The global market for a special kind of vegetable oil called “hydrotreated vegetable oil” is going to change a lot. In the year 2032, it’s expected to be worth about $158.09 billion. Right now, in 2023, it’s worth about $25.38 billion. This means it’s growing really fast, like 22.54% every year from 2023 to 2032.
Why is this happening? Well, more and more people want to use hydrotreated vegetable oil in things like car fuel and airplane fuel. They like it because it’s better for the environment. Many different industries, like cars, planes, farming, and factories, are using it more and more.
Countries like the United States, Italy, France, the Netherlands, and Sweden are starting to use this special oil a lot, especially for making clean airplane fuel. But there’s a problem. There’s a lot of competition when it comes to getting the ingredients for this oil.
Right now, this market is growing, and people are spending a lot of money to make it better. Governments are even giving money to companies that make clean fuel. This is happening because people care about the environment.
Using this special vegetable oil for fuel is good because it doesn’t make as much pollution, and it’s similar to the fuel we already use in our cars and planes. This is important for many different industries.
This market is divided into different parts:
- Types of Fuel: The special vegetable oil can be used for making clean diesel and airplane fuel.
- Who Uses It: Different industries use this oil, like transportation, farming, and factories.
- Where It Comes From: The oil can be made from different things like cooking oil, palm oil, and animal fat.
- How It’s Made: There are different ways to make this oil.
- Where in the World: This is happening in North America, Europe, China, the UK, Asia-Pacific, Japan, and other places.
Lately, companies have been working together and making new things in this market. Big companies like Eni S.p.A., Neste, and Chevron Renewable Energy Group, Inc. are doing exciting things. This shows that clean fuel is becoming more important in different industries.
Why is this happening?
Reasons for Growth:
- Governments are making rules to reduce pollution.
- This kind of oil can work with the machines we already have.
- People are spending more money on making this oil.
- This oil doesn’t have as much energy as regular fuel.
- It’s important to have a steady supply of the ingredients to make this oil.
Some important companies in this market include Eni S.p.A., Neste, Valero Energy Corporation, PT Pertamina, Repsol, and many others.
Image Source: https://pressreach.com/oil-gas/sustainable-solutions-hvo-markets-phenomenal-22-54-cagr-fueled-by-renewable-diesel-and-aviation-fuel-demand/