and capacity expansions. In November 2022, Neste acquired used cooking oil aggregation assets in the U.S., while Eni announced construction of a 500,000 tons/year eco-fining plant. Strategic investments exceeding USD 3.15 billion in green hydrogen projects further support renewable fuel integration.

The hydrotreated vegetable oil market is projected to grow steadily from USD 21.36 billion in 2025 to USD 45.00 billion by 2034, driven by renewable diesel demand, aviation fuel expansion, and supportive decarbonization policies worldwide.

Conclusion

The global hydrotreated vegetable oil (HVO) market is projected to grow from USD 21.36 billion in 2025 to USD 23.53 billion in 2026, reaching USD 45.00 billion by 2034, reflecting steady expansion at an 8.44% CAGR. Europe leads with a 49.70% share in 2025, generating USD 10.97 billion, while the U.S. market is expected to reach USD 14.92 billion by 2032. Increasing transportation adoption, up to 90% emission reduction in trucks, and aviation blending up to 50% bio-based content will continue to strengthen long-term market growth.

Segmentation By Type

• Pure HVO
• Co-processing

By Application

• Transportation
• Industrial Power Generators
• Others

By Region

• North America (By Type, By Application, and By Country)
  • U.S.
  • Canada
• Europe (By Type, By Application, and By Country)
  • France
  • Germany
  • Italy
  • U.K.
  • Austria
  • Netherlands
  • Spain
  • Finland
  • Rest of Europe
• Asia Pacific (By Type, By Application, and By Country)
  • China
  • Indonesia
  • Rest of Asia Pacific
• Rest of the World (By Type, By Application, and By Country)

Table of Content

1. Introduction

• 1.1. Research Scope
• 1.2. Market Segmentation
• 1.3. Research Methodology
• 1.4. Definitions & Assumptions

2. Executive Summary

3. Market Dynamics

• 3.1. Market Drivers
• 3.2. Market Restraints
• 3.3. Market Opportunities

4. Key Insights

• 4.1. Key Emerging Trends - For Major Countries
• 4.2. Latest Technological Advancement
• 4.3. Insight on Regulatory Landscape
• 4.4. Porters Five Forces Analysis
• 4.5. Impact of COVID-19 on the Hydrotreated Vegetable Oil Market

5. Global Hydrotreated Vegetable Oil Market (USD Billion, K Tons) Analysis, Insights, and Forecast, 2021-2034

• 5.1. Key Findings
• 5.2. Market Analysis, Insights and Forecast - By Type
  • 5.2.1. Pure HVO
  • 5.2.2. Co-Processing
• 5.3. Market Analysis, Insights and Forecast - By Application
  • 5.3.1. Transportation
  • 5.3.2. Industrial Power Generators
  • 5.3.3. Others
• 5.4. Market Analysis, Insights and Forecast - By Region
  • 5.4.1. North America
  • 5.4.2. Europe
  • 5.4.3. Asia Pacific
  • 5.4.4. Rest of the World

6. North America Hydrotreated Vegetable Oil Market (USD Billion, K Tons) Analysis, Insights, and Forecast, 2021-2034

• 6.1. Key Findings
• 6.2. Market Analysis, Insights and Forecast - By Type
  • 6.2.1. Pure HVO
  • 6.2.2. Co-Processing
• 6.3. Market Analysis, Insights and Forecast - By Application
  • 6.3.1. Transportation
  • 6.3.2. Industrial Power Generators
  • 6.3.3. Others
• 6.4. Market Analysis, Insights and Forecast - By Country
  • 6.4.1. U.S.
  • 6.4.2. Canada

7. Europe Hydrotreated Vegetable Oil Market (USD Billion, K Tons) Analysis, Insights, and Forecast, 2021-2034

• 7.1. Key Findings
• 7.2. Market Analysis, Insights and Forecast - By Type
  • 7.2.1. Pure HVO
  • 7.2.2. Co-Processing
• 7.3. Market Analysis, Insights and Forecast - By Application
  • 7.3.1. Transportation
  • 7.3.2. Industrial Power Generators
  • 7.3.3. Others
• 7.4. Market Analysis, Insights and Forecast - By Country
  • 7.4.1. UK
  • 7.4.2. Germany
  • 7.4.3. Italy
  • 7.4.4. France
  • 7.4.5. Austria
  • 7.4.6. Netherland
  • 7.4.7. Spain
  • 7.4.8. Finland
  • 7.4.9. Rest of Europe

8. Asia Pacific Hydrotreated Vegetable Oil Market (USD Billion, K Tons) Analysis, Insights, and Forecast, 2021-2034

• 8.1. Key Findings
• 8.2. Market Analysis, Insights and Forecast - By Type
  • 8.2.1. Pure HVO
  • 8.2.2. Co-Processing
• 8.3. Market Analysis, Insights and Forecast - By Application
  • 8.3.1. Transportation
  • 8.3.2. Industrial Power Generators
  • 8.3.3. Others
• 8.4. Market Analysis, Insights and Forecast - By Country
  • 8.4.1. China
  • 8.4.2. Indonesia
  • 8.4.3. Rest of Asia Pacific

9. Rest of the World Hydrotreated Vegetable Oil Market (USD Billion, K Tons) Analysis, Insights, and Forecast, 2021-2034

• 9.1. Key Findings
• 9.2. Market Analysis, Insights and Forecast - By Type
  • 9.2.1. Pure HVO
  • 9.2.2. Co-Processing
• 9.3. Market Analysis, Insights and Forecast - By Application
  • 9.3.1. Transportation
  • 9.3.2. Industrial Power Generators
  • 9.3.3. Others

10. Competitive Analysis

• 10.1. Company Market Share Analysis, 2026
• 10.2. Company Profile
  • 10.2.1. Neste
    • 10.2.1.1. Business Overview
    • 10.2.1.2. Product, Application, & Services
    • 10.2.1.3. Recent Developments
    • 10.2.1.4. Financials (Based on Availability)
  • 10.2.2. Valero Energy
    • 10.2.2.1. Business Overview
    • 10.2.2.2. Product, Application, & Services
    • 10.2.2.3. Recent Developments
    • 10.2.2.4. Financials (Based on Availability)
  • 10.2.3. World Energy
    • 10.2.3.1. Business Overview
    • 10.2.3.2. Product, Application, & Services
    • 10.2.3.3. Recent Developments
    • 10.2.3.4. Financials (Based on Availability)
  • 10.2.4. Eni
    • 10.2.4.1. Business Overview
    • 10.2.4.2. Product, Application, & Services
    • 10.2.4.3. Recent Developments
    • 10.2.4.4. Financials (Based on Availability)
  • 10.2.5. Cepsa
    • 10.2.5.1. Business Overview
    • 10.2.5.2. Product, Application, & Services
    • 10.2.5.3. Recent Developments
    • 10.2.5.4. Financials (Based on Availability)
  • 10.2.6. Total
    • 10.2.6.1. Business Overview
    • 10.2.6.2. Product, Application, & Services
    • 10.2.6.3. Recent Developments
    • 10.2.6.4. Financials (Based on Availability)
  • 10.2.7. REG
    • 10.2.7.1. Business Overview
    • 10.2.7.2. Product, Application, & Services
    • 10.2.7.3. Recent Developments
    • 10.2.7.4. Financials (Based on Availability)
  • 10.2.8. Preem
    • 10.2.8.1. Business Overview
    • 10.2.8.2. Product, Application, & Services
    • 10.2.8.3. Recent Developments
    • 10.2.8.4. Financials (Based on Availability)
  • 10.2.9. UPM Biofuels
    • 10.2.9.1. Business Overview
    • 10.2.9.2. Product, Application, & Services
    • 10.2.9.3. Recent Developments
    • 10.2.9.4. Financials (Based on Availability)
  • 10.2.10. Repsol
    • 10.2.10.1. Business Overview
    • 10.2.10.2. Product, Application, & Services
    • 10.2.10.3. Recent Developments
    • 10.2.10.4. Financials (Based on Availability)