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

MARKET INSIGHTS

Global Hydrotreated Vegetable Oil (HVO) market size was valued at USD 19,450 million in 2024. The market is projected to grow from USD 21,830 million in 2025 to USD 51,190 million by 2034, reflecting a compound annual growth rate of 12.3% during the forecast period.

Hydrotreated Vegetable Oil (HVO) is a renewable diesel alternative produced through hydrogenation of vegetable oils or animal fats. Unlike conventional biodiesel (FAME), HVO offers superior characteristics including higher cetane number (typically 70‑90), better cold‑weather performance (with cloud points as low as –40°C), and complete compatibility with existing diesel engines without modification. The production process removes oxygen from feedstock through hydroprocessing, resulting in a hydrocarbon nearly identical to petroleum diesel.

The market growth is driven by tightening environmental regulations globally, particularly in Europe and North America where blending mandates are increasing. In 2024, the EU’s revised Renewable Energy Directive (RED III) set a binding target of 42.5% renewable energy in transport by 2030. Simultaneously, corporate sustainability commitments are creating strong demand, with major fleets such as Amazon and UPS adopting HVO to decarbonize logistics. However, feedstock availability remains a challenge, prompting innovation in waste and residue‑based production.

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

Top 10 Companies in the Hydrotreated Vegetable Oil (HVO) Market (2026)

1. Neste

Headquarters: Espoo, Finland
Key Offering: Renewable diesel and HVO production across multiple feedstock streams

Neste has cemented its position as the world’s largest producer of renewable diesel, leveraging a vertically integrated supply chain that spans from feedstock cultivation to end‑use distribution. Its NEXBTL ecofining technology delivers high‑quality HVO that matches petroleum diesel in performance while offering a 75‑95% reduction in greenhouse gas emissions.

Sustainability & Growth Initiatives: Expansion of co‑processing units at existing refineries, investment in lignin‑to‑HVO technology, and partnership with major logistics fleets to secure long‑term supply contracts.

• Capacity expansion to 1.5 million t/yr in Singapore and Rotterdam.
• Strategic acquisition of feedstock suppliers in the United States.
• Commitment to a 30% reduction in lifecycle CO₂ intensity by 2030.

2. Diamond Green Diesel

Headquarters: St. Louis, USA
Key Offering: Advanced HVO blends for heavy‑duty transport and marine applications

Diamond Green Diesel focuses on delivering high‑performance HVO to the North American market, emphasizing low‑emission blends that meet or exceed current regulatory requirements. Its proprietary hydroprocessing units enable rapid scale‑up and flexible feedstock sourcing.

Sustainability & Growth Initiatives: Development of a 500 kW pilot plant for waste‑oil HVO, collaboration with state governments on low‑carbon fuel credits, and expansion into the Canadian logistics sector.

• New refinery in Texas with 200 k t/yr capacity.
• Partnership with UPS for dedicated HVO supply.
• Investment in hydrogen infrastructure to support future green‑hydrogen co‑processing.

3. UPM Biofuels

Headquarters: Helsinki, Finland
Key Offering: Wood‑based HVO and co‑processing solutions for the European market

UPM Biofuels leverages its extensive forestry assets to produce low‑carbon HVO from wood chips and sawmill residues. The company’s co‑processing approach integrates renewable diesel production into existing petroleum refineries, reducing capital outlay and accelerating deployment.

Sustainability & Growth Initiatives: Scaling of a 300 k t/yr pilot plant in Finland, partnership with the EU for circular economy incentives, and launch of a sustainability certification program for feedstock traceability.

• Expansion of the Luleå refinery to 400 k t/yr.
• Collaboration with the Swedish transport ministry on low‑carbon fleet incentives.
• Development of a digital platform for feedstock tracking.

4. Renewable Energy Group

Headquarters: Houston, USA
Key Offering: HVO production from used cooking oil and animal fats

REG’s focus on waste‑derived feedstocks positions it as a leader in sustainable HVO production in North America. The company’s proprietary hydroprocessing technology delivers high‑quality diesel with minimal environmental impact.

Sustainability & Growth Initiatives: Expansion of the Midland, Texas plant, development of a feedstock collection network across the Midwest, and collaboration with the U.S. Department of Energy on hydrogen storage solutions.

• New 250 k t/yr capacity in Texas.
• Partnership with local municipalities for used‑oil collection.
• Investment in carbon‑capture technology for downstream processing.

5. Eni

Headquarters: Rome, Italy
Key Offering: Integrated HVO production within existing refineries

Eni’s strategy centers on co‑processing HVO at its Italian refineries, allowing for rapid scale‑up while maintaining existing infrastructure. The company is also investing in advanced bio‑feedstock research to diversify its supply base.

Sustainability & Growth Initiatives: Deployment of a 400 k t/yr unit in Italy, partnership with local agricultural cooperatives, and participation in the EU’s Horizon 2020 biofuel research program.

• Upgrade of the Pinerolo refinery to 400 k t/yr.
• Collaboration with Italian farmers for crop residue supply.
• Engagement with EU research consortiums on ILUC mitigation.

6. TotalEnergies

Headquarters: Paris, France
Key Offering: High‑quality HVO for European and African markets

TotalEnergies has positioned itself as a major renewable diesel player by integrating HVO production into its global refining network. The company’s focus on low‑carbon fuel blends aligns with the EU’s stringent emissions targets.

Sustainability & Growth Initiatives: Expansion of the La Mède refinery, investment in African feedstock projects, and development of a digital traceability system for renewable diesel.

• Capacity expansion to 500 k t/yr in France.
• Partnership with Kenyan feedstock suppliers.
• Launch of a blockchain‑based supply chain transparency platform.

7. Preem

Headquarters: Stockholm, Sweden
Key Offering: Co‑processing HVO in Scandinavian refineries

Preem’s strategy emphasizes integration of renewable diesel into its existing infrastructure, targeting heavy‑duty transport and maritime sectors in Northern Europe.

Sustainability & Growth Initiatives: Scaling of the HVO unit at the Gothenburg refinery, collaboration with the Swedish government on carbon‑neutral transport, and investment in advanced feedstock analytics.

• Expansion to 300 k t/yr at Gothenburg.
• Partnership with Swedish logistics firms for dedicated HVO contracts.
• Implementation of AI‑driven feedstock optimization.

8. Repsol

Headquarters: Madrid, Spain
Key Offering: HVO production from oil‑seed and waste streams

Repsol’s renewable diesel portfolio includes both dedicated HVO plants and co‑processing units, allowing for flexible scaling and feedstock diversification.

Sustainability & Growth Initiatives: Expansion of the HVO unit in Spain, partnership with Spanish agricultural cooperatives, and development of a carbon‑neutral logistics network.

• New 200 k t/yr capacity in Spain.
• Collaboration with Spanish farmers for seed oil supply.
• Launch of a green‑logistics program for fleet operators.

9. Cepsa

Headquarters: Madrid, Spain
Key Offering: Renewable diesel blends for the Iberian market

Cepsa’s strategy focuses on blending HVO with conventional diesel to meet EU blending mandates while maintaining high fuel quality for heavy‑duty vehicles.

Sustainability & Growth Initiatives: Expansion of the HVO unit at the Seville refinery, partnership with Spanish logistics firms, and investment in waste‑oil collection infrastructure.

• Increase to 150 k t/yr at Seville.
• Collaboration with local municipalities for waste‑oil collection.
• Implementation of a sustainability reporting framework.

10. NextChem (Maire Tecnimont)

Headquarters: Rome, Italy
Key Offering: Advanced chemical conversion of waste streams into HVO

NextChem’s technology transforms municipal solid waste and agricultural residues into high‑quality renewable diesel, positioning it as a pioneer in circular biofuel solutions.

Sustainability & Growth Initiatives: Scaling of the 100 k t/yr pilot plant in Italy, partnership with European waste‑management firms, and development of a closed‑loop feedstock supply chain.

• Expansion of the pilot plant to 200 k t/yr.
• Collaboration with Italian waste authorities.
• Launch of a closed‑loop supply chain certification program.

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Outlook to 2034

Over the next decade, the HVO market is expected to maintain a steady expansion trajectory, driven by regulatory mandates and corporate decarbonization plans. By 2034, the global market is projected to reach USD 51,190 million, with a significant portion of growth originating from Europe’s advanced biofuel ecosystem, North America’s logistics sector, and the emerging Asian markets that are beginning to adopt renewable diesel blends.

Future Trends and Market Dynamics

Key trends shaping the HVO landscape include the acceleration of waste‑to‑fuel technologies, the rise of marine and aviation HVO blends, and the increasing importance of supply‑chain transparency. Companies that can secure diversified feedstock portfolios, invest in hydrogen‑powered hydroprocessing, and align with evolving certification standards will be best positioned to capture market share in the coming years.