加氫處理植物油（HVO）全球市場、產能、需求、平均價格及產業展望（至2034年）

加氫處理植物油（HVO）

近年來，由於人們對永續性、減碳和能源多元化的日益關注，全球加氫處理植物油（HVO）市場呈現快速成長態勢。 HVO又稱可再生柴油，是透過植物油和廢棄油脂的水解過程生產的。其化學成分與化石柴油燃料相同，但溫室氣體排放顯著降低。 HVO被認為是一種“直接替代燃料”，這意味著它可以直接替代傳統柴油，無需對引擎進行任何改造。這種相容性，加上各地區對生質燃料和脫碳目標的強力政策支持，正在加速HVO在多個產業的應用。向可再生燃料的轉型在運輸和航空業尤為明顯，HVO是實現淨零排放目標的關鍵組成部分。全球HVO市場不僅規模不斷擴大，而且在原料來源、產能和終端應用方面也日益多元化，這反映出能源生態系統正朝著更循環和永續的方向顯著轉變。

需求：依細分市場分類

加氫處理植物油 (HVO) 的需求可分為多個產品類別，包括可再生柴油、永續航空燃料 (SAF)、生物石腦油和生物液化石油氣 (Bio-LPG)。由於可再生柴油在運輸和物流領域的廣泛應用，它仍然是最大且成長最快的細分市場。車隊和公共交通系統優先採用再生柴油，因為它在提供與傳統柴油相當的性能的同時，還能顯著減少排放。永續航空燃料 (SAF) 是 HVO 市場的另一個主要成長領域。隨著全球航空公司和航空管理機構大力推動碳中和營運，HVO 衍生的 SAF 正在成為航空旅行脫碳的關鍵推動因素。雖然生物石腦油和生物液化石油氣的市場佔有率較小，但它們作為石化和能源行業的可再生原料發揮著重要作用，支持向更環保的化學品生產和供暖應用轉型。營運中可再生燃料的日益普及以及政府相關法規的支持，持續增強了 HVO 市場的整體需求結構。

市場促進因素

全球HVO市場的主要驅動力之一是日益增強的脫碳和永續燃料推廣監管。世界各國政府正在實施嚴格的碳排放目標和可再生能源強制規定，迫使各產業和消費者採用更清潔的替代燃料。 HVO無需基礎設施改造即可即時減少碳排放，使其成為能源轉型中極具實用性的選擇。利用廢油、動物脂肪和殘渣等循環經濟原則的日益普及進一步增強了HVO的吸引力。此外，航空業對永續航空燃料（SAF）的堅定承諾也為HVO的需求提供了長期動力。航空公司面臨減少排放的壓力，而SAF則提供了直接且擴充性的解決方案。可再生煉油廠的擴張、加氫處理流程的技術改進以及對廢棄物衍生原料供應鏈投資的增加也顯著促進了市場成長。環境法規、產業創新和企業永續性目標的整體協調一致，為全球HVO市場的長期擴張奠定了堅實的基礎。

市場限制

儘管HVO市場發展前景良好，但仍面臨許多挑戰，可能阻礙其成長。其中最主要的挑戰是永續原料供應有限且成本高。隨著HVO需求的成長，對廢棄食用油、奶油和其他殘渣等原料的競爭日益激烈，可能導致供應瓶頸和價格波動。此外，HVO生產需要複雜的加氫處理基礎設施和大量資本投資，使得小型生產商難以進入市場。市場也面臨政府政策和補貼計畫的不確定性。獎勵措施和可再生能源強制性規定的波動可能會影響盈利和計劃可行性。另一個限制因素是關於HVO作為食品和燃料用途的持續爭論。在HVO生產中使用初榨植物油引發了人們永續性的擔憂。此外，物流的挑戰，例如擴大分銷網路和確保各地區燃料品質的一致性，仍然是營運障礙。雖然持續的技術創新和國際合作有望隨著時間的推移解決其中許多限制，但它們目前仍然是HVO市場快速均衡成長的障礙。

本報告分析了全球加氫處理植物油 (HVO) 市場，提供了市場動態和行業趨勢、各細分市場的需求預測以及製造商概況等資訊。

目錄

第1章 引言

第2章 市場摘要

• 市場演變
• 供需概覽
• 產業結構
• 戰略問題
• 最終用途趨勢
• 成長預測

第3章 經濟與能源展望

• 國內生產毛額與人口統計數據
• 貨幣和財政政策
• 原油產量和價格
• 天然氣
• 電費

第4章 最終使用者部門績效

• 運輸
• 工業
• 其他

第5章 產能（工廠和計劃）分析

• 公司生產能力
• 按國家/地區分類的生產能力
• 按地區/國家分類的生產能力概覽

6. 加氫處理植物油 (HVO) 簡介及市場概況

• 產品描述
• 等級和特點
• 原料
• 製造過程
• 環境問題
• 價值鏈
• 目的

第7章 市場動態與產業趨勢

• 市場動態
  • 促進要素
  • 抑制因素
  • 機會
  • 任務

第8章 全球加氫處理植物油（HVO）按應用領域分類的供需分析（數量和價值）（2018-2034 年）

• 戰略問題
• 供需分析與預測（2018-2034）
  • 生產能力
  • 運轉率
  • 生產
  • 淨出口
  • 要求
  • 需求成長率
  • 促進因素分析
• 全球加氫處理植物油 (HVO) 市場按應用領域分類
• 可再生柴油
• 永續航空燃料 (SAF)
• 生物石腦油/可再生汽油
• 生物液化石油氣
• 其他

9. 各地區/國家供需分析及市場概覽（數量和價值）（2018-2034 年）

• 戰略問題
• 生產能力
• 運轉率
• 生產
• 淨出口
• 要求
• 需求成長率
• 按應用領域分類的加氫處理植物油 (HVO) 市場
• 北美洲
• 美國
• 加拿大
• 墨西哥
• 西歐
• 德國
• 法國
• 義大利
• 英國
• 西班牙
• 其他西歐國家
• 中歐/東歐
• 俄羅斯
• 波蘭
• 其他中歐和東歐國家
• 亞太地區
• 中國
• 日本
• 印度
• 韓國
• 亞太其他地區
• 拉丁美洲
• 中東和非洲

第10章：定價分析

• 加氫處理植物油（HVO）平均價格
• 各地區平均價格
• 價格預測

第11章 關鍵策略問題

第12章：機會評估

• 市場吸引力評估
• 潛在客戶與目標市場研究

第13章：戰略建議與提案

第14章 公司分析

• 加氫處理植物油 (HVO) 生產商概況/公司分析
  • 基本訊息
  • 總部、主要市場
  • 擁有
  • 企業融資
  • 製造地
  • 全球銷售
  • 員工總數
  • 產品系列/服務/解決方案
  • 最新進展
  • 目標公司
• Neste
• Total
• UPM Biofuels
• World Energy
• Repsol
• Valero
• Wilmar
• Pertamina
• Yzchem
• Ryze Renewables
• 其他製造商

第15章附錄

Hydrogenated Vegetable Oil (HVO)-

The global Hydrotreated Vegetable Oil (HVO) market has witnessed rapid expansion in recent years, driven by the growing focus on sustainability, carbon reduction, and energy diversification. HVO, also known as renewable diesel, is produced by hydrotreating vegetable oils or waste fats to create a fuel chemically identical to fossil diesel but with significantly lower greenhouse gas emissions. It is considered a "drop-in" fuel, meaning it can directly replace conventional diesel without the need for engine modifications. This compatibility, combined with strong policy support for biofuels and decarbonization targets across regions, has accelerated HVO adoption in multiple sectors. The transition toward renewable fuels is particularly visible in the transportation and aviation industries, where HVO is a crucial component in achieving net-zero goals. The global HVO market is not only expanding in scale but also diversifying in its feedstock sources, production capacities, and end-use applications, reflecting a robust shift toward a more circular and sustainable energy ecosystem.

Demand by Segments

The demand for Hydrotreated Vegetable Oil is categorized into several product segments, including renewable diesel, sustainable aviation fuels (SAF), bio-naphtha, bio-LPG, and others. Renewable diesel remains the largest and fastest-growing segment due to its wide acceptance in transportation and logistics applications. It provides identical performance to conventional diesel but contributes to significant emission reductions, making it a preferred option for fleets and public transport systems. Sustainable Aviation Fuel (SAF) represents another major growth area within the HVO landscape. With global airlines and aviation authorities pushing for carbon-neutral operations, SAF derived from HVO is emerging as a key enabler for decarbonizing air travel. Bio-naphtha and bio-LPG, although smaller in market share, play critical roles as renewable feedstocks in the petrochemical and energy sectors, supporting the transition toward greener chemical manufacturing and heating applications. The growing adoption of renewable fuels in industrial operations, coupled with supportive government mandates, continues to enhance the overall demand structure of the HVO market.

Regional Demand Analysis

Regionally, Europe leads the global HVO market, propelled by strong regulatory frameworks, blending mandates, and significant investments in biofuel infrastructure. The European Union's Renewable Energy Directive (RED II) and Fit-for-55 package have positioned the region as a global hub for renewable diesel and SAF production. Countries like Finland, Sweden, Italy, and Spain are among the early adopters, with companies like NESTE and Eni spearheading large-scale production facilities. North America follows closely, driven by the United States and Canada's low carbon fuel standards (LCFS) and increasing investments in renewable refineries. The U.S., in particular, has witnessed a surge in HVO capacity expansion, with several refiners converting fossil fuel units into renewable fuel plants. In Asia-Pacific, countries such as China, Japan, and Singapore are emerging as key markets, supported by policy incentives and growing awareness of sustainable fuel options. Meanwhile, Latin America and the Middle East are showing early signs of adoption, focusing on renewable diesel exports and regional sustainability initiatives. Overall, the geographical expansion of HVO production and consumption reflects a global movement toward energy transition and emission reduction.

Key Manufacturers

The global Hydrotreated Vegetable Oil market is dominated by several major players actively investing in production capacity expansion, feedstock diversification, and technological innovation. NESTE Oyj is currently the world's largest HVO producer, with facilities in Finland, Singapore, and the Netherlands. The company's extensive global presence and focus on waste and residue-based feedstocks set an industry benchmark for sustainability. Eni S.p.A., CEPSA, and Repsol are among Europe's prominent producers, leveraging existing refining infrastructure to scale up renewable diesel and SAF output. UPM has also emerged as a key player through its bio-based solutions, particularly in renewable diesel derived from tall oil. In North America, companies such as Phillips 66, TotalEnergies, and BP PLC are converting conventional refineries into biofuel plants to strengthen their low-carbon portfolios. In Asia, Sinopec has been exploring large-scale renewable diesel production to meet domestic energy transition goals. Diamond Green Diesel, a joint venture between Darling Ingredients and Valero Energy, stands out as one of the largest renewable diesel producers in the U.S. The collective efforts of these companies highlight a growing competitive landscape shaped by capacity additions, feedstock innovations, and strategic partnerships.

Market Driver

One of the primary drivers of the global HVO market is the increasing regulatory push toward decarbonization and sustainable fuel adoption. Governments across the globe are implementing stringent carbon emission targets and renewable energy mandates, compelling industries and consumers to adopt cleaner alternatives. HVO's ability to deliver immediate carbon reduction without infrastructure changes makes it a highly practical choice for energy transition. The growing focus on circular economy principles-using waste oils, animal fats, and residues as feedstocks-further strengthens its appeal. Additionally, the aviation industry's strong commitment to Sustainable Aviation Fuel is providing long-term momentum to HVO demand. Airlines are under pressure to reduce emissions, and SAF offers a direct and scalable solution. The expansion of renewable refineries, technological improvements in hydrotreatment processes, and increasing investments in waste-based feedstock supply chains also contribute significantly to market growth. The overall alignment of environmental regulations, industrial innovation, and corporate sustainability goals is creating a strong foundation for the global HVO market's long-term expansion.

Market Restraint

Despite its promising growth trajectory, the HVO market faces several challenges that could restrain its development. The most critical among these is the limited availability and high cost of sustainable feedstocks. As demand for HVO rises, competition for raw materials such as used cooking oil, tallow, and other residues is intensifying, leading to potential supply bottlenecks and price volatility. Moreover, HVO production requires complex hydrotreating infrastructure and significant capital investments, making entry difficult for smaller producers. The market also faces uncertainty regarding government policies and subsidy structures, as fluctuations in incentives or renewable mandates can impact profitability and project viability. Another restraint is the ongoing debate between food and fuel usage, as the use of virgin vegetable oils for HVO production raises sustainability concerns. Additionally, logistical challenges in scaling distribution networks and ensuring consistent fuel quality across regions remain operational hurdles. While continuous technological innovation and global collaboration are expected to address many of these constraints over time, these factors presently pose barriers to the rapid and uniform growth of the HVO market.

Table of Contents

1. Introduction

• Scope
• Market Coverage
  • Applications
  • Regions
  • Countries
• Years Considered
  • Historical - 2018 - 2023
  • Base - 2024
  • Forecast Period - 2025 - 2034
• Research Methodology
  • Approach
  • Research Methodology
  • Prismane Consulting Market Models
  • Assumptions & Limitations
  • Abbreviations & Definitions
  • Conversion Factors
  • Data Sources

2. Market Synopsis

• Market Evolution
• Demand-Supply Overview
• Industry Structure
• Strategic Issues
• End-use Trends
• Growth Forecast

3. Economic & Energy Outlook

• GDP and Demographics
• Monetary & Fiscal Policies
• Crude Oil Production and prices
• Natural Gas
• Electricity Prices

4. End-use Sector Performance

• Transportation
• Industrial
• Others

5. Capacity (Plants & Projects) Analysis

• Capacity, by Company
• Capacity, by Country and by region
• Capacity Overview, By Region and Country

6. Introduction to Hydrotreated Vegetable Oil and Market Overview

• Product Description
• Grades & Properties
• Raw Material
• Manufacturing Process
• Environmental Issues
• Value Chain
• Applications

7. Market Dynamics and Industry Trends

• Market Dynamics
  • Drivers
  • Restraints
  • Opportunities
  • Challenges

8. Global Hydrotreated Vegetable Oil Demand-Supply Analysis, By Applications (Volume, Value) (2018-2034)

• Strategic Issues
• Demand-Supply Analysis and Forecast (2018-2034)
  • Capacity
  • Capacity Utilization (%)
  • Production
  • Net Trade
  • Demand
  • Demand Growth Rate (%)
  • Driving Force Analysis
  • Global Hydrotreated Vegetable Oil Market, By Applications
• Renewable Diesel
• SAF (Sustained Aviation Fuel)
• Bio-naphtha / Renewable Gasoline
• Bio-LPG
• Others

9. Demand-Supply Analysis and Market Review, By Region, By Country (Volume, Value), (2018-2034)

• Strategic Issues
• Capacity
• Capacity Utilization (%)
• Production
• Net Trade
• Demand
• Demand Growth Rate (%)
• Hydrotreated Vegetable Oil Market, By Applications

Note: Demand-Supply Analysis has been provided for all major Regions / Countries as mentioned below. The demand (consumption) split by applications has been provided for each of the countries/regions in Volume (Kilo tons) and Value (USD Million).

• North America
• USA
• Canada
• Mexico
• Western Europe
• Germany
• France
• Italy
• United Kingdom
• Spain
• Rest of Western Europe
• Central & Eastern Europe
• Russia
• Poland
• Rest of Central & Eastern Europe
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Rest of Asia-Pacific
• Central & South America
• Middle East & Africa

Note: CAGR will be calculated for all applications to arrive at the regional / global Demand-Supply growth for the forecast period (2025 - 2034)

10. Pricing Analysis

• Average Hydrotreated Vegetable Oil Prices, USD/Kg
• Average prices, by region
• Price Forecast

11. Key Strategic Issues

12. Business Opportunity Assessment

• Market Attractiveness Assessment
• Prospective & Target Market Study

13. Strategic Recommendation & Suggestions

14. Company Analysis

• Hydrotreated Vegetable Oil Manufacturers Profiles/ Company Analysis
  • Basic Details
  • Headquarter, Key Markets
  • Ownership
  • Company Financial
  • Manufacturing Bases
  • Global Turnover
  • Total Employee
  • Product Portfolio / Services / Solutions
  • Recent Developments
  • Companies Covered -
• Neste
• Total
• UPM Biofuels
• World Energy
• Repsol
• Valero
• Wilmar
• Pertamina
• Yzchem
• Ryze Renewables
• Other Manufacturers

Note: This section includes company information, company financials, manufacturing bases and operating regions. Company financials have been mentioned only for those companies where financials were available in SEC Filings, annual reports, or company websites. All the reported financials in this report are in U.S. Dollars. Financials reported in other currencies have been converted using average currency conversion rates. Company profiles may include manufacturers, suppliers, and distributors.

15. Appendices

• Demand-Supply - Regions
• Demand-Supply - Countries
• Capacities, 2018-2034