HVO Fuel - Global Industry Market Analysis Report 2020-2031

HVO fuel, or Hydrotreated Vegetable Oil fuel, is a renewable, low-carbon fuel similar to diesel. It has received widespread attention in the context of global energy transformation and increasingly stringent environmental protection requirements.

HVO fuel is mainly produced through a hydrogenation process. Using lipid substances such as vegetable oil, animal fat or waste cooking oil as raw materials, they react with hydrogen under high temperature and high pressure. In this process, the oxygen molecules in the raw materials are removed and converted into clean fuels with chemical properties similar to traditional fossil diesel. This unique production process gives HVO fuel a series of excellent properties.

In terms of physical and chemical properties, the chemical and physical properties of HVO fuel are similar to those of diesel fuel, but there are also some differences. Its fuel density is about 7% lower than that of diesel, which means that the mass of HVO fuel is relatively light at the same volume. At the same time, the aromatic hydrocarbon and sulfur content of HVO fuel is extremely low and almost negligible, which greatly reduces the pollutants produced during its combustion and is more environmentally friendly. In addition, the cetane number of HVO fuel is higher than that of diesel. The cetane number is an important indicator for measuring the combustion performance of fuel in compression ignition engines. A higher cetane number indicates that HVO fuel can burn faster and more fully in the engine, thereby improving the performance and efficiency of the engine.

HVO fuel has many advantages. In terms of environmental protection, since it contains almost no sulfur and aromatics, pollutants such as particulate matter, nitrogen oxides and sulfides generated during combustion are greatly reduced, which can effectively reduce air pollution. And compared with traditional fossil diesel, HVO fuel has lower carbon emissions. The use of HVO fuel helps reduce greenhouse gas emissions, help the world cope with climate change, and achieve carbon reduction goals. In terms of performance, HVO fuel has excellent combustion performance, which can make the engine run more smoothly, reduce engine wear and failure, and extend the service life of the engine. In addition, HVO fuel has good compatibility with existing diesel engines and can be used directly without large-scale modification of the engine, which provides great convenience for its promotion and application.

In the application field, HVO fuel has a wide range of applications. In the field of transportation, it can be used as a fuel for diesel engine vehicles such as cars, trucks, and buses. Both light vehicles and heavy commercial vehicles can use HVO fuel to reduce exhaust emissions and improve energy efficiency. In marine transportation, the use of HVO fuel by ships can reduce pollution to the marine environment and meet increasingly stringent environmental regulations. In the industrial field, some industrial equipment that needs to use diesel as energy, such as generators and boilers, can also use HVO fuel to achieve clean energy utilization and reduce the impact of industrial production on the environment.

At present, the market for HVO fuel is growing and developing. According to statistics and forecasts by PACO Research, the global HVO fuel market sales reached US$23.28 billion in 2023, and is expected to reach US$61.02 billion in 2030, with a compound annual growth rate (CAGR) of 17.3% (2024-2030). However, the development of HVO fuel also faces some challenges. On the one hand, there are certain limitations on the supply of raw materials. Although raw materials such as vegetable oil, animal fat and waste cooking oil are widely available, in order to achieve large-scale and stable supply, the collection and supply system of raw materials needs to be further improved. On the other hand, the production cost of HVO fuel is relatively high, which to some extent affects its market competitiveness and popularity. However, with the continuous advancement of technology and the expansion of production scale, HVO fuel is expected to occupy a more important position in the global energy structure and make greater contributions to the realization of sustainable energy development.

Report Scope

This report aims to deliver a thorough analysis of the global market for HVO Fuel, offering both quantitative and qualitative insights to assist readers in formulating business growth strategies, evaluating the competitive landscape, understanding their current market position, and making well-informed decisions regarding HVO Fuel.

The report is enriched with qualitative evaluations, including market drivers, challenges, Porter’s Five Forces, regulatory frameworks, consumer preferences, and ESG (Environmental, Social, and Governance) factors.

The report provides detailed classification of HVO Fuel, such as type, etc.; detailed examples of HVO Fuel applications, such as application one, etc., and provides comprehensive historical (2020-2025) and forecast (2026-2031) market size data.

The report provides detailed classification of HVO Fuel, such as From Stand-Alone Biorefineries, From Co-Processing Plants, etc.; detailed examples of HVO Fuel applications, such as Automotive Fuels, Marine Fuel, Industrial Fuels, Others, etc., and provides comprehensive historical (2020-2025) and forecast (2026-2031) market size data.

The report covers key global regions—North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa—providing granular, country-specific insights for major markets such as the United States, China, Germany, and Brazil.

The report deeply explores the competitive landscape of HVO Fuel products, details the sales, revenue, and regional layout of some of the world's leading manufacturers, and provides in-depth company profiles and contact details.

The report contains a comprehensive industry chain analysis covering raw materials, downstream customers and sales channels.

Core Chapters

Chapter One: Introduces the study scope of this report, market status, market drivers, challenges, porters five forces analysis, regulatory policy, consumer preference, market attractiveness and ESG analysis.
Chapter Two: market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter Three: HVO Fuel market sales and revenue in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter Four: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter Five: Detailed analysis of HVO Fuel manufacturers competitive landscape, price, sales, revenue, market share, footprint, merger, and acquisition information, etc.
Chapter Six: Provides profiles of leading manufacturers, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction.
Chapter Seven: Analysis of industrial chain, key raw materials, customers and sales channel.
Chapter Eight: Key Takeaways and Final Conclusions
Chapter Nine: Methodology and Sources.