Top 10 Companies in the Hydrotreated Vegetable Oil (HVO) Market (2026): Market Leaders Powering Global Decarbonization

MARKET INSIGHTS

Global Hydrotreated Vegetable Oil (HVO) market size was valued at USD 16.92 billion in 2024. The market is projected to grow from USD 18.41 billion in 2025 to USD 39.86 billion by 2034, exhibiting a CAGR of 13.4% during the forecast period.

Hydrotreated Vegetable Oil (HVO) is an advanced biofuel produced through hydrogenation of vegetable oils, animal fats, or waste oils. This renewable diesel alternative shares chemical properties with conventional diesel while offering superior environmental benefits including up to 90% lower greenhouse gas emissions and improved cold weather performance. HVO meets stringent fuel quality standards (EN 15940, ASTM D975) and can be used as a drop‑in replacement in existing diesel engines without modifications.

The market growth is driven by stringent environmental regulations like the EU’s Renewable Energy Directive II (RED II), which mandates 14% renewable energy in transport by 2030. Recent industry developments include Neste’s 2024 expansion of its Singapore refinery to 2.6 million tons annual capacity, demonstrating strong corporate commitment to scaling production. While adoption is growing rapidly in Europe and North America, feedstock availability constraints and higher production costs compared to conventional diesel remain key challenges for market participants.

Hydrotreated Vegetable Oil (HVO) Market – View in Detailed Research Report

Top 10 Companies in the Hydrotreated Vegetable Oil (HVO) Market

1️⃣ 1. Neste

Headquarters: Espoo, Finland
Key Offering: Renewable diesel, sustainable aviation fuel, HVO

Neste leads the HVO market with extensive production capacity and a focus on circular economy principles. The Singapore refinery expansion to 2.6 million tonnes per year exemplifies its strategy to scale renewable diesel output while maintaining product quality for fleet operators seeking low‑carbon fuels.

Sustainability Initiatives:

• Scale renewable fuel output to 5 million tonnes by 2030
• Invest in waste‑oil collection networks across Europe
• Partner with logistics firms to embed HVO in fleet operations

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2️⃣ 2. Diamond Green Diesel

Headquarters: Houston, Texas, USA
Key Offering: Renewable diesel, HVO, co‑processing technology

The joint venture between Valero and Darling Ingredients operates one of the largest renewable diesel plants in North America. By combining proprietary hydrotreating technology with a diversified feedstock mix, the plant delivers high‑yield HVO at competitive margins.

Sustainability Initiatives:

• Expand capacity to 1.5 million tonnes per year by 2035
• Deploy advanced catalyst systems to reduce CO₂ intensity
• Collaborate with local municipalities to collect used cooking oil

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3️⃣ 3. UPM Biofuels

Headquarters: Seinäjoki, Finland
Key Offering: Renewable diesel, HVO, bio‑refining

UPM Biofuels leverages forestry by‑products and waste streams to produce HVO, aligning with EU renewable targets and circular bioeconomy objectives.

Sustainability Initiatives:

• Target 30% of production from forest residues by 2030
• Develop carbon‑neutral supply chain certification
• Engage in EU circular economy initiatives

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4️⃣ 4. Renewable Energy Group (REGEN)

Headquarters: London, United Kingdom
Key Offering: Renewable diesel, HVO, refinery integration

REGEN’s expertise in refinery integration enables high‑quality HVO production alongside conventional streams, expanding its European footprint.

Sustainability Initiatives:

• Achieve 20% renewable content in blended diesel by 2035
• Invest in digital traceability for feedstock
• Partner with shipping operators to reduce marine emissions

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5️⃣ 5. Eni

Headquarters: Rome, Italy
Key Offering: Renewable diesel, HVO, refinery integration

Eni’s renewable division has built several HVO plants in Italy and Spain, positioning it as a key player in the European market.

Sustainability Initiatives:

• Increase renewable diesel output to 1 million tonnes per year by 2034
• Implement carbon‑capture integration in refinery units
• Support EU biofuel policy development

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6️⃣ 6. World Energy

Headquarters: Houston, Texas, USA
Key Offering: Renewable diesel, HVO, distribution

World Energy supplies HVO across the western United States, leveraging its logistics network to meet fleet demand.

Sustainability Initiatives:

• Expand distribution to 200 terminals by 2035
• Integrate blockchain for supply chain transparency
• Promote low‑carbon fleet adoption in California

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7️⃣ 7. TotalEnergies

Headquarters: Paris, France
Key Offering: Renewable diesel, HVO, integrated energy solutions

TotalEnergies is scaling its HVO capacity in France and Germany to support the European decarbonisation agenda.

Sustainability Initiatives:

• Target 1.2 million tonnes of HVO per year by 2035
• Invest in waste oil processing infrastructure
• Collaborate with automotive manufacturers to test HVO in heavy‑duty engines

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8️⃣ 8. BP

Headquarters: London, United Kingdom
Key Offering: Renewable diesel, HVO, fuel solutions

BP’s Renewables division has launched HVO production in the UK and is exploring co‑processing in existing refineries.

Sustainability Initiatives:

• Deliver 1 million tonnes of HVO by 2035
• Support low‑carbon fuel standards in the UK
• Develop joint ventures with logistics firms

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9️⃣ 9. Shell

Headquarters: The Hague, Netherlands
Key Offering: Renewable diesel, HVO, fuel supply

Shell’s green fuels strategy includes HVO production in the Netherlands, providing a low‑carbon option for European fleets.

Sustainability Initiatives:

• Increase renewable diesel share to 15% of fleet fuel mix by 2035
• Invest in advanced hydrotreating catalysts
• Engage with municipalities for waste oil collection

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🔟 10. Chevron

Headquarters: San Ramon, California, USA
Key Offering: Renewable diesel, HVO, refinery integration

Chevron’s refinery upgrades enable production of HVO alongside conventional streams, targeting a blended renewable content of 20% by 2035.

Sustainability Initiatives:

• Expand HVO capacity to 1.5 million tonnes per year
• Implement carbon‑neutral certification for feedstock
• Support coastal shipping fuel transition

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Outlook

HVO’s trajectory is underpinned by a confluence of regulatory momentum, technological maturation, and expanding feedstock networks. The EU’s renewable fuel targets and the United States’ low‑carbon fuel standards create a steady demand stream, while co‑processing innovations lower entry barriers for traditional refiners. As supply chains mature around waste and residue oils, cost pressures ease, making HVO a competitive alternative for fleets and industrial users. The sector is poised to capture a larger share of the global diesel market, particularly in logistics, heavy‑duty transport, and marine operations.

Future Trends

1. Integration with Sustainable Aviation Fuel – HVO’s chemistry allows seamless conversion to SAF, positioning HVO producers as pivotal players in the aviation decarbonisation roadmap.
2. Feedstock Circularity – Expanding waste‑oil collection and certification frameworks will secure feedstock supply and reinforce the circular bioeconomy narrative.
3. Co‑Processing Adoption – Refiners increasingly retrofit existing units to process vegetable oils, reducing capital intensity and accelerating renewable content in diesel blends.
4. Digital Traceability – Blockchain and mass‑balance accounting will become standard to verify sustainability claims, enhancing market transparency.
5. Regional Expansion – Asia‑Pacific and South America are expected to accelerate HVO adoption as local policies evolve and infrastructure investments grow.