Top 10 Companies in the HVO Fuel Market (2026): Market Leaders Powering Global Decarbonisation

HVO fuel (Hydrotreated Vegetable Oil fuel) is a next generation renewable diesel made by chemically cleaning and reshaping natural oils and fats with hydrogen to perform almost exactly like high quality fossil diesel in real engines and burners. It provides fuel buyers with a practical means of reducing lifecycle greenhouse gas emissions by as much as about four fifths without re-engineering engines, storage tanks or logistics chains.

HVO is a paraffinic diesel-range fuel produced by hydrogenation and hydro-isomerisation of triglycerides and free fatty acids derived from vegetable oils, used cooking oils, animal fats or industrial fatty residues. Hydrotreating chemically removes oxygen and heteroatoms and saturates double bonds, producing a mixture of straight and branched alkanes in the C15-C18 range, similar to conventional diesel but generally with lower aromatic content and almost zero sulphur content.

The HVO fuel market was valued at USD 21.26 billion in 2024 and is projected to reach USD 59.93 billion by 2032, growing at a CAGR of 18.7%.

HVO Fuel Market Value (2024)	USD 21.26 billion
HVO Fuel Market Value (2025)	USD 25.12 billion
HVO Fuel Market Value (2032)	USD 59.93billion
CAGR (%)	18.7%

• HVO’s paraffinic nature enables it to meet EN 15940 standards for paraffinic diesel fuels, offering high cetane numbers, very low sulphur and excellent cold‑flow performance.
• The absence of oxygenates and esters improves storage stability and compatibility with existing gasoline distribution systems and engine hardware for on‑road, off‑road and industrial applications.

Top 10 Companies in the HVO Fuel Market (2026)

10. BP

Headquarters: London, United Kingdom
Key Offering: HVO blended diesel for commercial fleets

BP has invested in a dedicated HVO production line at its UK refinery, targeting 30% of its diesel output to be low‑carbon by 2030.

Sustainability Initiatives:

• Net‑zero emissions across all operations by 2050
• Hydrogen production to power hydroprocessing units
• Partnerships with logistics operators to phase out conventional diesel

9. World Energy

Headquarters: United States
Key Offering: Renewable HVO for freight and light commercial vehicles

World Energy has expanded its portfolio with a new HVO plant in the Midwest, leveraging domestic waste oil streams to supply the growing freight sector.

Sustainability Initiatives:

• Targeting 40% renewable content in all diesel blends by 2035
• Investments in waste‑to‑fuel conversion technologies
• Collaboration with state Low Carbon Fuel Standard programs

8. TotalEnergies

Headquarters: Paris, France
Key Offering: HVO for on‑road and off‑road applications

With its La Méde biorefinery, TotalEnergies is producing 1.8 million tonnes of HVO annually, focusing on European market penetration.

Sustainability Initiatives:

• 10% renewable diesel target in total fuel output by 2030
• Integration of advanced hydroprocessing catalysts
• Support for EU maritime decarbonisation initiatives

7. Repsol

Headquarters: Madrid, Spain
Key Offering: HVO blended diesel for commercial fleets and aviation

Repsol has launched a 1.2 million tonne HVO plant in Spain, aligning with the country’s RenovaBio programme and expanding into sustainable aviation fuel.

Sustainability Initiatives:

• 30% renewable content in all diesel blends by 2030
• Investment in waste‑to‑fuel projects across Iberia
• Partnerships with airlines to supply HVO‑based SAF

6. Preem

Headquarters: Stockholm, Sweden
Key Offering: HVO for heavy‑duty trucks and industrial use

Preem’s HVO production focuses on high‑purity blends that meet strict Swedish cold‑weather performance standards.

Sustainability Initiatives:

• Zero‑carbon operations target by 2050
• Expansion of co‑processing capabilities at existing refineries
• Collaboration with Scandinavian logistics firms to accelerate fleet conversion

5. Eni

Headquarters: Rome, Italy
Key Offering: HVO for road transport and industrial sectors

Eni has integrated HVO production into its Italian refinery network, providing a reliable supply for domestic logistics operators.

Sustainability Initiatives:

• Target of 20% renewable diesel by 2035
• Investment in renewable hydrogen production
• Partnerships with European rail operators for HVO trials

4. UPM Biofuels

Headquarters: Jyväskylä, Finland
Key Offering: HVO derived from used cooking oil and animal fats

UPM Biofuels’ state‑of‑the‑art biorefinery delivers high‑quality HVO with a focus on sustainability and circularity.

Sustainability Initiatives:

• Zero‑carbon production chain by 2030
• Closed‑loop feedstock sourcing from local waste streams
• Collaboration with Finnish municipalities on waste‑to‑fuel projects

3. Neste

Headquarters: Espoo, Finland
Key Offering: HVO for road transport and aviation

Neste’s Rotterdam refinery expansion now supplies 1.2 million tonnes of HVO annually, positioning it as the market leader with a 35% share.

Sustainability Initiatives:

• Target of 50% renewable diesel in total fuel mix by 2030
• Investment in advanced hydroprocessing catalysts
• Partnerships with logistics firms to accelerate fleet conversion

2. Diamond Green Diesel

Headquarters: Houston, United States
Key Offering: HVO blended diesel for logistics and freight

Diamond Green Diesel, a joint venture between Valero and Darling Ingredients, has secured a 1.5 million tonne annual capacity, focusing on the U.S. freight market.

Sustainability Initiatives:

• 30% renewable diesel target in all blends by 2030
• Investment in waste‑to‑fuel conversion plants
• Collaboration with state Low Carbon Fuel Standard programmes

1. Renewable Energy Group

Headquarters: Houston, United States
Key Offering: HVO for commercial fleets and aviation

Acquired by Chevron in 2022, Renewable Energy Group operates the largest HVO production facility in the U.S., supplying 1.4 million tonnes annually.

Sustainability Initiatives:

• 40% renewable diesel target by 2035
• Investment in renewable hydrogen and hydroprocessing technologies
• Partnerships with major airlines for HVO‑based SAF

HVO Fuel Market – View in Detailed Research Report

HVO Fuel Market – View in Detailed Research Report

Outlook

The HVO fuel market is positioned for robust expansion as regulatory frameworks tighten and commercial fleets accelerate transition to low‑carbon alternatives. European mandates and North American blending requirements are driving demand, while advances in hydroprocessing are reducing cost differentials with conventional diesel.

Future Trends

• Waste‑to‑fuel circular models achieving 75‑80% conversion efficiencies, enhancing feedstock security.
• Advanced hydroprocessing catalysts improving yield and lowering capital intensity.
• Expansion of marine HVO blends to meet IMO 2050 decarbonisation targets.
• Growth of HVO in aviation as sustainable aviation fuel portfolios mature.

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