The global Hydrotreated Vegetable Oil (HVO) market was valued at USD 18.02 billion in 2023 and is projected to reach USD 51.19 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 12.3% during the forecast period (2024-2032). This substantial growth is driven by increasing global demand for low-carbon fuels, stringent environmental regulations, and widespread adoption across transportation, aviation, and industrial applications.
As the world accelerates its transition to sustainable energy, HVO has emerged as a superior renewable diesel alternative with enhanced properties compared to conventional biodiesel. In this analysis, we examine the Top 10 Companies in the HVO Industry – comprising innovative refiners, energy majors, and biofuel specialists who are redefining the future of renewable fuels.
🔟 1. Neste Corporation
Headquarters: Espoo, Finland
Key Offering: Neste MY Renewable Diesel
Neste is the global market leader in HVO production with over 4 million tons of annual renewable fuels capacity. Their proprietary NEXBTL technology enables flexible feedstock utilization and produces fuel that meets stringent international standards.
Sustainability Initiatives:
- World’s largest renewable diesel producer expanding to 5.5 million tons capacity by 2026
- Pioneer in waste and residue feedstock utilization accounting for 92% of raw materials
- Targeting 100% renewable raw materials by 2030
Download FREE Sample Report: Hydrotreated Vegetable Oil (HVO) Market – View in Detailed Research Report
9️⃣ 2. Diamond Green Diesel
Headquarters: Norco, Louisiana, USA
Key Offering: Renewable diesel under the Eni Sustainable Mobility brand
This joint venture between Valero and Darling Ingredients operates North America’s largest renewable diesel facility, with current production of 1.2 billion gallons annually expanding to 1.5 billion by 2025.
Sustainability Initiatives:
- Utilizes low-carbon feedstocks including used cooking oil and animal fats
- Supplies renewable diesel to major distributors including Chevron and BP
- Supports California’s Low Carbon Fuel Standard (LCFS) program
8️⃣ 3. UPM Biofuels
Headquarters: Helsinki, Finland
Key Offering: UPM BioVerno renewable fuels
UPM’s innovative biorefinery concept uses crude tall oil from pulp production, achieving negative carbon intensity in certain fuel applications.
Sustainability Initiatives:
- Investing €750 million in new Rotterdam biorefinery project
- Targeting 500,000 tons annual renewable fuels production capacity
- First producer to supply biofuels for commercial flights in Finland
7️⃣ 4. Renewable Energy Group (Chevron)
Headquarters: Ames, Iowa, USA
Key Offering: Renewable diesel under Chevron Renewable Energy Group brand
Following Chevron’s acquisition, REG operates 12 biorefineries across North America with 680 million gallons annual production capacity.
Sustainability Initiatives:
- Pioneering patented co-processing technology with traditional refineries
- Invested $40 million in feedstock pretreatment capabilities
- Leading provider of biodiesel and renewable diesel in North America
6️⃣ 5. TotalEnergies
Headquarters: Paris, France
Key Offering: TotalEnergies HVO and SAF solutions
TotalEnergies operates two major biorefineries in France with plans to process 400,000 tons of renewable feedstock annually by 2025.
Sustainability Initiatives:
- Investing €500 million to convert Grandpuits refinery into biofuel hub
- Partnering with Safran on sustainable aviation fuel development
- Launched 100% renewable diesel for commercial fleets in 2023
Download FREE Sample Report: Hydrotreated Vegetable Oil (HVO) Market – View in Detailed Research Report
5️⃣ 6. Eni Sustainable Mobility
Headquarters: Rome, Italy
Key Offering: Eni Diesel+ renewable fuel blends
Eni has converted traditional refineries in Venice and Gela into biorefineries, making it Europe’s second-largest HVO producer with 1.25 million tons annual capacity.
Sustainability Initiatives:
- Developing third-generation feedstocks from algae and agricultural waste
- Committed to carbon neutrality by 2035 for Scope 1 and 2 emissions
- Partnering with African nations for sustainable feedstock development
4️⃣ 7. World Energy
Headquarters: Paramount, California, USA
Key Offering: Renewable diesel and SAF solutions
World Energy operates North America’s first commercial-scale renewable diesel plant, supplying low-carbon fuels since 2013.
Sustainability Initiatives:
- Producing renewable diesel with up to 80% lower lifecycle emissions
- Investing $4 billion to expand capacity to 750 million gallons annually
- Major supplier of SAF to international airlines and aviation sector
3️⃣ 8. Preem AB
Headquarters: Stockholm, Sweden
Key Offering: Preem Evolution renewable diesel
Sweden’s largest fuel company operates Scandinavia’s largest renewable diesel production facility in Gothenburg.
Sustainability Initiatives:
- Targeting 5 million tons of renewable fuel production by 2030
- Investing in hydrogen-based biofuel production technologies
- Supplying 30% renewable content in all diesel sold in Sweden
2️⃣ 9. Repsol
Headquarters: Madrid, Spain
Key Offering: Repsol Renewable Fuel
Repsol is converting industrial complexes to produce 2.3 million tons of renewable fuels annually by 2030, with advanced HVO from waste feedstocks.
Sustainability Initiatives:
- Opened Spain’s first advanced biofuels plant in Cartagena (2023)
- Developing synthetic fuels through electrolysis and CO₂ capture
- Investing €6.5 billion in low-carbon initiatives through 2030
1️⃣ 10. Cepsa
Headquarters: Madrid, Spain
Key Offering: Cepsa Biorenewables
Cepsa is constructing Europe’s largest integrated biofuels facility in Huelva with planned capacity of 2.5 million tons of renewable fuels including HVO and SAF.
Sustainability Initiatives:
- Investing €3 billion in biofuels projects through 2030
- Partnering with Bio-Oils for sustainable feedstock supply
- Targeting 100% sustainable aviation fuel production by 2030
Get Full Report Here: Hydrotreated Vegetable Oil (HVO) Market – View in Detailed Research Report
🌍 Outlook: The Future of HVO in the Global Energy Transition
The HVO market is experiencing unprecedented expansion as industries worldwide adopt drop-in renewable fuel solutions requiring no infrastructure modifications. With superior properties including excellent cold weather performance, higher energy density, and greater stability than conventional biodiesel, HVO is becoming the renewable fuel of choice across multiple sectors.
📈 Key Market Trends Shaping the Industry:
- Rapid capacity expansions in North America and Europe to meet growing demand
- Strategic partnerships between petroleum majors and biorefinery operators
- Increasing adoption in marine and aviation fuel applications
- Technological advances enabling greater use of waste-based feedstocks
The companies profiled represent the vanguard of this transformation, collectively investing billions to scale production and meet the growing global demand for renewable diesel solutions. As governments implement more stringent low-carbon fuel standards and corporations pursue net-zero targets, HVO is positioned to play an increasingly critical role in the global transition to sustainable energy.
Get Full Report Here: Hydrotreated Vegetable Oil (HVO) Market – View in Detailed Research Report
