Hydrotreated Vegetable Oil Market Booming Worldwide with Latest Trend and Future Scope by 2031
Global hydrotreated vegetable oil market is anticipated to grow at a significant CAGR of 12.4% during the forecast period (2024-2031). Policies and incentives like mandates for biofuel blending, taxes, incentives, and subsidies are being implemented by governments across the globe is a key factor driving the growth of the global market. To meet the growing demand for biofuels key players are investing in new production facilities. For instance,
In January 2024, Eni moves ahead with conversion of the Livorno refinery into a bio-refinery. The project, first announced in October 2022. It includes the construction of three new facilities for the production of hydrogenated biofuels which is a biogenic feedstock pre-treatment unit with a 500,000 tonnes/year Ecofining plant capacity and a facility to produce hydrogen from methane gas.
Further, in December 2022, Cepsa invested 3 billion euros in Andalusia to build the largest green hydrogen hub in Europe. Cepsahas generated 10,000 jobs including direct, indirect, and induced to start up two new plants with total capacity of 2 GW producing up to 300,000 tons of green hydrogen at two new plants in Campo de Gibraltar (Cádiz) and Palos de la Frontera (Huelva). The Andalusian Green Hydrogen Valley has help decarbonize industry and heavy land, air, and maritime transport, reducing CO2 emissions by six million tons.
Furthermore, in August 2022, World Energy has built its second SAF facility at its current Houston ship channel production and distribution hub. It is a new Sustainable Aviation Fuel (SAF) hub that has enable the company to produce another 250 million gallons of SAF annually by 2025. Production in Houston has nearly double the company’s volume capacity by 2025, making the low-carbon fuel available to most US and many global markets for the first time. The move will also get the company more than halfway to meeting its commitment to produce one billion gallons of SAF by 2030, five years ahead of that goal.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Type
- By Application
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- includes Neste, Valero Energy, Repsol, UPM Biofuels and Preem, among others.
Hydrotreated Vegetable Oil Market Report Segment
By Type
- Pure HVO
- Co-Processing
By Application
- Transportation
- Industrial Power Generators
- Others
A full Report of Hydrotreated Vegetable Oil Market is Available @ https://www.omrglobal.com/industry-reports/hydrotreated-vegetable-oil-market
Company Profiles
- Advanced Biofuels
- Cepsa
- Chevron Corp.
- ConocoPhillips
- Diamond Green Diesel
- Eni S.p.A.
- Green Biofuels Ltd.
- Preem AB
- Rapid Energy Ltd.
- Renewable Energy group (REG)
- Shell Plc
- St1 Oy
- Total SA
- UPM Biofuels
- WatsonFuels
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