The Global Hydrotreated Vegetable Oil (HVO) Market was valued at USD 18,020 Million in 2023 and is projected to reach USD 51,188.52 Million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 12.30% during the forecast period (2024-2032). This rapid growth is fueled by increasing demand for low-carbon fuel alternatives across transportation sectors and aggressive renewable energy targets set by governments worldwide.

As industries transition toward sustainable energy solutions, key players are emerging in the HVO space – from petroleum refiners adapting existing infrastructure to specialized biofuel producers pioneering next-generation technologies. In this analysis, we profile the Top 10 Companies in the HVO Industry, examining their production capacities, technological innovations, and strategies for capturing market share in this dynamic sector.

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🔟 1. Neste Corporation

Headquarters: Espoo, Finland
Key Offering: Neste MY Renewable Diesel

Neste is the world’s largest producer of renewable diesel, with its proprietary NEXBTL technology enabling flexible feedstock use. The company supplies HVO to over 40 countries with production facilities in Finland, the Netherlands, and Singapore.

Sustainability Initiatives:

• Annual production capacity of 3.3 million tons across all facilities

• Pioneer in using waste and residue feedstocks (over 90% of inputs)

• Targeting carbon-neutral production by 2035

Download FREE Sample Report: Hydrotreated Vegetable Oil (HVO) Market – View in Detailed Research Report

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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 plant, with expansion projects underway to reach 1.2 billion gallons/year capacity by 2025.

Sustainability Initiatives:

• Using animal fats and used cooking oil as primary feedstocks

• Capable of processing 100% renewable feedstocks with high yield efficiency

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8️⃣ 3. TotalEnergies

Headquarters: Paris, France
Key Offering: HVO through BioTfueL joint venture

TotalEnergies is converting its Grandpuits refinery into a zero-crude platform focused on renewable fuels, including HVO production from European-sourced feedstocks.

Sustainability Initiatives:

• Investing €500 million in HVO capacity expansion

• Developing 2nd generation biofuels from lignocellulosic biomass

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7️⃣ 4. Renewable Energy Group (REG)

Headquarters: Ames, Iowa, USA
Key Offering: REG Ultra Clean Diesel

Now owned by Chevron, REG operates 11 biorefineries across North America with expertise in processing diverse feedstocks into high-quality renewable diesel.

Sustainability Initiatives:

• 1 billion gallon/year production capacity

• Leader in co-processing technology development

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6️⃣ 5. Eni S.p.A.

Headquarters: Rome, Italy
Key Offering: Eni Diesel+ with 15% renewable content

Eni has converted two traditional refineries into bio-refineries and plans to quadruple its biorefining capacity to 5-6 million tons/year by 2030.

Sustainability Initiatives:

• Pioneering Ecofining technology for HVO production

• Developing waste-to-fuel supply chains in Africa

Download FREE Sample Report: Hydrotreated Vegetable Oil (HVO) Market – View in Detailed Research Report

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5️⃣ 6. UPM Biofuels

Headquarters: Helsinki, Finland
Key Offering: UPM BioVerno renewable diesel

UPM stands out for producing HVO from crude tall oil, a residue of pulp production, with its biorefinery in Lappeenranta producing 500,000 tons annually.

Sustainability Initiatives:

• 89% GHG reduction vs fossil diesel

• Plans for second biorefinery in Germany by 2030

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4️⃣ 7. Preem AB

Headquarters: Stockholm, Sweden
Key Offering: Preem Evolution Diesel

Sweden’s largest fuel company has converted its Gothenburg refinery to focus on renewable diesel production, with ambitions to produce 5 million cubic meters of biofuels by 2030.

Sustainability Initiatives:

• CO2 reduction of over 2 million tons/year from current operations

• Investing in electrolysis for renewable hydrogen production

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3️⃣ 8. World Energy

Headquarters: Boston, Massachusetts, USA
Key Offering: Renwable diesel and sustainable aviation fuel

Operating North America’s first commercial-scale renewable diesel facility in Paramount, California, World Energy supplies low-carbon fuels to major distributors.

Sustainability Initiatives:

• Carbon intensity reduction up to 80% versus conventional diesel

• Focused on scaling SAF production capabilities

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2️⃣ 9. Repsol S.A.

Headquarters: Madrid, Spain
Key Offering: Next-generation biofuels

Repsol is investing heavily in advanced biofuels, with plans for two new HVO plants in Spain and Portugal with combined capacity of 1.3 million tons/year.

Sustainability Initiatives:

• 85% of feedstocks from waste and residues

• Target of 2.5 million tons of low-carbon fuels by 2030

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1️⃣ 10. BP plc

Headquarters: London, UK
Key Offering: BP Ultimate with renewable components

BP is expanding its biofuels business through partnerships and acquisitions, aiming for 100,000 barrels/day of bioenergy production by 2030.

Sustainability Initiatives:

• Strategic partnership with Bunge in Brazilian bioenergy

• Developing hydrogenated biofuels for hard-to-decarbonize sectors

Get Full Report Here: Hydrotreated Vegetable Oil (HVO) Market – View in Detailed Research Report

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🌍 Outlook: The Future of HVO Is Bright and Evolving

The HVO market is undergoing accelerated growth as industries seek drop-in solutions for decarbonization. Unlike biodiesel (FAME), HVO’s superior cold weather performance and compatibility with existing infrastructure position it as a key transition fuel.

📈 Key Trends Shaping the Market:

• Capacity expansion in North America and Southeast Asia to meet growing demand

• Increasing use of waste and residue feedstocks to improve sustainability profiles

• Blending mandates driving adoption in Europe and North America

• Technology innovations enabling co-processing at traditional refineries

Get Full Report Here: Hydrotreated Vegetable Oil (HVO) Market – View in Detailed Research Report

The companies profiled above represent the vanguard of renewable diesel technology – transforming waste streams into clean energy while helping industries meet their net-zero commitments.