The Global Hydrotreated Vegetable Oil (HVO) or Hydroprocessed Esters and Fatty Acids (HEFA) Market was valued at USD 17.2 Billion in 2025 and is projected to reach USD 54.8 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. This explosive growth is being driven by aggressive decarbonization mandates, the superior drop-in quality of HVO as a renewable diesel and aviation fuel, and massive capital investments from legacy energy and specialized biofuel companies.

As the world accelerates its shift towards sustainable energy in hard-to-abate sectors like heavy transport and aviation, the spotlight is on the key producers and technology providers enabling this transition. In this blog, we profile the Top 10 Companies in the HVO or HEFA Industry—a dynamic mix of renewable fuel pioneers, integrated energy majors, and refining specialists who are building the supply chains for a lower-carbon future.

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🔟 1. Neste Corporation

Headquarters: Espoo, Finland
Key Offering: Neste MY Renewable Diesel™, Neste MY Sustainable Aviation Fuel™

Neste is the undisputed global leader in HVO/HEFA production, operating the world’s largest renewable diesel and sustainable aviation fuel refineries. Its proprietary NEXBTL technology allows for the flexible processing of a wide range of waste and residue feedstocks, including used cooking oil and animal fat. Neste’s fuels are fully compatible with existing engines and infrastructure, making decarbonization immediate and practical for its customers.

Sustainability & Expansion Initiatives:

• Current renewable products capacity: 3.3 million tons annually
• Target to expand total capacity to 6.8 million tons by 2030
• Pioneering waste and residue feedstock sourcing to ensure high sustainability

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9️⃣ 2. TotalEnergies

Headquarters: Paris, France
Key Offering: HVO, Biojet (HEFA-SAF)

TotalEnergies is a major European force in renewable fuels, with significant investments in HVO production and biorefining. The company is converting its Grandpuits refinery in France into a zero-crude platform focused on biofuels, including HVO, and bioplastics. TotalEnergies is actively developing its SAF production through the HEFA pathway to meet aviation’s decarbonization goals.

Sustainability & Expansion Initiatives:

• Aiming for nearly 2 million tons of renewable fuel production by 2027
• Investing in co-processing units at conventional refineries to produce renewable diesel
• Strategic partnerships for sustainable feedstock supply

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8️⃣ 3. Chevron Corporation (including Renewable Energy Group)

Headquarters: San Ramon, California, USA
Key Offering: Renewable Diesel, HEFA-SAF

With its landmark acquisition of Renewable Energy Group (REG), Chevron has become a powerhouse in North America’s renewable fuels landscape. REG is a leading producer of biodiesel and renewable diesel with a vast feedstock aggregation network. Chevron is leveraging this expertise to scale its lower-carbon fuel offerings, including investments in HEFA-based sustainable aviation fuel.

Sustainability & Expansion Initiatives:

• Target to grow renewable fuels production capacity to 100,000 barrels per day by 2030
• Expanding REG’s Geismar biorefinery to increase renewable diesel yield
• Developing integrated supply chains from feedstocks to fuels

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7️⃣ 4. Diamond Green Diesel (Joint Venture: Valero & Darling Ingredients)

Headquarters: Norco, Louisiana, USA
Key Offering: Renewable Diesel

Diamond Green Diesel (DGD) is the largest commercial-scale renewable diesel producer in the United States, a joint venture between refining giant Valero and rendering leader Darling Ingredients. This synergistic partnership provides DGD with a reliable, low-carbon feedstock stream (animal fats and used cooking oil) and access to Valero’s refining and logistics expertise.

Sustainability & Expansion Initiatives:

• Current capacity of approximately 1.2 billion gallons per year across multiple sites
• Ongoing expansions to further increase production volume
• Model for circular economy integration in fuel production

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6️⃣ 5. Phillips 66

Headquarters: Houston, Texas, USA
Key Offering: Renewable Diesel, HVO

Phillips 66 is aggressively transforming its portfolio through its “Rodeo Renewed” project, converting its San Francisco Refinery in Rodeo, California, into one of the world’s largest renewable fuels facilities. This project is central to the company’s strategy to produce high-demand, low-carbon transportation fuels, including renewable diesel and sustainable aviation fuel.

Sustainability & Expansion Initiatives:

• Rodeo Renewed project targets over 800 million gallons per year of renewable fuels upon completion
• Investment in co-processing technology at other refineries to increase renewable output
• Focus on securing diverse, sustainable feedstocks

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5️⃣ 6. Eni S.p.A.

Headquarters: Rome, Italy
Key Offering: HVOlution™ (Renewable Diesel), Eni Biojet

Eni is a European leader in biorefining, having converted two of its traditional refineries in Italy (Venice and Gela) into dedicated biorefineries that produce HVO. The company’s HVOlution brand is distributed widely across Europe. Eni is also a key player in the development and supply of HEFA-based sustainable aviation fuel for the European market.

Sustainability & Expansion Initiatives:

• Biorefining capacity target of over 5 million tons per year by 2030
• Pioneering the use of alternative feedstocks like used cooking oil and animal fats
• Strategic bio-aviation fuel agreements with major airlines and airports

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4️⃣ 7. World Energy, LLC

Headquarters: Boston, Massachusetts, USA
Key Offering: Sustainable Aviation Fuel (HEFA), Renewable Diesel

World Energy is a North American leader in low-carbon liquid fuels, operating what was the world’s first commercial-scale sustainable aviation fuel production facility in Paramount, California. It specializes in transforming waste feedstocks into high-quality HEFA-SAF and renewable diesel. The company is a critical partner for airlines and corporations seeking to reduce their transportation carbon footprint.

Sustainability & Expansion Initiatives:

• Major expansion projects underway to multiply its SAF and renewable diesel production capacity
• Long-term offtake agreements with leading global airlines like United and Delta
• Focus on decarbonizing aviation and heavy-duty trucking

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3️⃣ 8. Marathon Petroleum Corporation (MPC)

Headquarters: Findlay, Ohio, USA
Key Offering: Renewable Diesel via Martinez Renewables (JV)

Marathon Petroleum is a major U.S. refiner making significant inroads into renewable fuels through its Martinez Renewables joint venture with Neste. This JV is converting the former Martinez refinery in California into a renewable fuels hub. MPC’s scale and logistics network are pivotal in bringing large volumes of renewable diesel to the California market and beyond.

Sustainability & Expansion Initiatives:

• Martinez Renewables JV has a current capacity of 730 million gallons per year of renewable diesel
• Leveraging existing refining assets and distribution systems for efficient scale-up
• Responding to strong market demand driven by California’s Low Carbon Fuel Standard

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2️⃣ 9. UPM Biofuels

Headquarters: Helsinki, Finland
Key Offering: UPM BioVerno (Renewable Diesel, Renewable Naphtha)

UPM Biofuels takes a unique, wood-based approach to advanced biofuels. Its flagship Lappeenranta biorefinery in Finland produces UPM BioVerno renewable diesel and naphtha from sustainable, certified crude tall oil, a residue of the pulp-making process. This innovative feedstock avoids food-chain competition and offers a high greenhouse gas reduction.

Sustainability & Expansion Initiatives:

• Pioneering wood-based biochemicals and biofuels from forest industry residues
• Exploring opportunities to further scale its advanced biofuel technology
• Strong focus on sustainability and traceability across its feedstock value chain

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1️⃣ 10. Preem AB

Headquarters: Stockholm, Sweden
Key Offering: Preem Evolution Diesel (HVO), Renewable Aviation Fuel

Preem is Scandinavia’s largest fuel company and a leading producer of renewable diesel through its hydrotreatment facilities in Sweden. The company produces Preem Evolution Diesel, a pure HVO (HVO100) widely used in the region. Preem is also investing in expanding its renewable fuel production capacity to support Sweden’s and Europe’s ambitious climate targets.

Sustainability & Expansion Initiatives:

• Significant refinery investments to increase renewable diesel and SAF output
• Active in the development of large-scale carbon capture and storage (CCS) for biofuel production
• Key supplier of renewable fuels for the Nordic transportation sector

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🌍 Outlook: The Future of HVO/HEFA Is Scalable and Sustainable

The HVO/HEFA market is at an inflection point, transitioning from a niche alternative to a mainstream energy solution. While current production is booming, the industry’s long-term success hinges on overcoming challenges related to feedstock sustainability, green hydrogen supply, and capital efficiency.

📈 Key Trends Shaping the Market:

• Feedstock Innovation: Accelerated shift from food-grade oils to advanced waste, residue, and next-generation feedstocks (algae, municipal solid waste) to ensure scalability and sustainability.
• Policy Amplification: Strengthening of global mandates like RED III in the EU, the U.S. RFS, and CORSIA for aviation, creating guaranteed long-term demand signals.
• Technology Diversification: Growth of co-processing in existing refineries and development of new pathways (e.g., Power-to-Liquid) alongside standalone HVO plants.
• Vertical Integration: Companies securing upstream feedstock supply chains and downstream offtake agreements to de-risk large-scale investments.

The companies listed above are not just producing fuel; they are engineering the critical drop-in decarbonization pathway for global transport. Their continued innovation and investment will determine the pace at which ships sail, trucks roll, and planes fly on sustainably sourced, low-carbon energy.

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HVO or HEFA Market – View in Detailed Research Report